What is Application of Digital Financial Service
Digital Financial service can be defined broadly as digital access and use of financial service by the people . Application of Digital Financial Service, Such service should be suited to customers’ need’s and delivered responsibly, Benefits of digital service at a cost both affordable to customers and providers.
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| Benefits Of Digital Financial Services |
There are three key components of any such digital financial service:
- Digital Transaction Platform:- It enables a customer to use a device to make or receive payments and transform and to store value electronically with a bank or any such nonbank institutes which permitted to store electronic values.
- Retail Agent :- Retail agents use a digital device connected to communications infrastructure to transmit and receive transaction detail. It enables customers to convert cash into electronically stored, retail agent value and to transform stored value back into cash..
- Devices:- The customer’s devices can be digital like mobile phones that is a means of transmitting data and information or an instrument like payment card machine that connects to a digital devices like POS terminal…
Main objective of the Digital Financial Service is to delivering financial service through technological innovations like mobile phones. Digital finance also has been important role to play for small business. It not only provides them with access to financing but also to electronic payment system secure financial products and a chance to build a financial history.
It can also be a catalyst for the provision and use of a diverse set of other financial service- including credit, insurance, saving, and financial education…
Why do we need to save for ourselves and our loved ones…………….?
we all known how important savings are? But why? why should me put money away that we could spend now..? Few are given below reason that may help convince you to start saving today…?
- You can never expect the unexpected..
- Savings are very necessary for a comfortable retirement..
- Saving saves future worrying and
- There are always more important things than your immediate wants…
How to invest/or save your own emergency fund :-
An emergency fund should be easy to access in the event of unemployment, illness or a major unplanned expense. Establishing an emergency fund is one o the most important things that anyone does when they are in good condition and that emergency fund take emergency fund take care of several difficult when they face financial crisis…
Future Necessities Of Our Life:- but how you deal with money has a huge impact on your quality of life, your family’s life of your community, we all have some things that we cannot compromise on. For example, your father may have taken a loan to pay for your B. Tech or MCA, and you want to pay him back in a few years. Your parents may have used up all their retirement savings for you or your sibling, My future necessities of our life of digital financial service, and you want to take care of them financially after their retirement. You want to buy your own car or house. All this need requires money which makes saving necessary….
Big Cost of Our Life:- Huge expenses are the expenses which completes big event like marriage ceremony, house purchase , car purchase, business establishment etc. Huge expenses can be only meet out with our savings. That is why saving are also necessary for huge expenses…
# – Loss and accidents due to large amount of jewellery and cash to be kept in the house :-
- Unsafe method
- loss of growth opportunity
- No credit eligibility
(1.) # Unsafe Method : When people have extra cash, many people opt to carry it around in their wallet, place it in a piggy bank or stash it under their matters. Unfortunately, unsafe method all of these strategies put their money at risk. Those who carry their cash around can lose it if their wallet gets stolen.. Those who keep their money at home (either in a piggy bank or under their bed) can find themselves without any savings if their house gets burglarized or becomes damaged in a fire..!
(2.) Loss of growth opportunity: – Another reason why you shouldn’t be hiding money in your house is because you earn no interest on it. While banks are exactly paying top rupees on their high interest saving accounts..!
(3.) No Credit Eligibility :- No insurance home. When you put money in the bank, it’s protected by the different deposit insurance by different method..!
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And heartfelt thanks to you people who read our post………….💗💗