Digital transaction methods have made our lives a lot easier, as we can complete many of our tasks sitting at home. Whether you want to recharge your phone or book a movie ticket, order food online to online shopping, you can do all of this with the help of digital transaction methods.
You don't need to visit banks to transfer money to other bank accounts. You can transfer funds instantly across the globe with just a few taps using your mobile.
The digital payment method has sped up the transaction cycle. In addition, post demonetization, people gradually began to accept digital payments, and even small-time merchants and shop owners began to accept payments through digital methods.
Cards are one of the most widely used payment methods and offer various features such as security of payment, convenience, control, etc. The variety of cards available - including credit, debit, and prepaid cards offer tremendous flexibility. Secure PIN and OTP, these 2-factor authentications are provided by cards for secure payment.
RuPay, Visa, and MasterCard are some of the most reputed and well-known card payment systems. Banking cards can be used for online transactions, in digital payment apps, online purchases, PoS machines, etc.
Quick response code-based payments are gaining popularity in a digital payment solution. QR codes can be scanned from both paper and screen. It facilitates quick payment and foolproof security. One can simply scan a QR code to pay for fuel, food, travel, groceries, and many other services.
By scanning the QR code you can do app to app payments as well. Nowadays there are many QR codes scan apps available. If customers wanted to make a payment via QR code, the merchant needs to select the "QR code" option in the PoS terminal or mobile-based QR app to generate static/dynamic QRs. It reduces transaction errors.
UPI is a type of inter-payment system, through which any customer having a bank account can send and receive money with the assistance of a UPI-based app. UPI system powers a user to link multiple bank accounts with the UPI mobile app and initiate a fund transfer seamlessly.
The chief advantage of UPI is there is no use of a bank account or IFSC code, you just need VPA, through which you can initiate a fund transfer.
A mobile wallet is like carrying cash in digital format, where you can associate your credit/debit card data. All your details will be securely preserved. You can receive or send money, make payments, online purchases through a mobile wallet app.
Many banks have set up their mobile wallet solution. There are also many private players like playtime, MobiKwik, FreeCharge, etc.
USSD is also known as *99#. This method of a digital payment system in India can be used without downloading any app and without mobile data. The main aim for which this mode is introduced is to take these banking services to every common man across the country.
By dialing *99# with a registered mobile number, customers can interact with an interactive voice menu and by registering required details customers can initiate a fund transfer, get bank statements, and make balance queries.
AEPS can be used for all banking transactions and Aadhar to Aadhar fund transfer. Through Aadhar verification all the online transactions will be carried through, there is no need to visit a physical bank or provide banking cards. This service will be available only when your Aadhaar number is registered with a bank account.
It is an electronic payment system, which enables many services such as transferring funds, opening new fixed deposits, closing an account, etc. without visiting a physical bank. Banks offer customers all types of services through their website, and customers can log into their accounts by using a username and password.
Through internet banking users can easily make fund transfers via NEFT, RTGS, or IMPS. Internet banking is also known as e-banking or virtual banking.
Mobile banking is a unique service startup by a bank that allows its customers to convey various types of financial transactions by using a mobile phone. Each bank provides its own app to its customers to carry out banking transactions to achieve a mobile money payment solution.
Digital payments are gaining popularity all over the world as it has become a trouble-free, fast, and secure way to make payment. Mobile money payment solution has been a proliferation in every sector like online shopping, various government sectors, banking sectors, and so many other fields.