Mumbai's real estate market is set to turn cashless with the introduction of the point of sale (POS) machines for payment of document handling charges. This move would enable people to register their property-related documents in a cashless manner. As on date, people can use the Government Receipt Accounting System (GRAS) facility to pay stamp duty and registration charges online, but document handling charges are being collected at ₹ 20 per page, in cash.

The move by Mumbai's department of registration and stamps reflects the push given to the initiative of digitizing real estate processes to make them transparent. The department also plans to introduce payments through e-wallets in the future. However, as the country opens its doors towards exploring and implementing the digital pathway in real estate, we try to gauge the merits and demerits of going online.

Merits

• Convenience - The biggest advantage that online payment systems bring to the table is convenience. Money can be transferred in a few clicks, anytime, anywhere.
• Time savings - Money transfer between virtual accounts usually takes a few minutes, while a physical or postal transfer can take several days. In addition, you will save time that you would otherwise spend waiting in lines at the registrar's office.
• Keeps track - The virtual account contains the history of all transactions indicating the location and the amount you spent which can be looked back at any point in time.
• Reduced risk of loss - You cannot forget your virtual wallet anywhere.
• Low commissions - The online system eliminates the presence of intermediaries and gives complete control to the buyer, resulting in cost savings. In an electronic payment system, a fee of this kind would be replaced by minimal charges of the internet service provider.
• User-friendly - Internet services are designed to reach the widest possible audience, and are hence developed in a user-friendly manner.

Demerits

• Restrictions - Banks and various payment systems have limits regarding the maximum amount that can be transferred and the number of transactions per day. This could be an impediment in large property transactions.
• The risk of being hacked - If the system of the processing company has been broken it could lead to the leak of personal data on cards and its owners.
• Different payment systems - In case of e-wallets you may face an issue with transferring money between different payment gateways. Most e-wallet systems currently accept transfer only through their channels.
• The lack of anonymity - The information about all the transactions, including the amount, time and recipient are stored in the database of the payment system. Cyber intruders can use this information with a malicious intent.
• The necessity of Internet access - As per Census 2011, only 10.1% of Indians have access to the internet. Connectivity to the internet is of utmost importance for the online payment methods to succeed.