India Embraces Digital Payments Over Cash, Even for a 10-Cent Chai The New York Times

It saves the hassle of reimbursing people or expecting them to pay out-of-pocket for work-related items. “”Petty cash”” and “”cash on hand”” sound a lot alike, and they do overlap. The Internal Revenue Service (IRS) recommends filing out petty cash slips and attaching them to receipts to record and document petty cash expenses. Investors could consider constructing portfolios of players that collectively address systemic challenges as an alternative to the individual selection of target players that do not always have obvious complementarities. Just before the 2020 lockdown, Mr. Srivastva paid a hefty electricity bill and two installments of the loan on his vehicle, depleting the cash at home.

Unlike a debit card, however, getting cash with your credit card at an ATM is considered a short-term loan and can be expensive. Cash advances let cardholders borrow money against their card’s line of credit. If you have a checking account, money market account of other type of account that offers checks, you can fill out a check by entering “cash” in the payee line.

Most leading telecom companies in Africa have the advantage of an existing convenient payment method, and with the right offerings and partnerships, they could achieve something similar. Wallets are expected to experience the fastest growth in revenues, but cards will remain a core revenue driver, partly because of their high penetration relative to wallets in key markets such as Egypt, Morocco, and South Africa. Electronic payments are also likely to benefit from fundamental economic growth factors and falling data costs. check it out

The scan-and-pay system is one pillar of what the country’s prime minister, Narendra Modi, has championed as “digital public infrastructure,” with a foundation laid by the government. It has made daily life more convenient, expanded banking services like credit and savings to millions more Indians, and extended the reach of government programs and tax collection. The codes connect hundreds of millions of people in an instant payment system that has revolutionized Indian commerce.

For instance, McKinsey’s own research showed that in Europe, a constellation of 25 to 30 acquirers in 2006 morphed into two mega-acquirers by 2019. If Africa’s e-payments landscape evolves similarly to that of Europe and the United States, then consoli­da­tion is probable. Eighty-five percent of experts surveyed expect some form of consolidation in the market over the next three years.

An accounts payable aging report is a good cash management tool that should be prepared periodically. It will help you plan the timing and amount of your cash disbursements. Only one person should have access to the petty cash, so that one person is held accountable for it.

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