7 reasons why we should embrace digital payments systems (2024)

7 reasons why we should embrace digital payments systems (1)

Cash is King, but things have changed and that’s not the case anymore. Digital payment systems have spread like wildfire especially in the last three years. India has been one of the frontrunners when it comes to digital payments. According to a report by NITI Aayog, In FY 2016-17 itself, digital payments rose by 55% in India. According to a report by the National Payments Corporation of India (NPCI), UPI users in India have crossed 100 million. If you think about your most recent transactions, you might realize that you make most of your online payments digitally. You use debit/credit cards or UPI to pay bills and purchase things. So, what makes digital payment systems so popular and why should we further embrace digital payment solutions? Here are the top benefits of doing so.

1. Greater convenience

It’s human tendency to chase after convenience. We want everything on our fingertips, and rightly so. Ensuring that you always have enough cash on you can be difficult. You also have to be worried about safety since anyone can use your cash if they steal your wallet. Digital payment systems, on the other hand, have made things so much easier!. Left your wallet at home? You can still pay for your auto ride simply by scanning a barcode through your e-wallet system! With one tap of the finger, we can pay our mobile bills, electricity bills, house rent and even buy food when we feel like a snack.

2. Improved security features

The government is pushing digital payment systems because it wants to increase transparency among monetary transactions among people. Indians have traditionally held on to cash but now we have slowly understood the safety and security that accompanies digital payments. When you carry cash, there’s a high probability of it being stolen. Even withdrawing Rs.5,000 rupees from an ATM at night especially can be worrying. You’re constantly anxious about what’s in your wallet. With digital payments, all these issues don’t even come up. Many digital payment systems are protected with fingertip sensors or special codes. So even if someone steals your smartphone, they won’t be able to access your bank account from your e-wallet system.

3. Helps you keep track of your payments

With cash payments, a person would have to maintain a manual record of every expense they make. But this is very difficult to sustain in the long-term as it’s unrealistic to keep track of every small payment you make. Digital payment systems automatically log all your transactions. You know exactly when you sent what amount to whom. This also helps to cut down excessive spending and become more frugal.

4. Multiple digital payments options

Digital payment options are abundant. You have several UPI options, debit cards, credit cards, NFC, all aided by highly secure payment gateway systems. In fact, several payment gateway companies have blossomed because of this digital revolution. Money gets immediately deducted from your account and also gets added when you receive money from someone. There’s absolutely no delay of any kind. When you embrace digital payment systems, you embrace a comfortable life.

5. No bank visits

Nobody likes visiting a bank. In fact, it’s one of those boring tasks we keep pushing because it can be a long and tedious process. Cashing cheques involves standing in long lines and having to visit multiple tellers before you finally get what you need. Getting a DD takes around 24 hours as well. And needless to say, waiting in long ATM queues isn’t the best way to spend your precious time. So avoid these hassles and embrace digital payment solutions! In fact, companies like ZestMoney also make it unnecessary for you to have to go to a bank to get an EMI approved or to apply for a credit card. Since you can avail no-cost EMI on a range of online and offline partner stores without a debit or credit card, bank visits and paper forms are a thing of the past!

6. Tax benefits

The government has provided service tax waivers for several goods and services. Service tax is waived up to Rs. 2000 on card transactions. You can also avail discounts on fuel, train tickets and some insurance. The government has taken these steps with the intent of pushing people to embrace digital payment systems. Mobile wallets like PayTM even provide cashbacks and reward points which can be redeemed later.

7. Women empowerment

The digital payment systems revolution in India has been a pioneer in empowering women across the country. Many women in India have traditionally been dependent on men to handle their finances. Men used to control the amount of cash that women could use for household purchases. These days, an increasing number of women are accessing their accounts directly through digital payment systems for even the smallest things such as buying vegetables from local kiranawallas.

Digital payment systems are indeed the future of finance. ZestMoney is going a step further to spread digital transactions across the country. ZestMoney provides credit to people, even without a credit card! This is revolutionizing card-free transactions in India.

All you need is to be an Indian citizen above 18, have a valid bank account and submit KYC documents. Once you sign up on Zest and submit valid documents, wait for ZestMoney to assign you a credit limit. With Zest credit, you can purchase whatever you want across our partner websites. Once you do, you can pay back in regular no-cost EMIs. EMI repayment periods include 3,6,9 and 12 months. Millions of people without a credit card can now use credit to make transactions.

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7 reasons why we should embrace digital payments systems (2024)

FAQs

Why should we use digital payment? ›

Digital payment methods have the advantage of being faster, safer, easier to collect, and less expensive to the business. By incorporating electronic payment methods into your business's account payable process, your AP department can realize saving on every invoice.

What are the benefits of an e-payment system? ›

Advantages of Electronic Payments

Convenience: An Electronic payment offer unparalleled convenience, allowing users to make transactions anytime, anywhere. The elimination of physical currency and the ability to automate payments streamline financial processes.

Why is it important to have a payment system? ›

They allow money to fulfill its role of accepted means of exchange when purchasing goods or services. If money is the lifeblood of modern monetary economies, payment systems are the circulation system.

What is a key benefit for moving towards digital payments? ›

Key benefits of digital payments

This greatly reduces the risk of credential theft and fraud. Digital payments also enable the use of leading-edge digital security technologies, including high-assurance methods of authentication, tokenization, encryption, and more.

Why digital money is better? ›

Advantages of Digital Money

Conducting transactions between financial institutions takes time and money because they work in different technological systems and regulation regimes. The main advantage of digital money is that it speeds up transaction speeds and cuts back on costs.

Why is digital better than cash? ›

Payments are Made Instantly

Digital payments are generally approved instantly, which means consumers and merchants alike know there are no financial issues with the transaction. Companies accepting digital payments find their sales increase, as consumers appreciate the cashless process.

What are the benefits of e system? ›

With an electronic document management system, users can access documents simultaneously, share feedback, and make real-time updates. This reduces the risk of miscommunication, streamlines project workflows, and fosters better teamwork within your organization.

Why is online payment better than cash? ›

With an electronic payment method, consumers are less limited in their spending. Furthermore, electronic payments have proven to be more secure than cash from a health perspective due to the lack of physical contact.

What are three benefits of e banking? ›

The 5 benefits of online banking
  • Check balances on accounts and view records of your transactions.
  • Pay bills automatically each month with easy-to-set-up auto payment.
  • Transfer funds between accounts.
  • Download or print statements for your tax or personal records.
  • Access your account 24/7.
Feb 14, 2024

Which payment system is best and why? ›

The best payment gateways at a glance
Best forStandout feature
PayPalFirst-time usersExtremely simple setup
StripeAccessible analyticsFlexible, with a wide range of tools and plugins
Shopify PaymentseCommerce storesAll-in-one eCommerce solution
SquareSelling online and offlineIncludes a basic website builder
2 more rows
Jan 2, 2024

What is the goal of payment system? ›

The objective of all payment systems is the transfer of money balances; monetary regulations that interfere with the money transfer process, or increase its cost, will increase the costs to banks of supplying payment services and therefore to bank customers of using bank payment services.

What are the advantages of payment processing? ›

Payment processing, also known as electronic payment authorization, serves as a crucial function for many businesses. It can help companies operate more efficiently, provide better customer service, and stay competitive.

What are three benefits of digital payments? ›

Advantages of Online Payments
  • Speed of transactions. For both the seller and the customer, online payments save a lot of time. ...
  • Convenience. ...
  • Reaching global audience. ...
  • Low transaction costs. ...
  • Quick and easy setup. ...
  • Variety of payment choices. ...
  • Availability of more distribution channels. ...
  • Easy management.
Sep 4, 2024

Why do people prefer digital payments? ›

Helps you keep track of your payments

With cash payments, a person would have to maintain a manual record of every expense they make. But this is very difficult to sustain in the long-term as it's unrealistic to keep track of every small payment you make. Digital payment systems automatically log all your transactions.

Is digital payment good or not? ›

Digital payments contribute significantly to cost reduction for businesses. Traditional payment methods often incur hefty transaction fees, especially for cross-border transactions. In contrast, digital payments are generally more cost-effective, with lower transaction fees and reduced operational costs.

What are the benefits of digital payments for banks? ›

  • Your money is safe. ...
  • Your money is protected against error and fraud. ...
  • You get your money faster with no check-cashing.
  • You can make online purchases with ease and peace.
  • You have access to other products from the bank. ...
  • You can transfer money to family and friends with.
  • You have proof of payment.

Why are digital payments more secure? ›

Anyone can use your debit card if they know the card number, the expiration date and the three-digit security code on the back. Digital wallets, on the other hand, have an encryption key known only to the user.

Why should I use digital banking? ›

Digital banking gives you everything you need for an easy, everyday banking experience such as instant account access, pay with your phone and more. We offer digital banking features for everything you need for easy, everyday banking experiences. Clean money has never been more convenient. Quick, simple and secure.

Why do people use online payments? ›

Speed of transactions

For both the seller and the customer, online payments save a lot of time. People don't have to wait in lines, take time to write checks, or wait for paper bills. They don't have to wait for banks to clear their checks so that they can access the money.

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