As India progresses towards be-coming a cashless economy, e-banking will gain precedence. At present there are many challenges. Take for example, the online way of shopping. There is considerable traffic on various online shopping sites to get the best discounted deals; yet, it seldom is without choosing the ‘cash-on-delivery’ option. People, who are already in the system, prefer the conventional mode of payment. Even traditional channels like retail stores have not witnessed extensive use of e payment, by debit/credit cards. This is be-cause of levy of transaction charge, and the widely attributed-buyer habit of not asking for an invoice copy.
There are clear benefits of e-banking such as:
E-wallets: carry it like your physical wallet, preferably for making easy payment. E-wallets or mobile wallets, at they are popularly known, can be used for day-do-day hassle free transactions. The bouquet of services includes payments at milk booths, grocery stores, street vendors, auto rickshaws/taxi, and parking lots too. Pay your maid using her account details. For security, log out of your account every time, and don’t keep any record of you debit/credit card details on phone.
Net-banking: convenience guaranteed; view your account statement, mini-statement, money transferring, utility bill payments, sitting at home. For a more secure transaction, use OTP (one-time-password) mode.
Debit/credit cards: Don’t hesitate to ask if there is any extra-transaction cost while using plastic money. For example, your ‘bank’ card may help you make interest-free payment at a petrol pump. Certain banks have tie-ups with petrol service providers, and it is valid at all petrol pumps of that service provider. Since the government boosts its effort to install PoS machines, try to understand as much as possible about the system. You can even buy a TV/washing machine, for example, at zero-interest EMI payout. Even online sites have added discounts in partnership with banks. Use your plastic money more smartly.
Smart tip: Switch to e-banking for filing your income-tax returns. It means faster, accurate, accessibility, proof, convenience, and, quicker processing of your refunds. Even if your income is non-taxable, you are required to file an IT-return as an honest citizen. Do it the e-way, and if you are entitled to any re-funds, you will receive it faster.
Another quick tip: Switch to an online way of life. Government has introduced many benefits of transacting online. Go through this information on web. The benefits accrued are mostly centred on dealing with services provided by government organizations like railway bookings, government run petrol stations, payment of toll-fees or payment of insurance premium (LIC, general insurance, etc).
(Advertiser-Sponsored Feature: A Marketing Initiative)