Online Payment Apps Lure People to Spend More Money Than Cash

The world is changing every single day. From the days of no technology, we have reached a phase where we cannot imagine a day without it. Remember the days of internet cafes we frequented to transfer money internationally? We used to spend hours waiting in line at the bank if we wanted to transfer money to another account. But now, it takes just a few seconds to transfer huge amounts with a single click on your mobile. It is safe to say that not many people are visiting banks for money transfers. Online payments like Paytm, Phonepay, and Google Pay have made payments easier and no cash is used. From malls to roadside shops, everyone is accepting online payments. The concept of online payment begun after demonetisation in 2016, thanks to PM Modi's Digital India initiative. While users would opt for net transactions earlier, it has now become imposisble to survive without online payment apps on our mobile. 

Google Pay was the most used online payment app because it gave a cashback coupon for every transaction. Gpay ensured a gauranteed cashback ranging from Rs 1 to Rs 1 lakh. Later, Phone Pay and Paytm lured users with other lucrative offers. Well, if you go back and see your spending while you had only cash and compare to the present times of using an online app, you will realise that your expenditure has gone up without even you realising it. Earlier, we would plan our one-month spending on the first day of the month and get cash from the ATM. We would spend money judiciiously. However, the case is entirely different. Even for small payments, we make digital payments and, unknowingly, we are spending a lot of money. It won't be wrong to say that online payment is also inviting unwanted expenditures which we would avoid when we made cash payments. I won't say that online payment is a bad influence, but we should learn to spend our money wisely. Do you agree?

On the other hand, the biggest threat with these online payments is cybercrime. The cases of online theft are growing by the day. People who don't have proper knowledge on how to use these online payment apps are falling prey. It might be funny, but these days people don't have  to cut off bags to steal cash, thanks to online apps. Let us know how many of you are still maintaining cash in your wallet and using it instead of online transactions. Comment below.