Digital payment is something paying online through various digital modes. In the digital payment transaction, the payer and payee both involved in a transaction without going anywhere, it means that both can send and receive money online. It is also called electronic payment. No hard cash is required for paying anywhere. Digital payment eliminates cash and increases more business. For example in a cash transaction, the payer goes into the bank to withdraw cash or at the ATM just he wants to buy something from the retail store and then the shopkeeper also will go in the bank to deposit that money which he/she has earned. Instead of doing all these things, standing in a queue of ATM or giving more visit to the bank let’s move on to the digital payment method which is time saving for the business.
Some Digital Payment System that Transforms E-Commerce
Credit cards are something by which we can pay for goods and services over and above the limit in our account. Due to the number of credit cards being issued by the bank is increasing there is a rapid increase in the digital payment as well online payment. Digital payment is transforming the mind of customers, as it is the convenient and easiest mode of payment accepted worldwide. Nowadays most e-commerce sites have given the number of choice to the customer to pay for the goods and services offered for sale, this will indirectly increase the customer base and boost sales by which your organization will lead to accomplishing the goal. The customer also feels secure that they have paid money to the merchant in his/her account online.
UPI apps or unified payment interface is a payment solution app by which you can easily transfer fund from one account to another. These apps were usually being provided by the concerned bank only but as digital payment flow started from country to the country now there are numerous UPI Apps available in the market such as Paytm, Mobikwik, etc. and many more. This app allows you to pay for everything which you want to consume as it is linked from your bank account. For using it you don’t require to follow any documentation in your bank or the company from which you will be operating your payment. Most of the banks also provide these services through mobile banking so that their customer feels happy regards to the service offered. The only thing is that you should have an android phone and stable internet connection. It is better to use if your phone allows you to use such apps because sometimes you may find it doing trouble if your phone doesn’t have enough battery or it has no internet connection.
E-wallets or mobile wallet is the digital version of your physical wallet by which you can pay for the goods and services with more functionality. E-wallets allow you to recharge, pay for different services through your smartphone which means all things under one roof. E-wallets are convenient and easier way to pay for the goods and services which are online. E-wallets also give you cash back offers on different transactions. This in return transforms e-commerce and increasing globalization and allows the merchant to reach wide customer base.
E-wallets are the faster and affordable mode of digital payment method which should be used by every person who earns. But if you use such type of wallets on your smartphone you should lock your phone otherwise someone else might access your wallet.