As we have grown a lot in terms of technology, one of the daily essentials that have changed with time is money. If talking about the Indian tradition, cash was the prime mode of payment in any scenario. However, in the past few years, different online payment modes have seen enormous growth. Some of the latest surveys from America also depict that more than 50% of Americans don’t carry cash anymore.
Although the concept of e-cash is still very new, it’s very versatile and useful, which in reality made this concept a big hit. It works very similarly to traditional money, but without any inconvenience. And the spread of coronavirus in 2020 has boosted the importance of electronic cash to help make payments without any physical contact with others.
3 Reasons why e-cash is taking over traditional money
In comparison to credit or debit cards, e-cash offers a more convenient outlook. While you always fear to enter your card details in any online payment, e-cash does the job in one click. Platforms such as Paytm and GPay also offer tremendous discounts and cashback for the people using e-wallets for making a transaction. Therefore, it is not only convenient but also wins you smaller prizes, which you have no chance to win if using authentic cash, or credit/debit cards.
As I already mentioned, you always are scared to fill in your card details while making any online payment. But the e-wallets make the job a lot easier. All you have to do is, transfer some money directly from your linked account to your e-wallet of any particular platform, and then make the payment by entering their ID for the particular platform. YES, IT IS THAT EASY!
And the bargaining point is that now you have to be less susceptible to the theft that credit/debit cards are often prone to.
If you are worried that your colony shopkeepers won’t know about the e-payments mode. YOU ARE WRONG. Because even the street food vendors have their Gpay and Paytm ID’s to which one can directly make the payments. Every particular place you are accustomed to making a payment accept all e-payment modes.
I see absolutely no reason why we shouldn’t have a “cashless” approach, especially considering the entire COVID-19 situation. E-wallets have proven to be the need of the hour because who knows where the paper money has been, it might carry certain germs you wouldn’t want to come in contact with. I, for one, root for the e-cash!
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