From paying your electricity bill, booking flights online or shopping at your favourite clothing brand, a digital payment makes the process quicker and more convenient. Also known as electronic payments or e-payments, it helps you make payments online from your cards, mobile phone or PC.
In these types of payments, the payer’s bank deducts the payment and acts as the starting point of the journey. The payee’s bank receives the funds almost instantly, completing the payment process. Know various types of digital payments and the methods to pay for purchases conveniently.
Now that you have an idea of what is a digital payment, here are the various types:
In 2016, the National Payments Corporation of India (NPCI) introduced UPI. Through this method, you can make various payments instantly within a few seconds. You pay directly from your linked bank account without the need to enter the card or bank details again and again. These apps give each user a unique ID and QR codes for easy and secure transactions.
One of the most commonly used payment options are banking cards, which include:
Also Read: Difference Between Credit Card & Debit Card
Also called net banking, it allows you to make transactions electronically if you’re a customer of a bank or other financial institution. You can easily transfer funds or make payments via various digital payment banking modes like:
Also Read: IMPS vs NEFT
You can also use these platforms and mobile apps for other services that are non-financial in nature, such as:
E-wallets or digital wallets are common ways for online digital payment banking. You can make payments for various purchases and bills more seamlessly through your mobile phone. You can even transfer funds to your friends or family within a few seconds. You can link these wallets to:
It is a device in retail stores that helps you make electronic payments. Whenever you pay via your debit or credit card in stores, it goes through this machine. Besides these, there are also mobile and virtual systems.
This is a system that lets you pay bills online quickly, securely, and easily. The Reserve Bank of India (RBI) introduced it, and the NPCI is responsible for managing it. Some of the bills you can pay are:
NPCI launched this system to use Aadhaar authentication for the purpose of banking. You can use your Aadhaar-enabled bank accounts for:
With USSD, you can carry out mobile banking transactions even without an internet connection. You simply need to dial *99# on any mobile phone. All Telecom Service Providers (TSPs) support this method to enjoy various services, like:
Here are some of the pros of digital payments banking:
If you prefer electronic payments, consider getting the Fibe Axis Bank Credit Card. With this card, you can make various payments or purchases with just a single tap. You can also link this card with all UPI platforms and apps for quick and easy payments.
In addition to a seamless payment experience, you enjoy a wide range of features and benefits. These include cashback on transactions, discounts on shopping, complimentary airport lounge access and more. Download the Fibe App or apply for the card through the website without any hassles.
There are various ways of digital payments banking, such as:
You can make payments in mainly 2 types:
The payment mode or method can be the option you choose under each type, such as:
Launched in July 2004, Oxigen Wallet is the first electronic payment app or e-wallet in India.
