About Various Means of Digital Payment i.e., different ways to pay online

About Various Means of Digital Payment

The process India is going through to get rid of cash is very interesting. Mobile phones and the Internet pushed digital payments into the mainstream. Because of the internet, it is now very easy to pay digitally. Because of the Internet, people all over the country are starting to accept different ways to pay with digital money.

In this blog, we’ll learn about different ways to pay online. We’ll find out how these different ways to pay with digital money help pay for things.

Bank Cards

A bank card is a card that a depository bank gives you. (A depository bank account is kept by a financial institution. You can put or take money out of this bank account. It can be a savings account or a checking account.

You can use a bank card to buy things on the Internet. A lot of digital payments are made with banking cards. It can be a credit card, a debit card, or a pre-paid card.

Four Types of Cards

There are four different kinds of cards that the bank gives out. There are prepaid, debit, credit, and electronic cards.

Unstructured Supplementary Service Data (USSD)

USSD was made to get more people to use digital payment methods. The USSD has enabled us to do transactions by dialling *99# service. You don’t need a smartphone to use USSD mobile banking. A simple phone could be used to do this. In India, many banks offer the service of USSD.

There are many ways to use USSD.

Enquiry about the bank account’s balance
Money transfers
OTP generation
Generating bank statement
Mini statement

The main goal of this service is to give the poorer people more power by letting them know about digital payment. Because of this, this service is offered in 12 Indian languages. Some of them are English, Tamil, Hindi, and Bengali.

Aadhaar-enabled payment system (AEPS)

The AEPS system made sure that everyone could use financial and banking services. It is a way to pay for things that works with Aadhaar.

Transfer funds
Deposit cash
Pay funds
To withdraw money
Check your bank balance

AEPS lets two banks that are linked by their Aadhaar Numbers send and receive money. The amount of the transaction changes between banks. You don’t have to go to your bank to move money around.

Unified Payment Interface(UPI)

It is a programme that lets you move money from one account to another. To use the UPI app to send money, you need a smartphone. UPI brings together different bank accounts into one mobile app.

RTGS, NEFT, and IMPS are more difficult to use than UPI. To transfer money, it uses a specific ID, which is a virtual ID.

Mobile Wallets

Wallets are used to carry money and cards. In the same way, your digital currency is kept in a mobile wallet or an e-wallet. It’s getting more and more popular. You can connect your bank account to a mobile wallet and then use the money in the wallet without any restrictions. With a mobile wallet, all you have to do is scan the barcode to pay.

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