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What Are Online Payments? What Are The Many Benefits Of Online Payments?

What Are Online Payments? What Are The Many Benefits Of Online Payments?

More than half of the population in India uses smartphones. In 2020, there is a 78% rise in digital transactions. Not only the citizens but the government has also contributed to this “Digital India”. As we are moving forward so is our technology. Now everything is one click away. But many people still prefer traditional methods I.e. Cash.

Other payment options than Cash:

  1. Cards

There are two types of cards I.e. Debit cards and Credit cards. Both of them are safely secure in comparison to cash. These types of cards require a PIN (Personal Identification Number). Nowadays in the transaction of a higher amount, you will get the OTP ( One Time Password) which you will receive on your registered mobile number.

  1. UPI

Unified Payment Interface is the most common way for payment. As it will just require your set UPI PIN. This payment will transfer the fund from your bank account to other. But as per security concern, this will be operated only on those mobile number which has your bank register mobile number. You cannot operate it if you can’t access your registered mobile number.

  1. Net Banking

The bank will provide you an Internet bank ID and Password, through which you can access your ID. After which you will receive OTP. You have to enter the OTP to complete the transaction.

  1. Mobile Banking

These are the official app of your bank, which you can through your registered mobile number or with your internet banking ID and Password.

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  1. Wallets

Wallets are the feature of the online payment application. You can add money to your wallet which is doesn’t require any PIN or OTP. But you have to enter a PIN at the starting of the app.

Benefits of Online Payment System

  1. Security

Many people still prefer Cash over online payment because of security reasons. But it is more secure than cash. As no one can access your account except you. But cash can be easily accessible by anyone. Online payment provides you with the security of PIN and OTP.

  1. Easy carry

For this payment, all you need is your mobile phone and you don’t need to carry a bundle of cash, which is noticeable and can attract a thief. Whereas, if your mobile phone gets stolen one can access your account as it requires your PIN.

  1. Acceptable

 Nowadays, small shops to supermarkets accept online payments. And you can easily pay for your stuff. 

  1. Pay and get

It is one of the best parts of online payments. You can get various coupons and discount for your payment. Not only coupons and discounts you might get cash back for your payment. So it is a win-win situation for you. 

  1. Track

Well it is not easy to remember how many do you have in your wallet and how many did you spend but you can do that in Online payment. You can check your transaction history with just one click. 

  1. One click away

You want to pay an electricity bill, want to recharge your mobile, or pay LIC, you don’t have to go anywhere. All you need is your mobile and you can do all these things without going anywhere with just one click.

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  1. Social Distancing

As we all are aware of the situation, it is not safe to touch anything. Exchanges cash increase the risk of exchanging gems. Whereas in the online payment you don’t have to exchange anything. You can pay from your mobile with one touch. 

  1. Verification and Authentication

Online payment requires proper verification and authentication. You need to enter your PIN and OTP to complete the transaction. If your mobile has finger print-sensor then it will require your fingerprint too.

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