Experience convenience and rewards like never before!
Housing a population of over 1.2 Billion and sustaining millions of business, India continues to be a diversified economy with several sustainable businesses and professions. In all our day-to-day transactions, cash plays a vital role. Be it a teenager exchanging cash at shopping outlet or a senior citizen paying at a restaurant, the need for cash prevails across all age groups, irrespective of the profession, locality, and use. With the government introducing Demonetization that scrapped off Rs.500 and Rs.1000 denomination notes from the system, people have experienced acute shortage of cash. Not only ATMs, but also bank branches have witnessed long queues of people waiting for cash. Further, introduction of Rs.2000 notes have made tendering the exact change difficult, thus forcing people to shop more or on credit. That’s why the economy is looking forward towards a cashless mode for handling all day-to-day transactions. This has ushered in an era of digital mode of transactions which have now made entry into every household.
Furthermore, the growth of the ecommerce industry has proliferated online shopping among the majority of people. With this, the use of cash seems to have become obsolete as more and more websites and individuals prefer electronic payment.
Enjoy Queue-Free Banking!
Understanding the need for cashless transactions, several banks such as YES BANK has introduced Net Banking, digital wallet, and online payment options for the users. Online banking has simplified banking transactions. Unlike before, you need not stand in a queue at the branch office to carry basic banking transactions such as checking balance, transferring funds, stopping a cheque, and others. By simply logging into your account through personal computer, you can do banking transactions from the comfort of your home/office. Banks also provide money manager solutions to keep a track of your expenses and transactions, thereby helping in easy budgeting. One such tool is Money Monitor from YES Bank, which is apt for expense management and budgeting.
More Shopping! More Rewards!
The introduction of debit cards and credit cards have revolutionized the payment experience for all. Individuals can now pay the exact amount at shops, malls, restaurants, hospitals, transportation office, railway and flight bookings, etc. easily with a simple swipe of the card or through online mode. These transactions are secure, do not carry the hassles of carrying cash, can be done anytime, anywhere, and carry lots of offers. Several banks like YES BANK offer reward points for every swipe and shopping transaction. These points are redeemable for cashback or other gifts, thereby creating excitement among the users.
Endorsing the government’s vision of Unified Payment Interface that aims to simplify banking and its reach to millions of people, banks like YES BANK have introduced digital wallet with UPI facility makes transactions completely cashless and as easy as exchanging messages over social media platforms. This has attracted youth as well as teenagers alike, who are acquainted with banking, and choose to prefer the digital mode only for all their transactions. One of the recent launches include YES MOBILE 2.0 from YES BANK, an app that makes banking easy on the move.
Digital transactions are signed, secured, provide transparency and eliminate the hassles of carrying cash. You do not need to visit bank branches, stand in queues, do lengthy paper-work, or consult a professional to understand banking transactions. Digital Banking has revolutionized the reach and use of cashless transactions. Thus, we can soon find our country moving towards becoming Cash Free economy with the rise of digital banking.