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Digital Payment Methods | Types of Digital Payments | Digital Payments System | Enterslice
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There have been various digital payment methods available in India. Some have got prominence just recently, whereas some have been there since more than a decade now. today we will discuss some of those #DigitalPaymentMethods.
What are Digital payments?
#DigitalPayments refer to those transactions that are carried out through online mediums, where no physical exchange of money is required. Digital payment can be made from the comfort of your home and the receiver can get the amount directly to their bank account.
Today there are various methods of digital payments available in India which can be accessed easily.
Unified payment interface or UPI is a payment system that combines various bank accounts into one application, and money can be transferred easily. Through UPI, transfer of money can take place with just a few clicks. One of the features of UPI is that you can pay directly from your bank account to another person’s bank account without the need to type in card details.
Mobile wallet is a place where a person can store money in digital form. People may choose to add money from their linked bank account to the mobile wallet and use the money to make payments etc. Many banks have launched their wallets, and many private players have established mobile wallet service for customers.
Internet banking can be used through the website of a bank. All you need is a stable internet connection to make payments or transfer money. Today many Indian banks offer the services of internet banking. Every payment gateway in India provides virtual banking option to its customers. NEFT, RTGS or IMPS are few of the standard methods through which transaction can be done via internet banking.
Another option of digital payment is mobile banking. It is the manner of conducting transactions and banking activities through mobile devices. Various banks provide the access to mobile banking apps, which can be accessed from mobile phones. Mobile banking services can be categorised into access to- account information, transactions, investments etc.
Transactions through banking cards has been one of those methods of digital payments which has been prevalent since a long time. Indians use banking cards such as debit cards, credit cards or prepaid cards as an alternative option to cash payment.
Unstructured Supplementary Service Data or USSD is method through which transactions can be made even without an internet connection. Banking customers may avail this option by dialling *99#, which is a common number across all telecom service providers and transact via an interactive menu shown on their mobile screen.
AEPS is a payment system which is based on the unique identification number of the aadhaar card. It allows aadhaar cardholders to make financial transactions seamlessly through aadhaar based authentication. This method of digital payment has been introduced to ensure financial inclusion and to empower all sections of the society by making financial and banking services available to every section of the society. Through this method, one can easily transfer funds, make payments, deposit cash, withdraw money, know account balance etc.
Micro ATMs are device that delivers banking services to customers. Business correspondents who may be a local store owner can facilitate a Micro ATM to perform instant transactions. Through this device, one can transfer money from your aadhaar linked bank account by finger authentication.
Want to know more about #Enterslice
What are Digital payments?
#DigitalPayments refer to those transactions that are carried out through online mediums, where no physical exchange of money is required. Digital payment can be made from the comfort of your home and the receiver can get the amount directly to their bank account.
Today there are various methods of digital payments available in India which can be accessed easily.
Unified payment interface or UPI is a payment system that combines various bank accounts into one application, and money can be transferred easily. Through UPI, transfer of money can take place with just a few clicks. One of the features of UPI is that you can pay directly from your bank account to another person’s bank account without the need to type in card details.
Mobile wallet is a place where a person can store money in digital form. People may choose to add money from their linked bank account to the mobile wallet and use the money to make payments etc. Many banks have launched their wallets, and many private players have established mobile wallet service for customers.
Internet banking can be used through the website of a bank. All you need is a stable internet connection to make payments or transfer money. Today many Indian banks offer the services of internet banking. Every payment gateway in India provides virtual banking option to its customers. NEFT, RTGS or IMPS are few of the standard methods through which transaction can be done via internet banking.
Another option of digital payment is mobile banking. It is the manner of conducting transactions and banking activities through mobile devices. Various banks provide the access to mobile banking apps, which can be accessed from mobile phones. Mobile banking services can be categorised into access to- account information, transactions, investments etc.
Transactions through banking cards has been one of those methods of digital payments which has been prevalent since a long time. Indians use banking cards such as debit cards, credit cards or prepaid cards as an alternative option to cash payment.
Unstructured Supplementary Service Data or USSD is method through which transactions can be made even without an internet connection. Banking customers may avail this option by dialling *99#, which is a common number across all telecom service providers and transact via an interactive menu shown on their mobile screen.
AEPS is a payment system which is based on the unique identification number of the aadhaar card. It allows aadhaar cardholders to make financial transactions seamlessly through aadhaar based authentication. This method of digital payment has been introduced to ensure financial inclusion and to empower all sections of the society by making financial and banking services available to every section of the society. Through this method, one can easily transfer funds, make payments, deposit cash, withdraw money, know account balance etc.
Micro ATMs are device that delivers banking services to customers. Business correspondents who may be a local store owner can facilitate a Micro ATM to perform instant transactions. Through this device, one can transfer money from your aadhaar linked bank account by finger authentication.
Want to know more about #Enterslice
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