![]() E-wallets can be used in places that debit/credit cards can’t, as not a lot of small businesses invest in card machines. Users should also provide their KYC details to make payments through the digital wallets. KYC is a verification process set up by the Reserve Bank of India, which requires firms to collect information from their customers including their identification details and biometrics. The user should register their mobile number with the app and link their credit or debit card(s) to make payments. Here are a few other kinds of cashless transactions that are widely utilised in India: E-walletsĮ-wallets are a popular mode of online payment, with PayTM and MobiKwik being the most widely used providers. Types of cashless payment methodsĬredit and debit cards are a popular way to make online payments, but they aren’t the only cashless payment options. The government is now providing waivers on cashless transactions utilised for service tax payments, purchase of fuel, train tickets, highway toll tickets, and insurance schemes. To boost the move towards a cashless economy, the government has decided to offer incentives and discounts for making online payments. Also, it’s always easier and safer to carry a smartphone rather than carrying wads of cash. Most payment modes have enabled two-factor authentication (TFA) to add an extra layer of security. Securityĭigital payment modes are made secure with varying levels of encryption and data authentication. Payment apps also help you keep track of your incoming and outgoing funds, which comes in handy while filing returns. ![]() The feasibility of making and receiving payments is the key factor for prioritizing digital payments. Online payments rule out the necessity to carry cash, and they also save time, as business owners and customers no longer have to queue up for ATM services. ![]() Advantages of cashless transactions for your business Convenience Offering a variety of payment options will allow customers to choose their preferred method of payment, which will get you paid faster. Adding online payments to your options gives your customers the flexibility to pay through the option that is most convenient for them. Business owners and consumers can both benefit from digital payment modes in various ways. This is because you want your customers to have a great experience and keep coming back to do business with you. But processing the customer payments can become an arduous and time consuming process. In most cases, this is because the payment options you’ve offered are more convenient for you than your customers. ![]() Benefits of cashless payment systems for customersĪs a business owner, customer satisfaction is your main goal. In cashless transactions, payments are made or accepted without the use of hard cash. This includes payments made via credit/debit cards, cheques, DD, NEFT, RTGS or any other form of online payment that removes the need for cash. The convenience and security associated with these payment modes is an important factor in the surge. With the recent introduction of several digital modes of payment in India, business owners are slowly adapting to the shift. Utilizing mobile phones to make payments instead of opting for the traditional modes of payment has increased tremendously since demonetisation. When the business operations of most SMEs came to a standstill during demonetisation, the businesses that had shifted to cashless transactions managed to curb losses. It’s safe to say that cashless transactions have revolutionized the financial outlook of India.
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