How to Make Cashless Transaction: Easy Way to Make Cashless Economy in India

How to Make Cashless Transaction, Make a Cashless Economy in India, Make Cashless Policy Effective, How to make a cashless society.

After taking the historical step by Govt. of India (Rs. 500 and Rs. 1000 notes demonetization), A single Indian have not enough money to make any transaction. Although, Govt. of India is trying their best to provide new notes, however there is a massive shortage of new notes which may take some time for the Govt. to print new notes. On the other hand the old notes are already expired in all places i.e you can’t make any transaction or any any purchase by old Rs. 500 and Rs. 1000 notes.

Cashless Transaction

However, cash is not the only way to make any transaction. That’s why today I am¬† going to show them a way who are unable to transact due to unavailability of cash. There are number of ways to make cashless Payments. I have tried to include the all easy method of cashless transaction in this article. No doubt some of them are known to you, but there are some new method of cashless transaction. So guys!! let me introduce you the all easy method of cashless transaction-

Types of cashless transaction : How to make cashless payments

Basically the all methods or ways of cashless transactions are divided into three types. The types of cashless transactions are-

  • Closed

This type of cashless transaction include the all transaction you can only purchase goods or service only. That mean’s it doesn’t allow cash withdrawal or redemption. OLA Money is one of the example of Closed Cashless payments.

  • Semi Closed

The Semi Closed type of Cashless Transaction is partially closed and partially open. What does it mean?? Let me clear!! You can use this type of cashless transaction to buy goods and services including financial services, from merchants that have a specific contract with the issuer. However it also doesn’t allow to cash withdrawal or redemption. For example Paytm, Freecharge, SBI Buddy etc.

  • Open

These types of transaction can also be used to buy goods and service as well as Closed and Semi Closed. However you can transfer fund and withdraw cash from these types of transaction. For example ATM.

7 Ways to Make Cashless Transaction

Today the importance of cashless payments is frequently increasing. However the common people are still at a far distance from it. So, in order to help the common people I have listed out some ways to make cashless payments. There are 7 ways to make cashless payments in this article. Let us have a look at the ways to make cashless payments-

  • Digital Wallets: It is the easiest way to make a cashless transaction for even the common people also. Basically it can be choose to make small payments. this payment method hardly saw acceptance in non-urban or even non-metro cities of the country. There are many service provider in e- Wallet or Digital Wallet segment. For example Freecharge, Paytm, Mobikwik are also one of the service provider in Digital Wallet Segment. You can make any transaction through these apps using your card. They save some of the card information to make the transaction quicker in every attempts.
  • Cheque: Cheque is the most common method of cashless transaction and almost every people know this method. So, I think I have not to say more words about that term. Yet, I am going to tell some important information about cheque. You can transfer money to other by issuing a cheque. In addition you can also use cheque to withdraw Cash.
  • USSD Transfer: The USSD Transfer method is specially important for those people who do not have smartphones or don’t have access to internet. By this method one can perform any banking task simply dialing a USSD code from any phone with a Sim card. This service is available in 11 regional languages as it’s main focus in village area. Actually this service is promoted for rural area.
  • Net Banking: The Net Banking is also an old cashless transaction method. You can access all the banking facilities at your home or workplace through Net Banking. To initiate the Net Banking process, the user is required to activate net banking via internet and create a unique name and password for further transactions.
  • Mobile Banking: The cashless transaction methods include another ways and that is Mobile Banking. Mobile Banking turns Mobile into Banking portals. The all applications made for banking are specially optimized for Smartphones. You can load money in your mobile wallet of paytm, freecharge or Mobikwik¬† to make cashless transaction.
  • UPI: You can consider this cashless transaction method as a part of Mobile Banking. But this method include one more advance feature than Mobile Banking. If you want to transfer funds using mobile banking you have to reveal your account number to the receiver but with UPI method you will be able to send money using a unique user name.
  • Credit/Debit Card: Finally going to describe the most widespread cashless payment option in India. You must have got it. Yes!! Debit Card or Credit Card. Today 99% bank account holder has ATM card but most of them don’t know how to use. Generally people use ATM Card only to withdraw cash. But its not the limitation of ATM Cards, you can buy goods and services, transfer money through ATM Cards.

Summary on Cashless Transaction

At last Mobile Recharge Overload ask you to make a habit to make cashless transaction. It will not help you only, also the nation to fight against the black money and corruption. So, from today use less cash and make cashless payments as much you can. Finally, If this article is helpful for you then don’t forget to share and comment below.

Tags: Make Cashless Payments, How to Make Cashless Transaction, Make a Cashless Economy in India, Make Cashless Policy Effective, How to make a cashless society, Ways to make cashless transaction