Learn everything about cashless India
After 8th November when PM Modi gave the order of Demonetization. people were struggling to pay money . It was observe that cashless transaction was increase by almost 200 %. Now there is a wave of cashless India all over the world. Even small scale business man has adopted these methods.
Role of paytm
After 8th November there was in increase in paytm business by 434%. that is almost 4 and half times. Paytm is backbone of cashless India. And it provides people extra benefits like ‘cash back’.
Know more : Paytm use increased up to 434% know why
How to make cash less payments?
Credit Card or Debit Card
Credit card or debit card is another cashless payment method. The usage of credit card and debit card was limited in India. However, usage of credit card and debit card is increasing now. The limitation of this payment method is an availability of swipe card facility (PoS) at merchant end.
The recent growth of mobiles has lead to this payment method. People are using this method for many small transactions. In this you can load money in your mobile wallet like paytm and mobikwik etc and use it to make payments.
Aadhaar Enabled Payment System
Aadhaar Enabled Payment System (AEPS) is one of the best cashless payment methods. AEPS is like Micro ATM it uses smartphone and a finger-print scanner for the transaction. In order to use this facility, it is mandatory to link your Aadhaar card to your bank account. You can use AEPS in order to perform transaction like Aadhar to Aadhar fund transfer, Cash withdrawal, Cash deposit etc.
This does not involve any wallet and is simply a method of online transfer of funds from your bank account to another bank account, credit card, or a third party. This is really simple all you have to do is log in to your bank account and pay money through electronic funds transfer (NEFT), real-time gross settlement (RTGS) or immediate payment service (IMPS) .
There are even many more methods of going cashless. This is yet another new move to destroy corruption and we have to supportive if we want corruption free India.