Digital wallets or “e-wallets”, as we call them, have seen a massive growth in popularity during the last few years. The Covid-19 crisis has also led to an increase in the use of digital payments, as buyers prefer safe and contactless methods of transaction.
Although most of us have already adapted to the change in payment methods, the elderly are yet to fully embrace the concept of digital transactions.
A large number of seniors still prefer the traditional method of cash payment, which can prove to be quite a challenge in the long run, as we move closer towards a cashless economy.
So, here are some main reasons why seniors must go cashless and experience the benefits of digital payments.
1. Increased Security
Carrying cash at all times can be a risky decision. This is why senior citizens are common targets of small thefts or robberies. One of the main advantages of digital payments is that they are much more secure than regular cash transactions, as they require proper verification and authentication.
Banks and other digital payment platforms also provide added security for digital tansactions in the form of OTPs and cross-verification, which can help in preventing fraudulent transactions.
2. More Convenient
Standing in long ATM queues just to withdraw a small amount of cash is hardly an exciting activity for anyone. However, most seniors have to face this scenario every time they step out to buy something.
Digital payments, on the other hand, offer increased convenience for the elderly as it allows them to easily conduct financial transactions without having to worry about whether they have adequate cash in their wallet.
3. Seamless Transactions
Since digital payments have been around for quite sometime now, the process has become easier than ever, especially for seniors. Showrooms, malls and even small shops have now started accepting digital payments.
The whole transaction process has also become seamless, as buyers can now make payments using their mobile banking apps or other digital wallets.
4. Different Options
Right from debit cards and credit cards to digital wallets like Google Pay and PhonePe, seniors can now choose from a wide range of options for their preferred mode of digital payment.
This gives the elderly an opportunity to conduct financial transactions without the fear of falling short of liquid cash. Also, one of the main reasons why seniors must go cashless is the…
5. Offers & Discounts
In order to promote digital payments, banks as well as other financial institutions regularly offer different types of offers and discounts for their customers.
Elders can benefit from these offers and can even receive regular cashbacks, rewards and discount vouchers for their digital payments. Moreover, some banks and digital wallets provide special rewards and offers for their senior customers as well.
6. Convenience During Travel
Gone are the days when we had to carry large amounts of cash during any outstation travel. Today, retailers all over the country have understood the importance of going cashless and have started accepting digital payments.
Thus, elders can now easily travel to and from other cities in India, without having to worry about finding an ATM or running out of cash.
7. Physical Distancing
One of the main benefits of digital payments is that it promotes safe and contactless transactions. With the Covid-19 crisis still looming over our heads, avoiding physical contact is of utmost importance.
Elders are known to be at a higher risk during this crisis. Opting for digital payments is, therefore, one of the best ways for seniors to stay safe during the Covid-19 pandemic.
8. Track Your Spending
The first step towards financial independence is to maintain a regular weekly/monthly budget. This is even more important for seniors who depend on their pension and other life savings.
Digital payments allow the elderly to stay on top of their overall spending with easy-to-access bank statements and records of all transactions. This will also allow the elderly to develop the habit of…
9. Budget Discipline
Going cashless is one of the best ways for seniors to understand their spending habits, as they can use different apps to track and analyse their transaction patterns as well.
This will help them to understand their expenses and will also allow them to plan their budget in a much better way. Developing a budgeting discipline also plays a key role in achieving financial independence.
