A cashless economy is a prospect that has been talked about all across the globe for quite a while now. Although it may still be a long wait for the cashless economy to be implemented fully, we are already witnessing various mobile apps that are becoming used to carry out online payments.
If a whole economy is going to be completely cashless it means that the entire system needs to have new management and regulatory system that can provide the base for a cashless society. This new modulated system is a mobile app-based system that will provide the consumers and purchasers to do the cashless payments. As an economy adapts to this system, there’s a chance that unaccounted money will vanish from the system which will force finance to stop money laundering and several other suspicious activities. Some leading mobile application development companies are already working towards this by designing monetary apps.
Top mobile application developers have echoed the opinion that these applications encourage people to carry out digital payments more compared to cash transactions.
1. Here are a few reasons- why the world needs a cashless economy:
1.1 Financial Inclusion
A cashless economy gives accessibility to financial systems to all users and enables them to carry out transactions to any desired account at any time.
1.2 To Eliminate the Black Money
A majority of black money is considered to be dealt in large amounts of cash which is untraceable as per many financial experts. By developing a cashless economy, this big issue can be resolved to a great extent.
1.3 To Eradicate the Corruption
If black money is eliminated, it basically takes corruption out of the door with it as they are very interconnected to each other. As online payments can be traced, there is a much higher possibility for individuals who are indulging in corruption to get caught. Thus, it plays a role in rapidly eradicating corruption.
1.4 To Have Proper Control on Transactions
The digital payment history feature in a cashless economy permits users to control their payments and keep track of where they are making or receiving transactions. Keeping a track of transactions is a tiresome task in cash.
1.5 To Decrease the Risk of Carrying Cash
Carrying a huge amount of cash is always a risk when one thinks about the possibility of dropping it somewhere or losing it in theft or accident. A cashless economy assures that all the user’s money is safe in his or her bank account and is easily accessible with just a security pin.
2. The usefulness of Using Mobile Apps for a Cashless Economy
There are various benefits of using mobile apps for a cashless economy. These benefits are equivalently enjoyed by business owners as well as customers. Here are a few of them:
2.1 To Reach Out to the Mass Customers
Through mobile apps, businesses can reach out to mass consumers who are nearby. Customers from other localities as well can buy remotely through the app. For instance, if you are running a shop in a particular region and accessibility for consumers from other areas is difficult, they can use the mobile application to access your goods or services and buy them from you.
2.2 To Reach the Remote Customers
If you want your business to expand, widening its range to other cities is very important. There will be consumers in other cities who would be willing to purchase from you in case you reach out to them Through mobile apps, a remote consumer can place an order and also make the purchase from his or her location.
2.3 Reduce the Running Costs
Businesses can run a store online through mobile applications without having to set up a physical store or deal in currency physically. This helps in reducing the total expenditure of setting up shop with interiors and also hiring a store sales team.
2.4 Personalize Marketing
Businesses can gain a better idea about their consumers and their choices with mobile applications. They can execute a personalized marketing pitch that makes it possible to offer consumers the products they require.
2. Peaceful and Sound Business
As has already been mentioned above, businesses can trace every payment through mobile apps. This provides 100% accountability and zeroes confusion with the financial work. Cash-based payments are naturally very hard to keep track of and several factors like taxes, shipping costs, manufacturing costs, etc. can all clobber to form a very difficult challenge. Tracing these payments can take a very long time and if they involve huge amounts of money, they might never get traced successfully.
Leading mobile application development companies have noticed the growing traction of cashless transactions among consumers and businesses. Thus, the demand for online or digital payment through mobile applications is on the rise. Best mobile app developers in the market like us- DXB Apps, work with highly skilled and experienced experts to develop various types of mobile applications. Our primary focus is to enhance our client’s businesses through our customizable groundbreaking solutions.