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Advantages of Digital Payments :  

   Easy and convenient: Digital payments are easy and convenient

   Pay or send money from anywhere: With digital payment modes

   Discounts from taxes: Government has announced many discounts to encourage digital payments

   Written record: You often forget to note down your cash spending.

   Less Risk: Digital payments have less risk if you use them wisely

   Full Service Digital Payments

Full Service Digital Payments

The Government of India has been taking several measures to promote and encourage digital payments in the country. As part of the ‘Digital India’ campaign, the government aims to create a ‘digitally empowered’ economy that is ‘Faceless, Paperless, Cashless’. There are various types and modes of digital payments. Some of these include the use of debit/credit cards, internet banking, mobile wallets, digital payment apps, Unified Payments Interface (UPI) service, Unstructured Supplementary Service Data (USSD), Bank prepaid cards, mobile banking, etc.


Different Types of Digital Payments:

  •    AEPS AEPS is an Aadhaar based digital payment mode
  •    USSD banking or *99# Banking is a mobile banking based digital payment mode
  •    Cards are provided by banks to their account holders
  •    Credit cards are issued by banks and some other entities authorized by RBI
  •    Debit cards are issued by the bank where you have your account
  •    Prepaid cards are another type of cards which you use to pay digitally
  •    E-wallet or mobile wallet is the digital version of your physical wallet with more functionality

   Benefits of Digital Payments



  •    Faster, easier, more convenient:

  •    Economical and less transaction fee:

  •    Waivers, discounts and cashbacks:

  •    Digital record of transactions:

  •    One stop solution for paying bills:

  •    Helps keep black money under control:

   India ahead of UK, China, Japan in digital payments, says report



India’s IMPS was the only system across the world performing at level 5 in Faster Payments Innovation Index ranks, according to a FIS report titled ‘Flavors of Fast’

  FAQs



Digital payment is a way of payment which is made through digital modes. In digital payments, payer and payee both use digital modes to send and receive money. It is also called electronic payment. No hard cash is involved in the digital payments. All the transactions in digital payments are completed online. It is an instant and convenient way to make payments.

A mobile wallet is, as the name might imply, a digital version of a regular wallet that is stored on a mobile phone. Mobile wallets, also called digital wallets, are applications that run on smartphones and that store virtual equivalents of credit cards. These virtual cards are called “soft cards.”

A mobile wallet uses near-field communication to wirelessly transmit payment information to a nearby terminal. Mobile wallets operate according to EMV standards, which allows them to use common EMV terminals for contactless transactions.

Some of them can. Many retail brands or retail groups are looking to integrate, or have already integrated, loyalty features, mobile shopping capabilities, and business information into their mobile wallet apps.

Mobile wallets are accepted at some EMV-compliant merchant locations. Not all EMV-compliant merchants have enabled contactless payments, however.

Absolutely. They are one of the world's leaders in payment facilitation, and serve some of the most used and trusted companies with payment solutions..