Digital Money is:
Y..? Let’s find out!
All of us have that one friend who always forgets to carry their wallet and has just one excuse in their kitty- “You pay today. I’ll pay tomorrow.” Well, that ‘tomorrow’ and that friend’s wallet never turns up. If you have such friends, then worry not! Digital money is here to your rescue.
Over the past decade or so, we have all transformed into some sort of internet geeks. Want to buy something? Online shopping. Want to play something? Online games. Want to watch something? Online streaming platforms. So it was obvious to shift our money and banking services online. Digital money is one of the main services that have emerged in this era of technology. What started as a substitute for quicker transactions has now become a parallel system of banking. It has all become digital. Digital banking has helped us transfer money safely to start online and , global businesses. Let’s know more about how digital money has revamped banking systems.
User-friendly: Every Domino’s party ends with that one friend asking everyone to PayTM their share of the bill. New apps like UPI, BHIM, PayTM have a more user-friendly interface than the usual apps or websites which are directly affiliated to banks. It’s all click, click and done, as these apps offer the service of a mobile wallet. Transactions take place as soon as you enter your PIN- Personal Identification Number. Without entering the PIN, it’s impossible for transactions to take place. So it is easy as well as safe. They alert you about your pending payments too. Due to digital banking, one can easily pay pending payments. So now your father can’t shout at you for not paying the electricity bill, as you can pay it online and on time.
Low costs: This is one of the main reasons why digital banking is better. While making transactions, the fee charged is comparatively less than normal banking. This is because the normal banking system spends a huge amount on infrastructure, security and employees. Whereas, the digital banking system requires low capital investment. They do not need to spend money on maintaining branches.
Your money is protected by a bodyguard: Digital money is encrypted (the bodyguard) which means it is converted to several security codes which are hard to decode. Thus, digital banking systems are safer than ever. Every time you make a transaction through digital banking, you will receive a message confirming the same. A random pick-pocketer may steal your wallet or your mobile phone, but they can’t steal your digital money.
Efficient like a PRO: Digital transactions are much easier, faster, and traceable than the usual process. We no longer have to stand in long queues outside ATMs and banks. There is less/no complex paperwork involved. You don’t need to sit with a paper and pen to track your expenses anymore. You have access to your spending all the time. It also enables an easy payment process during emergencies. Digital money is one of the key aspects of E-businesses as they can’t offer COD- Cash On Delivery in all areas. Along with our wallets, even Mother Earth is benefitting by digital money! How? Due to the rise of a paperless economy.
International recognition award for the best form of money goes to digital money: Digital money is accepted worldwide. I mean, none of us have heard about the foreign exchange of digital money, right? Well, if you have digital money then you don’t need to get in the hassle of converting your money and paying a fee for doing so. Use your digital money and have a shopping spree at Oxford Street without any worries.
You tend to treat yourself with LOTS of goodies: Have you ever spent your Friday night adding a zillion things to your online shopping cart, buying them, and regretting later? Well, we all have. When we have physical money in our hand, we tend to spend our money more carefully. Whereas, when we use digital money, we unconsciously spend more than we intend to. When you go to a shop, you have already decided the item that you want to purchase. When shopping online, we get tempted by discounts and shop more than what we need. We also shop for unnecessary goods sometimes, to avail free shipping.
Digitalization of money is a great boon. It will connect the world, provide financial inclusion, and provide access to financial services to everyone. It’s slowly getting accessible due to the increase in smartphone owners. This will enable you to participate in financial processes and feel empowered. On one hand, while doing financial transactions online, we feel that the economy of India rests in our hand. But on the other hand, we feel helpless when due to low internet connectivity or server issues, we see the screen buffering, thus testing our patience. Don’t you think that the wait due to poor connection is worth it when all your work is done in a flash? Investing in the required technology, will ease and fasten your work. So it’s a win-win situation.