Till now majority of people prefer to make payments through cash. And rest of the people who like to make cashless payments, using online payment platforms like mobile wallets, net banking, mobile banking etc. See the below features and benefits why people prefer and continue making cashless payments.
Easy Cashless payments: Cashless payments like using mobile wallet or credit/debit cards is very easy than cash payment. Most important, you are free from carrying your wallet full of currency notes or waiting in ATM queues. Using apps like Mobikwik, PayUmoney, Paytm and Freecharge to make payments, you can pay the accurate bill amount that you need to pay and don’t have to think about any changes and coins.
Expenditure Tracking: When you use mobile wallet apps for doing payments, all transaction information will be stored, by which you can find when and where you spent your money. That is not possible in case of cash payments, unless you maintain a hard copy and keep writing details of each.
Saving May Increase: If you are aware of your expenditure and purpose for that, you can analyze latter that where you should minimize your expenditure and when to cut down. Thus you may adjust your regular or monthly expense budget and these transaction records will help you. In cash this is very hard to do.
Protect your money: If credit card/debit card lost, card holders can block it so that it is not misused and user can lock the mobile wallet app to make sure any other person can misuse the fund stored in it. But in case of hard cash with wallet lost, user can’t do anything to protect their money.
Some Apps offer discounts: Many times mobile wallet apps offer striking deals and discounts when you use them. While you pay the exact bill value of a good or service, still getting discounts offered by wallet apps will make you gain some bucks.
Buy and Pay later: As we know buying anything using a credit card, user pays for it later but within specific time duration. In the same way, there are apps like CASHe, Slicepay that offers loans to users so that they can easily pay later.