Different Means Of Contactless Transactions
After demonetization and Covid-19, people have started adopting cashless transactions. There has been an increase in the trend towards digital payments among people. The government has also been building awareness among people to make a cashless society, thereby providing incentives to promote cashless payments. Many people in the country already use cashless payment methods in E-Wallets, Debit Card, Credit Card, Cheque, Draft, Net Banking, and different PSP. Let us have a look at all the cashless payment methods-
Card Payment - There are three types of payment with bank cards – Debit card, Credit card, and Prepaid card.
Debit Card - When you open your account in any bank, you are given a debit card along with the passbook. With a debit card, you can withdraw money from the ATM and operate your account. Along with this, you can also go shopping in the market and make payments online.
Credit Card - It is much like a debit card. A debit card enables you to withdraw money from your account as and when required, while a credit card enables you to get money on credit from the bank for a fixed period. If you do not deposit the stipulated amount by the specified time, you must pay interest.
Prepaid Card – You have to keep the money recharged in advance in a prepaid card. You can spend the money on a card like a debit card, and the money will be deducted from the amount available on the card only.
Cheque - This is provided to the customer with an associated bank account. You can issue it in anyone's name. The payee has to fill up the cheque, deposit it in the bank, and withdraw the money.
Demand Draft - You have to get the demand draft made by the bank. It is issued in the name of any person or organization to pay a certain amount of money to either its own account holder or other bank account holder.
Net Banking - If you have an account in any bank, you can also take the facility of net banking from there. With this, you can do online fund transfers along with shopping. The main ways to transfer funds-
1. NEFT (National Electronic Funds Transfer) – With this, you can transfer money to anyone only when the bank is open. This can usually be from 9 am to 6 pm on any working day.
2. RTGS (Real Time Gross Settlement) – It is used to send a massive amount of money.
3. IMPS (Immediate Money Payment System) – With this, you can transfer funds at any time immediately.
Mobile Banking - In the bank, where you have a bank account, you can download the banking app and do all the banking activities from mobile itself.
USSD (Unstructured Supplementary Service Data) - In this, you can register the mobile with the bank and transfer funds from your account.
UPI (Unified Payments Interface) - You can register your mobile number and make transactions. In this, you are given a new identity linked with your phone number. This increases the level of online security three times.
E-Wallet - This is the easiest way of cashless transactions. All you have to do is download and register any app providing wallet services to its customers and add money to it from your account.
Aadhaar Card (Aadhaar Enabled Payment System) - You can also do transactions using your Aadhaar number. You have to link your Aadhaar number with the bank account. To make a transaction, you have to give your fingerprint to the biometric fingerprint scanner.
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