Let us discuss about various Digital Payment Methods in India
The government aims to create a digitally enhanced country, with the goal of rendering India digitally sound and holding the agenda of Modern India alive. The government has encouraged digital payments that have many forms and styles to render the economy 'paperless, faceless and cashless'. Some digital payment methods are already popular among people such as using debit/credit cards, mobile wallets, internet banking, UPI, etc. with easy access from anywhere, digital payment methods are fast and convenient. So it does a transaction in no time, speeding up the cycle. Digital payments gained acceptance when citizens were cashless within a night and became common after demonetization. It took time for new currency rotation and people were obliged to use digital methods of payment. Digital payments refer to an electronic cashless transaction regarding the purchasing of goods.
Digital Payment Methods
Below are some of the most popular digital payment methods listed.
Bank cards: Any bank account user has those cards services with them. Payment by card is one of the most used methods of payment. To make the transaction successful, simply swipe the card at the point of sale or fill in the card details. The commonly available cards are Master Visa and Rupay cards. To use this token, you will set up a pin to help you make a safe transaction.
Unified payment interface UPI: The UPI-based app enables you to pass or receive capital. You can link multiple bank accounts and start and receive transfers of funds anywhere at any time. For transfers, it does not use your bank account number or IFSC code; rather it uses a virtual payment address (VPA).
Mobile wallets: Your virtual wallet is a smartphone wallet where you can attach money or just use it easily to pay with your account. To make purchases effective it records the card information. You can even transfer money into a wallet for another person. Some trendy mobile wallets include PayTM, Mobikwik, Phonepe, etc. Many of the banks have already begun providing e-wallet services with the development of technology and the increasing of digitization. Install the software, register, and sign in. Put money aside and use services.
Prepaid cards: A prepaid card as the name suggests will help you load and then spend the money wherever you need it. It is not linked to your bank account, unlike a debit card, but you can add money to it using your debit card as and when you need it.
Point of Sale: This method of payment refers to the machines you use to swipe your card at a shop, it reads your card details, and you enter the card pin to make the payment success. The payment is received in the account linked to the shop owner.
Internet banking: The use of the internet to access banking services is termed internet banking. It is called internet banking when you access your bank account and make all transactions online. It's a simple way to skip lengthy banking waits to get the job completed in no time. You can make transfers, renew or open a new fixed deposit, NEFT, IMPS, and RTGS fund. You will sign in using your internet banking ID and password to your account on the bank website. You can also use this banking service in strange or non-working hours.
Mobile banking: Mobile banking refers to banking using your smartphones. Different banks have their individual application which the customers with their respective accounts can use. The transaction is handier and the banking is easier.