Digital payment | Is digital payment future?
As the technology is increasing, the burden of human being is also reducing. Nowadays, technology is becoming very advance due to which making payments is also becoming easier.
What is Digital payment?
Digital payment is also known as online payment. It is a way through which we can pay digitally using mobile phones and internet enabled devices such as laptop, computer, etc.
It is one of the easiest and safest payment method. It also saves time and makes your transactions more reliable.
Digital payment also introduces new types of virtual currencies like bitcoin, etc.
Must read:- Virtual currency:Bitcoin
Digital payment system
Electronic payments are an integral part of our daily lives. They allow us to conveniently, quickly and safely perform daily financial transactions: pay for goods and services, transfer money, as well as receive wages, pension and other income directly to our accounts.
For electronic payments to be executed without a hitch, interbank payment systems or Digital payment system are necessary, which act like roads and highways to connect payment service providers – banks, credit unions, payment institutions and electronic money institutions.
In India, It’s very convenient and offers great flexibility of making a payment anytime and anywhere. This leads to a great revolution in India. Nowadays, small shopkeepers and small merchants are also using online payment, which makes their work easier.
Digital payment India
The extraordinary digitalization in the course of recent years has nearly influenced each circle of our lives. The demonetization has been a big move towards a cashless economy in India. Cashless India is a great mission launched by the government led by Prime Minister Narendra Modi to reduce the dependency of Indian economy on cash.
Cashless economy is a state in which all or most of the financial transaction are done using digital means such as internet banking, mobile banking, UPI or plastic money such as credit cards debit cards.
In such an economy, the circulation of physical currency in the country is minimal. Due to which we can make our country get rid of corruption and fake notes.
Most of the people have started moving towards a digital payment today. In India a large number of businesses even street vendors are now accepting cashless payments, but this is a long way to go in the current scenario our country is not completely ready for this kind of change but there should be a start if we can, we should start and make this country go toward cashless economy.
Best Digital payment applications
Paytm is an Indian digital payment system. Paytm is one of the best and most used payment system in India. Paytm has many advance features as compare to any other online payment application.
2. Google pay
Google pay or Gpay is an online payment system and digital wallet developed by Google for making transactions easy.
Phonepe is an Indian based company which provides digital wallet and online payment facilities in India. It’s based on unified payment interface (UPI).
PayPal is one of the best and easiest online payment system available worldwide. It makes international transactions easier and safer for both payee and payer.
5. BHIM UPI
Bharat interface of money (BHIM) is an online payment system available in India. It makes transactions using unified payment interface (UPI).
Benefits of digital payment
Digital payment has lots of benefits which makes everything easier in terms of payment.
1. Nowadays, there is no need to carry any large amount of money with us. Due to which crimes rate also decreases.
2. Time is very precious thing in our life. Online transactions save our time and accuracy rate.
3. Digital Payment also saves our money as we get many cashback offers and additional discounts.
4. We can also track our transactions record.
5. Online transactions are traceable there are minimal risk of losing money.
Digital payment future
Digital payment has a very bright future ahead and due to this revolution, the whole world will become cashless, which will also reduce corruption to a great extent.
Today, there is an era where people need all the work quickly due to which many people prefer online payment more and more.
There are many people who don’t prefer online transactions safe because of online scams and fraud. But our government are continuously working to make digital payment more suitable and reliable.
These days technology is growing rapidly and it makes work of all human beings more easier and faster. As Digital Payment is a time saving method, it do increases the accuracy rate and its a part of human revolution that’s why everyone should evolve digital payment in their daily life according to their suitability because it is the only future method for payments.