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

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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SHAMBHU SHANKAR BEHRA 1 month 2 weeks 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.

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Bhawna 1 month 3 weeks 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.

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Bhawna 1 month 3 weeks 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.

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Bhawna 1 month 3 weeks 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.

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Bhawna 1 month 3 weeks 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.

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Bhawna 1 month 3 weeks 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.

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Bhawna 1 month 3 weeks 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.

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Bhawna 1 month 3 weeks 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.