“Revenue is vanity…margin is sanity…cash is king…”
Sadly, the above quotation is a history now as cash payments are going to see a major downfall. It is said that one day can change everything and it did last night when Honourable PM Narendra Modi stunned everyone with the announcement that Rs. 500 & Rs. 1000 notes are nothing more than a piece of paper post midnight!
Let us understand the crux of this decision:
How Will It Affect You?
Like other changes that the government makes, a middle-class individual is going to be directly affected. Since, the decision of raise the currency limit to Rs. 2000, the expenses of a common man are somehow going to increase. Other than this, the maximum limit that you can withdraw from the ATM has been restricted to Rs. 2000 which will gradually come up to Rs. 4000. But, will it be so easy to manage? Yes, with Digital Wallets apps within our reach, everything is easy.
Use Digital Wallets For Shopping
How are you going to meet your daily expenses? Well, we can not wait for the new currencies to come to us. So, how are we going to do it then? You can use online payment options.
For sure, online shopping is going to increase even for small purchasing, credit cards and debit cards will be used. But, while shopping online, you have to make sure that you are using the genuine portals. So, here are some of the Best Digital Wallets in India for you to use:
- Paytm– One of the most known payment portals, Paytm has decided to create app-cash points. Now, Kirana shops will accept Paytm payments. Hence, payments via Paytm are going to be broader and convenient.
- MobiKwik– In competition with Paytm, MobiKwik has also taken an initiative towards fulfilling the needs of the consumers and decided to tie-up with Big Bazaar and Sagar Ratna franchises enabling mobile payments.
- Oxigen Wallet- Oxigen wallet can be used to do recharge & pay bills, send money, ask talk time etc.
- PayUMoney– This online payment portal is built for safe bill payments and is easy to use.
- PayPal– In this chaos, this payment portal lets you shop with peace of mind.
- M-Pesa– You can use Vodafone M-Pesa app to make bill payments of your mobile or your electricity bills, etc.
With Digital Wallet, managing your credit cards, debits cards, medical cards, etc. becomes easier and safer.
Features & Benefits of Digital Wallets
- Do safe online shopping
- Compare between different items
- Make person to person payments
- Transfer money
- Earn points on every transaction
This surprising decision of PM Modi was nothing less than a live bomb on all the black money keepers. In addition to this step towards clearing off the fake currency business that was circulating in the market for a long long time, we can clearly see that this initiative is towards making India digitalize. India is slowly becoming a cashless economy but digital wallets will help you live without tensions. Initially, you might have to face some hurdles in accepting this change but remember that nothing good comes easy!
(Updated on:9 November,2016)