Digital payments are those payments which are done through digital modes. Through digital payments, you can send and receive money easily. It is also known as electronic payment. In India, digital payments had increased rapidly after demonetization. Many people prefer digital payments rather than using cash all the time. The Government has come up with many initiatives to make India a digital economy. In this article, IndianMoney will review the various digital payments in India.
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Debit and credit cards are the most commonly used digital payments in India. People prefer paying through cards in most places like restaurants, shopping malls, supermarkets and so on. Cards are issued by the bank to account holders. People prefer paying via debit or credit cards because of the ease and convenience, when compared to cash. Debit and credit cards are accepted at almost all places. Cards can also be used for booking tickets and buying things online.
A mobile wallet is an electronic version of a physical wallet. Companies which offer e-wallets are Paytm, FreeCharge, Mobikwik and so on. A mobile wallet is very useful as it offers many services. You can load money in the mobile wallet and use it wherever you want. Services offered by mobile wallets include mobile recharge, payment of utility bills, payments for cab rides, movie tickets, bus tickets and so on. You can also send money to friends and family. You can save a lot of money by using mobile wallets as they offer cashbacks on various payments.
With the help of mobile banking and net banking, you can transfer money from one bank account to another, quite easily. This facility is available all days of the week and even on Sundays. Through this method, you can transfer a large amount of money, without any risk.
Unified Payments Interface or UPI is a payment method, just like cheque, debit card or a mobile wallet. UPI was launched by National Payments Corporation of India (NPCI). It helps you transfer money from one bank account to another, with the help of a smartphone. You can use UPI to send and receive money, if mobile number is registered with the bank. Under UPI, there are no hassles of typing bank account numbers and IFSC to transfer money. To transfer money using UPI, you need to download UPI enabled apps.
Prepaid cards are just like prepaid SIMs, which you have to load before using. You can make digital payments with the help of prepaid cards.
Are you in a hurry to pass the toll gate without stopping to pay the toll charges? FASTag can help you out. FASTag is a reloadable tag through which toll charges are automatically deducted without the need to stop at the Toll Plaza. FASTag is linked to a prepaid account from which toll charges are debited. FASTag uses Radio-frequency Identification (RFID) technology and the tag is fixed on the vehicle's windscreen.
Bharat Bill Payment System or BBPS was launched by the National Payments Corporation of India (NPCI) for making all kinds of utility bill payments. With the help of BBPS, you can pay all kind of bills like electricity, Telecom, DTH, gas, water bills and so on, through a single window.
1. Digital payments are easy and convenient. There is no need to carry cash with you all the time.
2. With the help of digital payments, you can pay anywhere anytime.
3. Digital payments are less risky if used carefully.
4. Digital payments help keep track of each and every transaction
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