Advertisement
Sunday, Dec 05, 2021
Outlook.com
Outlook.com

Demonetisation Scheme: Six Substitutes To Cash

Don’t fret over less cash; there are ways to go on with the routine

Demonetisation Scheme: Six Substitutes To Cash
Demonetisation Scheme: Six Substitutes To Cash
outlookindia.com
2016-11-15T11:05:43+05:30

You have the money, it is in your account, but you have none to pay for routine expenses. Here are some ways to bypass the cash transactions.

QR code to pay
Use QR code based mobile applications offered by major banks like SBI, ICICI Bank and HDFC Bank, among others. This feature is also available with mobile wallets like Paytm and Mobikwik. To make use of the technology, you need to install your bank’s mobile banking app or your mobile wallet's app that is enabled to read the QR code on your smartphone.
You have to open the app to scan the barcodes that contain information on pricing, enter the PIN when you are prompted by the app and the money will be credited to the seller’s account. However, the sellers also need to have this infrastructure in place to enable such payments. Many small merchants have adopted it as have e-commerce companies as an alternative to receiving cash on delivery. Mobile wallets with balances of up to Rs 10,000 can be opened and money loaded through your bank account instantly.

Near Field Communications
Credit and debit cards are the most convenient tools for making payments at PoS terminals, but many users have concerns over security and the recent debit card data breach has only served to heighten them. This is where Near Field Communications (NFC) technology can come to your rescue, provided your bank offers the facility. This payment mechanism does not require you to swipe your credit or debit cards at the PoS terminals. Instead, it’s your mobile phone that will be in use – you have to merely tap it at the NFC-enabled devices at merchant outlets. Since your card details are not shared, the threat of cloning is also minimised. For online shopping at e-commerce sites, you can either use net banking or wallets.

Mobile wallets
If you are using private cab aggregators, you can simply choose the option to pay using wallets or cards, if allowed. Some mobile wallet companies have tied up with Delhi and Mumbai Metro to facilitate recharge. In the coming days, autorickshaws and taxis, too, could start accepting wallet-based payments.

Online payment
Most utilities – electricity distribution companies, telecom operators, gas connections – allow online payments, but the best solution is to simply register for BillPay services offered by your bank. Once you enter details of your utilities, the payments will automatically be made before the due date.

RTGS and NEFT
To transfer funds up to Rs 10 lakh you can use RTGS and NEFT-based online service that your bank offers after adding the beneficiary beforehand. Mobile wallets can be tapped for small ticket transfers.

IMPS (Immediate Payment Service)
Immediate payment service (IMPS) is provided by banks to help you access your bank account and transfer funds instantly and securely. You can send money using the bank’s net-banking on an internet-powered laptop or PC to transfer money to accounts within the same bank or to other banks.

Advertisement

Outlook Newsletters

Advertisement
Advertisement
Advertisement

Read More from Outlook

Why I Rap: A Hip-Hop Artiste’s Journey From Bihar To Stardom

Why I Rap: A Hip-Hop Artiste’s Journey From Bihar To Stardom

Aamir Shaikh aka Shaikhspeare traces talks about the genre that uses music as a means to dissent.

Hyderpora Encounter: Arrest Of Khurram Parvez Brings Focus Back On Human Rights In Kashmir

Hyderpora Encounter: Arrest Of Khurram Parvez Brings Focus Back On Human Rights In Kashmir

Alleging abuse of anti-terror laws, the United Nations and international human rights bodies seek release of rights activist Khurram Parvez and inquiry into the Hyderpora encounter.

'I Remember Kumble's 10-for, Seen It Plenty Of Times': Patel

'I Remember Kumble's 10-for, Seen It Plenty Of Times': Patel

Ajaz Patel on Saturday became only the third bowler to take 10 wickets in a Test innings, joining Anil Kumble and Jim Laker in a select club.

Omicron Severity Is Anticipated To Be Low: Health Ministry

Omicron Severity Is Anticipated To Be Low: Health Ministry

Will the Omicron variant drive the Covid-19 third wave in India? The Union Health Ministry says the chances are very low.

Advertisement