This Eid, go cashless in online tech purchases

While Ramadan only started recently, it won't be long before it is time for Eid. And with Eid slowly approaching us, it is time for a long-awaited tech upgrade. While purchasing consumer electronics or tech gadgets can leave a dent in your wallet, cashless transactions are proving to be a life-saver with their cashback offers and EMI (Equated Monthly Instalment) facilities.

Online shopping was introduced a long time ago, but it has recently been popularised and become a part of our lives during the Covid-19 pandemic. Home delivery options allow customers to avoid the hassle of going out and making their way through gridlocked streets, especially during Ramadan. It has also proved to be time-savvy and allowed us to focus on things that add value to our lives.

With the upcoming Eid-ul-Fitr in mind, plenty of banks as well as Mobile Financial Services (MFS) providers are providing EMI facilities as well as instant cashback offers to draw people's attention toward cashless options of purchasing.

The core motto of EMI is that instalments through credit cards – both online and offline – provide a better deal than making a big purchase all at once. Currently, most banks offer a flexible tenure period of 3 to 12 months at 0 percent interest for most tech purchases in the country. EMI facilities generally vary from one product to another, usually requiring a minimum purchase amount of BDT 5,000 for the EMI facility to be applicable. Different banks offer different tenure periods according to their policies, hence checking the terms and conditions before signing up for offers is a must.

In this fluctuating economy, purchasing consumer appliances, such as televisions, refrigerators and smartphones, can become difficult. MFS providers usually provide cashback offers as a cost-cutting policy to encourage cashless transactions. As agent points and bank branches are widely available throughout the country, customers can easily add money to their digital wallets and pay their credit card bills simultaneously. Customers can also get discounts from a wide range of stores using mobile payment options.

As cashless transactions become popular, e-commerce platforms are also using the phenomenon to leverage and cater to the customers through various deals. These deals can be availed through credit cards and mobile financial services. Some online platforms have also introduced loyalty programmes that allow users to rack up points from their purchases and use them in future purchases from the same platform.

There are plenty of options available for consumers to make cashless purchases. However, finding the correct model for a cashless transaction depends on many factors. Users can select credit cards or MFS providers that best suit their basic needs and spending habits. Small purchases are usually simpler through MFS providers as they offer instant cashback offers through various merchant stores. On the other hand, credit cards can be handy while making big purchases as users can avail big discounts through online platforms or take advantage of EMI facilities to pay for their purchase over a specific time.

Jumping on the bandwagon for a particular method is never a good option. A bit of research before making the decision is always advisable. After all, deciding on the right method will prove useful in the long term while making your coveted tech purchase.