Indian Money Review on Digital Payment in India

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Indian Money Review On Digital Payment In India

• A Comprehensive Review
• https//indianmoney.com/articles/indianmoney-revie
  w-on-digital-payment-in-india

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1. Debit and credit cardDebit and credit
cards are the most commonly used digital payments
in India. People prefer paying through cards in
most places like restaurants, shopping malls,
supermarkets and so on. Cards are issued by the
bank to account holders. People prefer paying via
debit or credit cards because of the ease and
convenience, when compared to cash. Debit and
credit cards are accepted at almost all places.
Cards can also be used for booking tickets and
buying things online.
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2. Mobile walletsA mobile wallet is an
electronic version of a physical wallet.
Companies which offer e-wallets are Paytm,
FreeCharge, Mobikwik and so on. A mobile wallet
is very useful as it offers many services. You
can load money in the mobile wallet and use it
wherever you want. Services offered by mobile
wallets include mobile recharge, payment of
utility bills, payments for cab rides, movie
tickets, bus tickets and so on. You can also send
money to friends and family. You can save a lot
of money by using mobile wallets as they offer
cashbacks on various payments.
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3. Mobile banking and net banking With the help
of mobile banking and net banking, you can
transfer money from one bank account to another,
quite easily. This facility is available all days
of the week and even on Sundays. Through this
method, you can transfer a large amount of money,
without any risk.
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4. Unified Payments Interface (UPI) Unified
Payments Interface or UPI is a payment method,
just like  cheque, debit card or a mobile
wallet. UPI was launched by National Payments
Corporation of India (NPCI). It helps you
transfer money from one bank account to another,
with the help of a smartphone. You can use UPI to
send and receive money, if mobile number is
registered with the bank. Under UPI, there are no
hassles of typing bank account numbers and IFSC
to transfer money.  To transfer money using UPI,
you need to download UPI enabled apps.
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6. FASTag Are you in a hurry to pass the toll
gate without stopping to pay the toll charges?
FASTag can help you out. FASTag is a reloadable
tag through which toll charges are automatically
deducted without the need to stop at the Toll
Plaza.  FASTag is linked to a prepaid account
from which toll charges are debited. FASTag uses
Radio-frequency Identification (RFID) technology
and the tag is fixed on the vehicle's windscreen.