What You Should Know Before You Go Cashless

As our society becomes more digitized, cash becomes increasingly obsolete, and thus society opts for shifting to cashless. People are avoiding use of cash and coins from their wallets and choosing mobile apps that feature cashless transactions. We will cover a brief description of cashless transactions.

What is Cashless Transaction and its importance?

A cashless transaction is an automated or online operation that specifically involves no paper operations and provides customers with quicker and more convenient transactions. Cashless Transaction is one of the safest means of payment, which offers you the opportunity to grow money, make better money management, avail flexibility, and ultimately lower stress levels. Cashless transactions can be an efficient tool against corruption as everything is online and data are securely stored in the cloud. All in all, cashless transactions are the means of seamless and safer payment.

Types of Cashless Transactions

To make payment, carrying cash is not compulsory as it can be done in different ways. Let’s explore 3 major cashless transaction modes.

Banking cards:
Debit and credit cards are widely used banking cards and a type of cashless payment method. You have to carry this card and swipe it in ATM to withdraw or on a POS device to make payments. 

Mobile Wallet:
Mobile wallets are digital wallets that carry your money. You have to install such mobile wallet apps and enjoy eShopping and ePayment. With a digital wallet, you can make merchant payments and pay utility bills like electricity bills, water bills, perform mobile top-up and many more.

QR Codes:
QR(Quick Response) code has made our lives easier as we just have to scan the QR image with our smartphones and perform our transactions. 

5 points You Should Know Before You Go Cashless 

Cashless culture is a truly revolutionary act in banking and financing. However, before you plunge completely into cashless transactions, you must consider 5 points:

• Be aware of all facilities for cashless transactions

There are numerous cashless transaction facilities. We discussed Banking cards, Digital wallets, and QR Codes above. Besides this, you can also find other options. But you must look for what is best for you.

• Understand the safe internet banking practices

Cashless transactions include extensive use of the internet and a device(can be a smartphone or PC, or laptop). Thus one must be aware of safe banking practices to keep hackers at bay.

• Don’t fully ditch cash

Although the world has gotten online, there are places or restro or people who still deal in cash. So, you must carry cash to buy items from them. 

Imagine: You bring loads of items to the cash counter in the supermarket, you give your card for payment, but it doesn’t work, and you don’t have any cash on you. Embarrassing, Right? So don’t think of going fully cashless.

• Stay updated about offers and rules in a cashless transaction.

Now, cashless transaction is a subject that gets affected by ongoing trends. Nowadays, banks collaborate with digital wallets and other cashless transaction modes and bring great offers. So, you must be careful about offers/rules; who knows, you might win goodies in every transaction.

• Look for banks that offer the best service in “Cashless Facilities.”

Cashless services or facilities matter the same as offline banking services. If the service for cashless payment or cashless facilities in a bank is not good and always are complaint-worthy, then it is the time to change the bank.

Nepali society and Cashless transactions- A Complicated Situation

During the COVID-19 pandemic, Nepal moved toward cashless and contactless transactions as there were restrictions. Online transactions were almost 3X more than in previous years. Now, coming to 2022, people are into online banking and transactions, but sadly, Nepali Society is still unaware of the cashless facilities. The other half of Nepalese living in the rural area are into “hard cash” use. They are skeptical about digital banking, which encompasses cashless transactions. Adding to this, the knowledge of cashless transactions in Nepal is blurry; people are yet to understand the mechanism of Cashless Transactions. 

NIC ASIA Bank’s Approach for safe cashless Transactions

One big move of NIC ASIA Bank, one of the best banks in Nepal, in the direction of safe cashless transactions is the incorporation of secure and convenient digital payment technologies, as well as a concerted attempt to raise financial literacy among the general public through its content on all digital platforms.

Through our official website and NIC ASIA Mobank App, customers can enjoy numerous banking facilities. In fact, our online account opening facility helps customers open bank accounts online without any hurdles. Our all banking products under the Sarbashrestha Savings edition are premium and are delicately crafted for customers of various segments- General people, Children, women, employees, senior citizens etc.

Choose NIC ASIA Bank and download MoBank get the best banking experience in Nepal.

Feel free to share this blog with your friends and family if you find this blog interesting and helpful