No. of views : (2930)
Five cashless options when there is a currency shortage
Posted on: 20/Apr/2018 12:51:44 PM
Shortage of currency became a usual scenario in India after the sudden shock of Demonetization. The effects are very visible that even now there is a shortage in some states especially in Telangana and Andhra Pradesh last month.
People are advised to have cashless transactions that can very much reduce the shortage of currency. India being a highly populated country the ways in which the cashless transaction can be done is a big obstacle for people with varied backgrounds.
Here we list out some of the cashless methods people can make use of in a Currency Shortage period in ATMs and Banks.
1. Net Banking
Net Banking is one of the best options to transact and access our money for various flow among our personal circle or professional needs. National Electronic Funds Transfer (NEFT) and Immediate Payment Service (IMPS) can provide you directions for paying money through online banking systems. All you need to do is collecting the exclusive credentials (User Name and Password) from the details acquired from the bank of your account. Then you can open a net banking account that will allow you to have cashless transactions. IMPS works on 24/7 basis and NEFT can be operate after adding the beneficiary account details and then once it is accepted the transactions will be very simple to access.
2. Plastic Money
The past five years witnessed a tremendous change over in retail and whole sale shops and businesses to accept the money through debit and credit cards. Most of the banks provide debit cards in the opening of the account itself whereas the Credit Card can be received only on request and there will be specified criteria of money flow to permit the credit card. Most of the corporate banks provide Credit cards on the opening of the salary account itself and so attractive reward offers are given to pull out more customers. Grocery buying, Movie tickets, Added credit points in buying gadgets and EMI options will allow you to enjoy many discounts. Buying things is not a big issue nowadays when the credit card payments are done methodically and properly without any lags.
3. Unified Payments Interface (UPI)
Unified Payments Interface (UPI) is an option to pay money through Smart phones. This interface acts as an intermediate between the banks and the accounts of the place you are about to pay for your needs. Paytm, Google ex, PhonePe and Government promoted BHIM (Bharat Interface for Money) are some of the Unified Payments Interfaces available through installing the Application in your Smart Phones. The payment can be done directly with the scanning of the code from the app installed and then followed by the transaction of the money from your respective bank accounts.
4. USSD/*99#
Unstructured Supplementary Service Data (USSD)/*99# by NPCI is a banking Service that can be entirely operated through your mobile. You can avail this option by dialing *99# from your mobile. Customers can activate this method of banking through registering USSD mobile banking services connected to the mobile number. Interbank Fund Transfer, Balance updates and Mini-statements are some the limited options you can make use of in this mobile based banking system.
<>5. E-wallets
Many transactions can be done directly and indirectly through e-wallets to avoid direct money rotations or even physical usages like debit and credit cards. RBI has made KYC details of Aadhar as a compulsory input for obtaining Prepaid Payment Instruments (PPIs) used for various money transfers. This Aadhar verification will further reduce money laundering and fraudulence in the professional banking methods of Businesses and bulk buying/selling of goods.
Post your requirement - We will connect with the right vendor or service provider
