Every successful businessman will always aim at taking his business to new heights. As per the current scenario, it is very important to know that how cashless payment solutions play a vital role in the success of any business. The way to reach the targeted customers for any company is changing with the exponential growth in the technology. The use of the top trending technologies made the businesses ruling today. The youth becomes technology savvy day by day as the use of cashless applications in India are growing inevitably these days.
Cashless Payment Solutions: An introduction
Cashless payment Applications are nothing but the applications that allow the users to buy any product or service without paying cash in person. A person can avail the products or services by using credit/debit cards. Even a person can manage all the finances from home by simply using such applications.
Need for Cashless Payment Applications:
Recently, an initiative is taken by honorable Prime Minister of India Mr. Narendra Modi to eradicate Black Money from India. On 8th November 2016 the demonetization of old currency (Rs 500 and Rs 1000) was announced by the Indian government with a step to take India to a cashless future. He laid emphasis on the need to eliminate or reduce the cash transactions in near future. This initiative resulted in a sudden spike in terms of using the cashless applications.
With this decision, the daily operations of the businesses got affected adversely. We all know that payments are of great importance for any business. But, because of demonetization, it became difficult for business to get hold of enough 100 Rupee notes to return as a change to all the potential customers. This scheme has given a drastic boost to cashless transactions in India.
Nowadays, people started adopting the cashless payment methods for various purposes like payment of bills, shopping, booking tickets for watching a movie, traveling, etc. The government has taken a major move for eradicating the black money from India by changing the currency. Soon, after demonetization, people started making cashless payments. Going cashless helped the people in saving their time.
Benefits of Cashless Economy:
- The system became more transparent, scalable and more secure by the use of cashless applications.
- It reduced the use of liquid money as all transactions are done by the digital means or by using credit/debit cards.
- The process became easy to handle as it has eliminated the paperwork.
- Helped in the expansion of banks as it is mandatory for every citizen to have a bank account.
- Entrepreneurs are gaining opportunities to drive a new market in form of digital payment bank, e-wallet, and e-payments.
- App developers have better market conditions to lure the market opportunities.
- Terror Funding is gradually diminishing because of cashless economy.
Cashless Payment Solutions:
After demonetization, people started using mobile applications. India is working on becoming a cashless country soon. Here, we are providing some of the popular cashless payment solutions adopted by the people to make online or offline payments.
The most common option that the business owners are adopting for receiving payments is by using “Net Banking”.
I. Net-Banking: It is a method of transferring the funds online from your bank account to another bank account. This can be done through a mobile phone or a computer/ laptop.
It comprises of three types of services. A person can log in to his account on the Net and transfer money via:
- National Electronic Funds Transfer (NEFT),
- Real-time Gross Settlement (RTGS)
- Immediate Payment Service (IMPS)
II. Plastic money: Plastic money includes credit cards, debit cards, prepaid cards or Customer card/store card which are tangible in nature and are issued by the banks. These can be used for to make online purchases.
III. Mobile Wallets: This is the most popular virtual wallet that is being used by the customers on their mobile phones. Everyone started embracing the mobile wallets with open arms.The users of such applications store the cash on their mobiles and can use later to make any online or offline payments. You can store cash on the mobile to make online or offline payments.
There are different service providers who offer these wallets in the form of mobile applications. An individual can transfer the money into these wallets online using credit/debit card or Net banking. This means that every time you make an online purchase, you won’t have to provide your card details again and again.
The Best Mobile Wallets:
- Samsung Pay
- Apple Pay & Android Pay
The top Mobile Wallets that are being used in India:
- AirTel Money
Thus, in order to gain the best Return on Investment (ROI), businesses need to hire the experienced developers who are capable of building the superlative cashless mobile applications. The cashless payment solutions can surely take your business to the new level.
The skilled developers of iMOBDEV have earned a substantial experience to develop the cashless applications. Professionals at iMOBDEV are meant to develop the most scalable & robust cashless applications ensuring 100% client-satisfaction.