America is one of the top most countries in the economic status and this country starting so many techniques to overhaul on it.
Bengaluru – Jan 17, 2017. RedNewswire/-
Nowadays we are in the modern technological world because the environment is surrounded by the technology to invent something. So, every process in our world has a solution through the mobile application’s performance, which is digitized.
Because of the technological improvement, the people are using the debit card or credit card for purchasing or else for other processes. This is the symbol, which will lead to the cashless technology in the world with some digital techniques to access the currency. It will affect the economic status of the particular country which accomplishing this method towards people.
Economic level of the country
The current management and transportation of products decide economic status. Currency management of the country is supported with the digital technology. This technology is introducing the credit and debit card usage and it will decrease the usage of money.
Digital technology is associated with the bank network and it allows the customer to access the card for money management corresponding to the credited amount. Later, the bank network will collect the compensation from the customer as per the usage. The process of swiping can easily access the net transaction also available in the cashless technique and it. A transaction from debit or credit card to the bank and customer is processed by the E- Banking.
By using an Internet facility, we can transact the amount anywhere and we should be the members of this Internet banking technique. It has some privacy specifications to the member to manage their account details. Because of the net banking facility, we can have more benefits like book the tickets and purchasing the desired product through online etc.
According to the recent survey, the most of the people are not using the mobile payment because of the prevalence of debit and credit cards. 80 percent of money transaction is achieved through net banking in our world. For the business progress, it will be the best one to distribute the money to multi-user.
Country without currency
Let imagine that our country will be like a cashless one with full of debit card and credit card. Actually, in the ancient days, the people have used the exchanging process of a product like import and export. But, after that, the intermediate of money came and dominate the world with the currency. If our country will be with a cashless one, the people can survey without any corruption and black money. The people can survive by their own investment through a bank account and they can have a happy life without any fear of losing money.
Advantages of the cashless technique
Because of the cashless technique, the people will not waste their money by the low budget currency assessment. It will protect our money and there will be a secured transaction, which has some privacy management. We can access only the limited money as per the government order to have. This process will find out the people who are having a black money easily through their account details.
Disadvantages of it
The normal people can’t follow these systematic rules because of their poverty level in the society. The person who is having the bank account with the net banking facility, that people should maintain their bank balance liberally. The person who is adjusting their every day’s expenditure, he/she can’t adopt with this. If every personis using this cashless technique for the money management, there will be a crowd in the banking sector. So, the people may lag in their every day’s schedule due to their time management.
Depends upon the currency level, the country will fix their standard in the world. Nowadays money rules a major task in our society and also it profits so many things towards the technology. Without money management, we can’t survey in our society and we have all known that money makes money things. The people prefer the money forever to fulfill our needs and expectations in a particular thing.
To save that kind of precious thing, we are starting to use the digital payment system, which is currently processing in America. In the Worldwide level, there are 200 million adults having an account for net banking. Most of the parents are registering the account for their federal child to their future.
There are some major problems can occur in the country due to the cashless technology. The consumer should check their bank account details often and often. A reason is that the unauthorized person can access their account details by using Internet facilities. Some of the organization may take the cut transaction in the digital payment system. Most of the banking sector provides pushback technique to the customer to their convenience.
The preference goes here
In the village side, the people don’t know about the ATM card and all. If they know about these services, they don’t know how to handle it like this. These kinds of people always prefer money the digital payment system to access. Then, the cash is available at any time, but in the digital payment service, we have to wait for sometime to the transaction. In the cashless technology, there are some transactions with unrecorded policies through cash.
Whether it is good or bad?
It seems to be good to avoid the corruption and to avoid some more issues in the country. But, it always suits to the country like America where the people are investing a huge amount in their bank details. In an America, some of the minor parts of politicians have started this technology to take a step for digitizing the country. Apart from the online transaction, there are some basic considerations for the people who are all accessing it. These technological considerations may vary depends upon the country and the economic stages of the people.
Estimation of the current scenario
The people of the country should have a proper knowledge about the digital transaction and if it is possible they can move towards it. The people in Denmark had this experience like paying a bitcoin instead of paying cash. So many essential features are available in our country and the people should make use of it. The main lagging thing, which the people are meeting, is accessing issues and the fear of losing data. In America still, 47 percent of people are using this digital online payment technology with some security standards.
The cashless technique with the digital online payment has been effective and efficient which is currently it is ruling in America. It has some security and privacy for protecting the account level o the consumer. This technology is mainly suited to the rich people who deposit huge money in the bank. Middle-class people have to adopt this technology to utilize the cash.
Let’s imagine the shopping, the vendor and buyer should know about the online transaction. If it is okay the shopping will be easy and also it leads to increase the economic level of the country. Even though this technology is this much efficient, the people are feeling it like not enough to access.
Author Bio: Anand Rajendran is the Co-Founder and CEO of Zuket. He is a writer and coffee lover. He has is a graduate in Computer Science and Post Graduate in Entrepreneurship and leadership from Ulyanovsk State University, Russia. He is a passionate blogger & SEO Specialist. Zuket.com offers software products that are built with Airbnb, Uber and other cloning scripts.