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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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VARGHESE JOSE 4 years 4 months ago
Digital payment methods are easy the transactions and fast and simple and somany beneifit it provide
sandip ghayal 4 years 5 months ago
UPI /nationalize bank/Indian post online bank are the three best channels for online transactions
SHAMBHU SHANKAR BEHRA 4 years 5 months ago
To make digital transactions successful, we all have to be aware and all others will also have to be made aware by giving correct information.
Bhawna 4 years 5 months ago
Benefits of Cashless Transactions
The printing cost for currency will come down by and large. Fake currency issues will also reduce.
Cards and Mobile Wallets are handier to carry around and take up less space than cash.
It becomes easier to follow your expenditure because everything is tracked online.
Discounts and cashbacks are being offered for making online payments. Reward points are also being offered by mobile wallets and UPI applications to entice more users.
Bhawna 4 years 5 months ago
What are the Benefits of Cashless Transactions?
There are numerous benefits to having a cashless economy. Although it will take India a few more years to be a completely cashless economy, cashless transactions in India have seen a steep upsurge since the first quarter of 2017.
Being a cashless economy furthers the cause of digitisation and takes us one step closer to utilising technology at its finest.
Physical thefts and robberies will reduce with a reduction in cash circulation.
Bhawna 4 years 5 months ago
11. Gift Cards or Vouchers
Gift vouchers are a handy way of going cashless and are a great gift idea because the receiver can decide what they would like to purchase with the voucher. Stores also give out discounts on gift vouchers which work well for the purchaser as well.
Bhawna 4 years 5 months ago
10. Net Banking
Net banking is an alternative to using your debit or credit card. The user needs to login to their net banking account to approve a payment. Net banking gives you the flexibility of transacting even if you have misplaced your debit card or lost it. You can use internet banking to make utility payments, purchase goods and services online, or send and receive money.
Bhawna 4 years 5 months ago
9. QR Codes
QR codes are an extension of the mobile wallet payment services. You simply scan the code of the merchant service to complete your transaction. This would require a smart device with a camera and a scanning facility. It is a quick and hassle-free method of transacting digitally.
Bhawna 4 years 5 months ago
8. ECS
ECS stands for Electronic Clearance Service. It is a convenient method to make bulk payments, especially to pay off your utility services, equated monthly installments, and for financial institutions to disburse payments like pensions, salaries, or dividend interest. ECS can be used for both debit as well as credit services. Authorisation has to be provided to your bank for periodic debits or credits to be made.
Bhawna 4 years 5 months ago
7. USSD
Unstructured Supplementary Service Data is a cashless option for those who do not carry a smartphone or tablet. It works without an internet connection as opposed to most of the other digital payment services. It is a form of mobile banking where you must dial *99# to use the service. The service mirrors the IMPS service and uses MMID with a mobile number or IFSC code with the account number for the transaction to be successful.