What is cashless or Plastic money? Is it required for you?

Hi all !!
Greeting for a happy  Day !!



Is Cashless or plastic money is required for me? why i need to go plastic and other different questions like what are the gain or the loss is there with cashless transaction ??  if these question has ever come to your mind than you are at right place here to get all your questions answered.

It is very common with each of us that to buy,shop, sell article, things, etc we require the medium of exchange. the medium of exchange good is the very old culture in our society which was in use and it is being continued till date. only difference in our medium of exchange in modern Era is the Money, for which each and every person is leaving his home to earn money by visiting  various work places.

Cashless is good way to Do transaction in any place for the members of the Public. Reason is very simple we are free from tension of getting robed while walking on the road. Only  thing we have to take care is the Plastic card and Mobile that we  are carrying together. Mobile phones are the medium through which money can be transacted at the retail shop and amount can be transferred either at any shop, Mall, Movie ticket counter, restaurant.



So, it is very easy to use the plastic card and have a cashless transaction all over India without any hassle. but with every good here comes the boon. Fraudster are so money minded that they have found a way to get your plastic card details and transfer your hard earned money to their account or utilized the fund for their benefit. To do any online transaction the Plastic card is very much required at some places to presented physically or details to be provided. if you are having the card physically it is to be used safely so that either stranger or any other person is not able to take the details of your card.  if you are not handling the Card carefully, there are chances that Plastic card can be cloned/skimmed for fraudulent transaction.



Second  Method used by the Fraudster is by making Scam calls or fake calls claiming to be from your bank official who are calling to verify your  bank details.



But as per RBI guidelines, No banks should ask the details of customer bank account, Plastic card (ATM/ debit card number)details, CVV number, OTP number or any other information related to Customer. But as seen from the cases in media and newspaper, there are cases where simple and sincere bank customer without asking any question on the Authenticity of people on calls share their information and are victim of electronic frauds. Within minutes of sharing the information on Calls , there money from the account is being withdrawn and people start complaining to Banks for the same.



Plastic money is there for the comfort of people and it should be utilized carefully with safety. We should be aware of our surroundings and keep a distance with strangers while doing transaction at ATM machine or POS counter. We should spread awareness among our family friend and colleagues that no bank will call you to ask your account, plastic card etc details and always avoid such calls on receiving them.

A great Person told once " Be Vigilant you can Save a lot".

Thank you Guys for reading.!!