Online Payment: Experience the next generation banking services.

Online Payment: Experience the next generation banking services.

In this age, making and receiving payment needs just a few clicks on a mobile device or a computer. In the recent past, the majority of bank customers had shed the old-fashioned mode of cash payments. The world is rapidly becoming cashless and India is marching head and shoulders with the first world countries in this financial revolution.

Bank customers all across the country are rapidly switching to non-cash payment methods since they are reliable and convenient. It is a good sign for a country that aspires to become a digitized economy. These hassle-free payment gateways complement in the ease of doing business for the medium and small size business units. Today it has become a matter of seconds to transfer funds to any account all across the world. Not only the common users but also the corporate world has been benefited by these online payment methods. With these advanced banking services, the mode of doing business has changed dramatically.

This decade witnessed a great swell in the number of credit and debit card users. And the next decade belongs to Mobile Wallets and Online Payment APPS. As the fashion of doing business and shopping patterns continue to evolve, so does the payment platform and the payment gateway industry. Today most of the online consumers are getting accustomed to the Mobile wallet and online payment apps. Both these payment methods are safe, secure and time-saving. For this reason, mobile banking has witnessed an unprecedented spur in the number of customers who prefer using mobile banking for making online payments. According to a recent financial study, mobile banking transaction was at 87.47 million in November 2018. These facts itself vouch for the popularity of the latest online payment modes. It should also be kept in mind that the government’s Unified Payment Interface (UPI) app is also doing quite well. Some of the most popular and frequently used Mobile wallets are PayTM AAP, Amazon Pay, Google Pay, PhonePe, Mobikwik, Yono by SBI, Citi MasterPass, ICICI Pockets, HDFC PayZapp, and BHIM Axis Pay. Apart from these user-friendly Mobile apps, there are many credit card companies with which one can make online payments like VISA, MasterCard, American Express, RUpay, and Discover, etc.

Advantages of Online Payments:

Electronic payment facilitates funds transfer through cashless mode with the help of Cards, Mobile device, and the Internet. These modes of payments are fast, convenient and safe. Let us consider some of the benefits of online payments:

  1. Time-Saving: In comparison to the traditional payment methods such as cash and check, online payments are done on a real-time basis. Hence, saves a lot of time which is good for both businesses and consumers equally.
  2. Increased Sales: With the widespread popularity of internet banking, most of the businesses are offering their products and services online. Ecommerce is a successful example of the popularity and acceptability of internet banking and increased online shopping
  1. Cost-Effective: Most of the banks and Mobile APPs are almost free of cost for the users. Some of the banks charge certain surcharge but that too is nominal. Therefore, making online payments is cost-effective as well.

 

 

 

David Lockhart

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