Digital Payment System
                     
 Digital Payment System



Digital Payment 
System


What's Digital Payment?
 
Digital payment is a means of payment that is 
made through digital modes. In digital payments, 
payer and payee both use digital modes to 
receive and send money. It's also known as 
electronic payment. No income is active in the 
digital payments. All of the transactions in digital 
payments are completed online. It's an instant 
and convenient method to make payments.


Various kinds of Digital Payments:
 
From generally used cards to recently launched 
UPI, digital payments has various kinds of 
payment. Some modes intended for tech-savvies 
and a few at a lower price-technical persons. Here 
are the various modes of digital payments.


AEPS
 
AEPS is an Aadhaar based digital payment mode. 
The word AEPS means Aadhaar Enabled Payment 
Service. Customer needs only their Aadhaar number 
to pay for to the merchant. AEPS enables bank to 
bank transactions. This means the cash you have to 
pay is going to be deducted from your bank account 
and credited towards the payee’s account directly.


UPI apps
 
UPI or unified payment interface is a payment mode 
which is often used to create fund transfers with the 
mobile application. You are able to transfer funds 
between two accounts using UPI apps. You'll have to 
sign up for mobile banking to make use of UPI apps. 
Presently, this particular service is just readily 
available for android phone users. Hence you should 
use UPI only if you have an android phone.


USSD
 
USSD banking or *99# Banking is really a mobile 
banking based digital payment mode. You don't need 
to possess a smartphone or web connection to make 
use of USSD banking. It is simple to utilize it with any 
normal feature phone. USSD banking is as simple as 
checking your mobile balance. This can be used 
service for a lot of financial and non-financial 
operations for example checking balance, delivering 
money, altering MPIN and becoming MMID. 


Cards

Cards are supplied by banks for their customers. These 
are the most famous digital payment modes till now. A 
lot of us use cards for transferring funds and making 
digital payments. Credit cards, an atm card and 
prepaid credit cards would be the primary kinds of 
cards. You may also use Rupay bank card for digital 
payments.


E-Wallets
 
E-wallet or mobile wallet may be the digital form of 
your physical wallet with increased functionality. You 
can preserve your hard earned money within an E-
wallet and employ it if needed. Make use of the E-
wallets to recharge your phone, pay at various places 
and send money for your buddies. For those who have 
a smartphone along with a stable web connection, you 
should use E-wallets to create payments. 


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