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11 Digital Payment Modes Making Cashless Transactions Easier. Share your experiences.

Start Date: 14-10-2019
End Date: 14-11-2019

Today, Digital Payment covers a significant percentage in the payment sphere of the country ever since the evolution of the latest technologies and applications after Digital India ...

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Today, Digital Payment covers a significant percentage in the payment sphere of the country ever since the evolution of the latest technologies and applications after Digital India was launched in 2016. Digital Payment or Cashless Payment is a convenient payment method where both the payer and payee uses a digital medium to send and receive money-saving time and energy involved in a physical or hard cash exchange. Almost every payment these days can be made through one or the other modes of digital payment available, whether sending or receiving money to or from anybody, purchasing items from offline or online stores or bill payments, etc.

Below mentioned are the various modes of digital payments available today:

1. Banking Cards (Debit Card, Credit Card, Cash Card, Travel Cards, etc.)
2. USSD (Unstructured Supplementary Service Data) Banking
3. AePS (AADHAAR ENABLED PAYMENT SERVICE)
4. UPI (UNIFIED PAYMENT INTERFACE)
5. Mobile Wallets or E-Wallets
6. Banks Prepaid Cards
7. PoS (Point of Sale)
8. Internet Banking
9. Mobile Banking
10. Micro ATMs
11. QR Code

Share your views and ideas about the digital payment modes you prefer the most by mentioning their reliability, functionality and security aspects while making any digital transaction.

Note: Click on the digital payment modes listed above to read and learn more about the features of each and every mode.

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Pooja Saini 4 years 6 months ago

UPI is very fast. It transfers money instantly. The UPI works 24 x 7. There is no restriction.The NEFT can take up to 12 hours for the fund transfer. But UPI is as fast as IMPS.

To transfer Fund through the IMPS and NEFT you have to go through the registration of new payee. Although UPI also requires this step, but you have not to wait after the registration. There are at least 30-minutes waiting period for the NEFT and IMPS registration. But UPI is instantly available.

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