Today cashless transactions have become the order of the day. A decade back people were talking about it in hushed tones and extremely apprehensive in using it (I mean the plastic cash), but today just about everyone is using one and flaunting it too. Just like everything else in life, plastic cash too has its’ pros and cons.
It goes without saying that cashless transactions are hassle free, or so it seems most of the times. Since, all these transactions depend on the internet and the speed of the network being accessed; there are times when a transaction doesn’t come through. The consumer has no option but to leave without buying the selected goods. Then there are times when a wrong amount is deducted, or double the amount. The author has still not discussed about theft and deliberate misuse of the card. On one hand it is extremely handy to move about with just a few cards in the pocket without worrying about cash and the various denominations, but when the same gets lost, believe me all hell breaks loose. People will certainly misuse the card, till the card is properly blocked.
Paying of all sorts of utility bills is done using the plastic cash, or let us be more specific and use the word internet/online transactions. Here too there is an option whether one uses the credit or debit facilities. But both these facilities are availed sitting at home or office. Gone are the days of long serpentine queues, which used to be a common sight for paying of mobile, card, electricity bills.
Booking and cancellation of tickets, whether it is air travel, travel by rail or by road is done online. All this is made possible again with the advent of plastic cash/ online transactions.
Soon there will be a time when check books will cease to exist and physical visit to the banks will be a thing of the past as all banking transactions will be done on online using the internet. Even today almost all banking transactions are being done on the internet sitting at the confines of home/office or a café with a proper internet connection. Transactions could be as simple as checking the account status for the balance, or it could be a complex transaction which involves transferring money to a different bank in a far-away location. Today these transactions are safe with multiple layers of password protection.
The author by no way is claiming that all transactions are full-proof and there would be no hacking. Hackers are working overtime to break into the system; sometimes they are successful, sometimes not. The author has simply tried to highlight the benefits of cashless transactions and the usage of plastic cash.
