Several researchers have proved that the effects of demonetization can be reduced only using cashless transactions. Even though a wide variety of credit card users evolving all around the world, still there are certain ignorant people used to withdraw cash from ATMs for their expenses. It is the responsibility of each individual to pay attention to converting their country into a cashless economy. Three common cashless payment modes available in practice are as follows.
Mobile Payments- Enables the user to store cash into their virtual mobile wallet via smartphone. One can transfer money into these wallets online using credit cards/ debit cards or net banking facilities. The best thing about this type of 소액결제 현금화 is the safest and most secured mode of transaction, with no need to share card details during any online purchases. Micropayments are confronted as mobile-to-mobile payments. The Mobile Money ID (MMID) of the payee is the only thing required for transferring money from one account to other.
Plastic Money – it can be a physical or virtual wallet used to withdraw money from ATMs, for making online payments, and for swiping for purchases.
Net Banking – It does not involve any wallet. Transactions like NEFT/ RTGS can be made here.
Mobile payment via telecom operator’s billing systems and e-wallets is growing at a higher rate. A question may arise about how a cashless economy is beneficial in improving the country’s economy. Then there are some of the benefits of going cashless transactions.
- Save Money and Time – The cost associated with accounting can be reduced easily
- Decreased Crimes – The increasing cashless transaction can reduce the crime rate which impacts the amount which government spends on catching the culprits and thieves.
- Reduced production Costs of Coins/ Currency
- Less Cash – More Secured Data / Transactions
Future scopes of online payment via micropayments:
- Micropayments are small payments made automatically based on the time the operator spends on a website.
- Merchants can generate more revenue by enabling micropayments to their digital products and services.
- The Safest and most secure way of transactions can be done using this micropayment. Merchants can reach audiences all over the world.
- Hard Currency Payments and Flexible Transactions/ Payments can be made possible here.
- Micropayments can facilitate better distribution of royalties, pay-per-click advertising, and several other small freelance jobs.
- Low fees payments which may not be possible with bank credit or debit cards can be made possible. By doing so, we can bring more exposure to the digital world.
How micropayments can be made possible?
By registering smartphones with telecom operators’ one can make micropayments. However, Prepaid Phone operators cannot use this kind of micropayments. The Amount is calculated based on the time spent on the digital products and services providing websites. The total amount consumed will be added to next month’s communication fee. Merchants can charge customers directly and safely without paying any intermediate commission to their brokers.
For Example, A product or service worth $100 can be purchased or hired at a much lesser rate around $50 by making use of this type of cash in micropayments. The entire country’s cash economy can be changed by making use of these micropayments.