Digital Payment Paved the Way of Faster Payment- Hardly Experienced Ever Before
As per latest reports, digital payments by bank customers are growing so swiftly post demonetization that the use of debit or credit cards is decreasing day by day. Digital payment has been replacing the payment by cards. India made a different scale in digital payment by inventing RuPay cards which affected the use of debit cards.
Like digital marketing, digital payment is becoming preferable to more and more people. As the companies are expanding their reach through online marketing like SEO and SMM, they are utilizing the facility of online payment and saving both time and manual expense.
National Electronic Fund Transfer (NEFT) is the real-time electronic fund transfer done by banks. It is secured but not hassle-free as there are many conditions should be fulfilled by the customers before doing your transaction. But this facility is not utilized very well as digital payment is providing smoother and secured transaction as NEFT. The user-friendliness of digital payment is the most effective feature pushing it towards its advancement.
BHIM (Bharat Interface for Money) is a Mobile App developed by National Payments Corporation of India (NPCI), based on the Unified Payment Interface (UPI). BHIM allows the user to instantly transfer money between bank accounts of any two parties. This is used in mobile phones through app. Having an account in BHIM will give you the facility of money transfer quickly, smoothly and securely.
Transactions in bank are done through IMPS (Immediate Payment Services). Before digital payment grabbing the online payment world, IMPS was the favourite payment gateway for the users. As the most transactions are done below the amount of one lakh rupees, digital payment gateways are the best option.
Economy is expanding; the more user-friendliness financial services adopt itself, the more chance an economy will get to reach its pinnacle. Instant payment, with effortlessly choosing of receivers, 24/7 availability makes it a very convenient and charismatic payment system.
Card swipes are expanding gradually as more and more people are becoming aware of the digital transaction. During demonetization, the lack of currencies compelled people to pay through cards in the shops having swipe machine. Once they became aware of the user-friendliness and the level of security a user gets in online payment, they became habituated with the digital payment.
— by Debdas