Digital payments, or electronic payments, are convenient to use, instant, and save time!
They can be incredibly useful for small businesses, as they are cheaper to process, and are also preferred by consumers. Usage of such digital payments also drives revenue and boost sales by making the consumers spend more through eCommerce, loyalty programs and online ordering.
5 Types Of Digital Payments You Should Know!
1. Mobile Wallets:
A mobile wallet is like a virtual wallet where all your details are securely saved in the mobile. You can add or send money or purchase goods through a mobile wallet app. Examples of this would be Paytm, Freecharge, Mobikwik, etc.
A mobile wallet saves you the trouble of remembering the CVV or 4-digit pin of your banking card. Many banks have their own mobile wallet apps which can be easily downloaded.
2. AEPS (Aadhar Enabled Payment System):
AEPS is a service usually used for banking transactions, such as cash withdrawal, balance inquiry, cash deposit, fund transfers, etc. All of the cashless transactions are carried out through Aadhaar verification.
You can avail this service through your Aadhaar Card which is registered with the bank, so there is no need to visit the bank.
3. USSD (Unstructured Supplementary Service Data):
This is another method of paying digital currency in India which can be used without downloading any mobile app. This method is backed by the NPCI – National Payments Corporation of India. This is also available in Hindi and can be used for initiating fund transfer, fetching bank statements, and making balance inquiries.
4. UPI (Unified Payment Interface):
A payment transaction which any customer with a bank account can use with the help of a UPI-based App. You can link more than one bank account with the UPI mobile App and initiate fund transfer.
You must only have a valid bank account and registered mobile number with the bank. You can send and receive money through UPI, and there are no charges for any UPI transaction. The UPI ID and password, if misplaced, can be easily recovered.
5. Banking Cards
These are the most commonly used types of cashless payments. Some well-known card payment systems are Visa, MasterCard, and Rupay. You can also use banking cards for online purchase, online transaction, and PoS machines.
As a small business owner, giving your customers the choice of making digital payments will only get you more benefits.
If you are looking for small business loans to grow your business, get in touch with Gromor Finance. We provide unsecured business loans, up to Rs. 10 Lakhs, and through a simple online application process!
