As everything has become online and things get carried out on networking platforms the eon of paper business has passed out and everything is cashless. Pen and paperwork have lost their charm and significance but, yes paperwork is a more reliable system for carrying out transactions. The arrival of an era of cashless transactions has given rise to crimes such as unethical hacking, loss of our secrecy, forfeiture of all our important security information related to our account, and so on.
Still, many folks around the world do not prefer to carry cash with themselves for carrying out general transactions instead they carry cards.
Any field we delve into apart from table-booking everywhere cashless transaction is an emerging trend when we are traveling via metro or we order food online from home from a nearby restaurant.
Types Of Cards Used To Carry Out Cashless Transactions:
- Debit Cards(Quite Similar To Atm Cards).
- Credit Card(Type Of Loan).
- Atm Card.
- Smart Card Used In Metro.
- Travel Card Coupon Or Discount Card.
- American Express/Visa/Mastercard.
- E-Health Care Systems.
- And Transaction Digital Wallets And The List Is Unending.
What are the Reasons for Failure of Cashless Transactions?
As per research and recent news the penetration of cashless transactions in India is approximately 11%. Research data reveals that the main reasons for using cashless transactions and its failure are:
- Lack of Awareness among the common man.
- The seller or merchant might not be accepting card.
- Not everyone (especially the Rural India) is aware of the technological advancements (i.e. how to carry out e-payments, how to use ATM cards and so on).
- People might consider that the account would get hacked or they might lose all their personal data.
Why is Cashless Transaction important for an Online – Booking Business?
Most of the online food ordering restaurant businesses are nowadays getting themselves registered on the e-commerce platform, where carrying out cashless transaction is a growing trend as well as a necessity.
To attract large set of customers from urban as well as rural communities in India e-commerce platform should give opportunity for cash-based as well as cash-less transaction based on preference or demand of end consumer.
Though huge population is not equipped with the technological advancements still to attract global consumer base (from around the world) cash-based transaction is very important. Men and women belonging to Western culture or countries would mainly use cashless transactions.
In spite, of hacking or even third party might unencrypt all our personal security information still cashless transactions has gained immense importance and popularity among the present generation because it is fast easy and can be carried out while being at our homes.
When we book table online cash-less transactions eliminates the need to stand in long queues and wait for our chance to arrive.
Though online or cashless transactions have many risks involved still they can be made less risky using secure payment methodologies.
Cashless transactions are one of the most important criterions to tame or prevent the circulation of black money.
Question Arises: So how can cashless transaction help in elimination of the circulation of Black Money within the kingdom or country?
Answer: As our money is stored in our legitimate bank accounts so we will not be able to gather illegal cash (Illegal cash means cash over which certain people would not pay any kind of tax knowingly or cash accrued via the sale of banned materials, drugs and so on).
Summary– Cashless business transactions have gained huge importance in the present era for a table-booking business platform or any e-commerce days due to simplicity, technological advancements, helps in regulating the circulation of black money in the nation, eliminates the need to stand in long queues, and offers a trendy way to carry out business activities.