| Points: | 5 |
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What are the benefits of cashless transactions over cash transactions for the customer?
For example if Damodar buy vegetables from Reliance Shop by giving Rs.500, the shop owner by giving this 500 note to the farmer buy vegetables, the farmer by giving this 500 note to fertilizers shop he gets the fertilizer bag to grow vegetables, the fertilizer shop owner gives thi 500 note to factory owner to get the fertilizer bag, the factory owner gives this 500 rupee note to the factory worker, the factory worker gives this 500 note to get clothes from Textile shop, the textile shop owner gives this 500 note to Cotton grower, the cotton grower uses this 500 note to pay school fee for his son. If this rotation of money goes through cash, the same value goes to every one without any loss or gain.If we opt for Cashless transaction at every step, Paytm, Reliance, Mobiquick, Freecharge or our National Banks or our Private Banks in course of time or even at present start collect 2% Service charge for every transaction i.e. for every Rs.500 transaction we have to loose Rs.10. If one 500 rupee note change hands through 10,000 times Rs.1,00,000 we are paying to Paytm, Reliance, Mobiquick, Freecharge or our National Banks or our Private Banks. Is it all necessary for the hard earn money of common man or customer to loose money like this?
