Sept 11 2017

How does mobile app help to realise the cashless economy

Posted by Isiwal Techonogies

How does mobile app help to realise the cashless economy,The power of word green "where is green there is life". The word green has many values one of them is peace. The entire world is suffering from terrorism in such scenario the green asks peace for humanity. Why I am talking about the green and peace here, is it any relevancy it with the article? There is a significant link among word green, cashless economy, mobile app development industry and terrorism, all are correlated to each other. If an economy is going to cashless it means the entire system needs to have a new system which can provide the base for cashless society.

This new system is a mobile application based system which provides the customers and buyers to do the cashless transaction. As an economy adopts this system, unaccounted money will vanish from the system which will stop finance to terrorism. Once financial help to terrorist gets stopped, the terrorism industry will die then and there. I can understand that no country can have 100% cashless but a maximum level of a cashless economy can be achieved. Let us come to our topic, we see all world is striving toward a cashless economy, recently the government of India has taken more initiative towards a cashless economy.

Let us find why the world economy is moving towards cashless economy

In ancient time there was a barter system where a good is exchanged for another good, the problem with this system was the proper measurement of value for goods so monetary based economy system came where a good has some monetary value. The era of mid 21st-century smartphone came. All world started moving towards digitalization. In the digital world, digital payment is replacing the hard cash payment. People are now more literate and technology shabby so that cashless economy is evolving. The data shows in the year 2016 the total no of internet users were worldwide was 46.1% and India it was 38.4% of the total population with the growth rate 3 years average worldwide is 8% and in India 33%.
The cash based transaction in India is 68% before demonitiZation as per business standard November 2016 report definitely it is very high but it will decrease dramatically and online payment will increase with robust growth in future as new technology evolving and some measures taken by the government. This is the right time when all businessmen and customers have to think about their way of doing business and payment otherwise it will late and they will be get neglected from the system.

Why cashless economy?


Financial inclusion

Access to financial systems for all where all can have access to transaction account and can do all their financial transaction.

To eliminate the black money

Through this, it will eliminate the black money from the system which has become cancer for the society. This problem must need to have immediate treatment otherwise it will kill the entire society.

To eradicate the corruption

The mother of all evil deeds is corruption so if we have to make a good society we must kill the main cause of the problem. The benefit of the cashless economy is controlling the corruption.

To have proper control on the transaction

There is a transaction history in a cashless economy which is not possible in cash based economy. This facilitated to have a great control on each and every transaction.

To reduce the risk and cost of carrying cash

It reduces the risk as hard cash lure the bad element in society. Tha cost of carrying cash also get reduced for business man as well as for government which vanishes the printing cost of cash and distribution cost incurred distribution.

Reduce the tax evasion

As there is tracking of transaction history so tax evasion is not possible. Which will generate more revenue for the government to facilitate proper services for society?

How the cashless economy can be achieved

To achieve the cashless economy means to do the business online or you can say the online transaction. how can this be achieved? this is possible if purchasers and buyers can have a platform where they can do sell and buy the goods or services in form of digital. Here mobile application plays a vital root which provides remote customers to see the products or services listed select it and make the payment online.

Benefits of using the mobile app

Simplifies the business: listing the products, maintaining the stocks level will be on finger tips. If the stock level goes down the app will give you an indication which helps in the proper management of stocks. A businessman can see the stock report, purchase report, sales report, financial report any time just he has to make one click all these make business easy.

To reach the mass customers

Through a mobile app, the business can be reached to the mass customer. Other area customers can also buy through the application. Example if you are running a shop in a particular area so accessibility for other area customer is very difficult, if a business usage the mobile app it can accessible for another area too.

To reach the remote customers

This everyone must have equal opportunity if a remote customer wants to buy something from other cities he must have the facility to that as a civilised society it is our duty to achieve it. It can be achieved through mobile application by using this a remote customer also make an order and do the payment from his location.

Reduce the running costs

As using the mobile application the store can be at a remote place and virtually it will available to the customers. So it reduces the real estate cost as this is a huge incurred cost in any business.

To reduce hard cash burden

Here most of the transaction done through digital so maintaining that hard cash and associated risk is minimised.

Conclusion

Cashless economy helps mobile app and mobile app helps cashless economy visa verse. Going cashless might be getting all the limelight for its outer benefits, but a deeper sneak reveals the numerous benefits it yields for a business and subsequently the entire economy. So by the time the government takes initiatives in making the economy ‘green’, it is also our personal responsibility to take initiatives from our end. Mobile app development companies must be up to date about this, who knows which technology will be used in the future to avoid paper money, or how mobile apps will help on this. We’ve already seen the technology, and how it helps consumers thanks to mobile apps to buy something on the shelf without the need of going to a cashier.

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