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Easy and convenient: Digital payments are easy and convenient. You do not need to take loads of cash with you. All you need is your mobile phone or Aadhaar number or a card to pay. UPI apps and E-Wallets have made digital payments easier.
Pay or send money from anywhere: With digital payment modes, you can pay from anywhere anytime. Suppose your close friend’s mother fell ill at night. He called you at midnight and asked for some money. Don’t worry, you can send money to your friend using digital payment modes such as UPI apps, USSD or E-Wallets.
Discounts from taxes: Government has announced many discounts to encourage digital payments. If you use digital modes to make a payment up to Rs. 2000, you get full exemption from service tax. You also get 0.75% discounts on fuels and 10% discount on insurance premiums of government insurers.
Written record: You often forget to note down your cash spending. Or even if you note, it takes a lot of time. But you do not need to note your spending every time with digital payments. These are automatically recorded in your passbook or inside your E-Wallet app. This helps to maintain your record, track your spendings and budget planning.
Less Risk: Digital payments have less risk if you use them wisely. If you lose your mobile phone or debit/credit card or Aadhar card you don’t have to worry a lot. No one can use your money without MPIN, PIN or your fingerprint in the case of Aadhar. But it is advised that you should get your card blocked if you lose it. Also call the helpline of your E-wallet to suspend the wallet account to prevent anyone from using your wallet money.
Every coin has two sides so as the digital payments. Despite many advantages, digital payments have a few drawbacks also. Difficult for a non-technical person: As most of the digital payment modes are based on mobile phone, the internet and cards, these modes are somewhat difficult for non-technical persons such as farmers, workers etc. The risk of data theft: There is a big risk of data theft associated with the digital payment. Hackers can hack the servers of the bank or the E-Wallet you are using and easily get your personal information. They can use this information to steal money from your account.
Overspending: You keep limited cash in your physical wallet. Hence, you think twice before buying anything. But if you use digital payment modes, you have all your money with you always. This can result in overspending.
The future of digital payments is very bright. India is experiencing a remarkable growth in digital payments. In 2015-16, a total of Rs. 4018 billion transacted through mobile banking as compared to Rs. 60 billion in 2012-13. The percentage of the digital payments through other modes is also increasing in a significant speed. There are many factors which are affecting the future of digital payments.
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