5 Easy Methods to Make Digital Transactions

Any change taking place in the society is much more visible if it encompasses two most important generations: The Young and The Old.

A digital transaction is a change that has spread across generations and regions. The dream of making India a digital nation has been almost fulfilled. This awareness came when I saw my mother paying her mobile phone bill through Paytm and 5-year-old niece shopping at Paytm mall.

With this thought, let’s talk about the 5 easy methods to perform digital transactions that have made India a “cashless economy”.

1. Paytm

Paytm - the Indian e-commerce payment system and digital wallet company founded in 2010, today is the largest platform to make digital transactions. It has 5 billion transactions every year and $50 billion transactions take place annually. Moreover, the adoption of Paytm in tier 2 & 3 cities is tremendous.

2. Debit Card/Credit Card

It was in the late 90s when Debit card and Credit card came into existence. These two kinds of cards are the most widely used methods for making any payment. Issuing a credit or debit card, while opening a bank account is customary in nature. The industry of credit cards and debit cards has grown over the years and is expected to grow further.

3. Internet Banking

Internet banking/ online banking or e-banking is an electronic payment method. For this method, you just need an internet connection with that one can simply log into their net banking website at any place in the country. There are types of net banking solutions such as NEFT, RTGS, ECS and IMPS.

4. Cryptocurrency

Cryptocurrency is the buzzword in today’s digital framework. It is the most trending form of digital assets. It is created to make money exchanges with the use of strong cryptography in order to safeguard financial transactions.

5. UPI

UPI is like having an email id for your money. The id would be unique make money transactions with the help of Immediate Payments Service (IMPS) by the bank. It merges various banking features and provides a seamless route for transactions.