As INDIA is moving towards cashless economy there is high tendency for digitalization. Popularity is high as it is flexible, easy and convenient for use anytime. There is whole lot of options available but we are undecided about the mode that suits to our best need.


Digital payment is a way of payment which is made through digital modes. In digital payments, payer and payee both use digital modes to send and receive money. It is also called electronic payment. No hard cash is involved in the digital payments. All the transactions in digital payments are completed online.


  • AEPS
  • USSD


  1. Android Based Apps:Apps are specifically introduced in order to facilitate online payments. You need to download the app and create an id using your mobile no.


  • UPI: Uniform payment interface is a mobile based app where you can transfer fund just a click away. Utilities like account transfer, bill payment, account check can be easily made from it. Apps like Mobile pay, I mobile, SBI and HDFC can be used.


  • Some app cannot be sync with other payment apps
  • limits on transfer in per day
  • less extra benefits provided
  • depend on internet connection
  • occur to bugs


  • Available 24*7 on mobile
  • simple procedure
  • more safe than any other mode

BLog Post 20-10-16

  1. E WALLETS:-

E-Wallet allows you to store multiple credit card and bank account numbers in a secure environment, and eliminate the need to enter in account information when making your payment. Once you have registered and created E-Wallet profiles, you can make payment faster and less typing.


  • One can store and use multiple credit cards, debit cards and bank account and use it without re entering information every time.
  • accepted and used widely in payments ,receipts  and transfer
  • cash back, discount, coupons benefits are provided


  • Prone to security threats
  • difficult to understand
  • commission and charges for use
  1. 3. PLASTIC MONEY: – Plastic moneyis a term that is used predominantly in reference to the hardplastic cards we use frequently in place of actual bank notes. They can come in many different forms such as cash cards, credit cards, debit cards, pre-paid cash cards and store cards.


  • No need to carry cash every time
  • payment at a swipe away
  • if lost can be blocked
  • quite handy and convenient


  • Not accepted at small shops
  • charges extra for payment transfer
  • if password is revealed their risk of theft
  1. ONLINE TRANSFER: – It refers to the method in which we use internet as a medium to log in to portals and use it to transfer funds. It is highly used for transfer in business, banks, and government dues.


  • High value transactions can be done by it
  • mostly available everywhere
  • highly secure
  • available when demanded


  • Could be hacked if used in public Wi-Fi
  • bogus call with information breach can be risky
  • only assessed by internet
  1. 4. AEPS: – Adhar enabled payment system is a way to get money through bank account. Under it you neither need signature nor debit card. You need to only have a bank account which is linked with adhar card. It works on finger print authentication.


  • finger print authentication
  • highly secure
  • can be used by anyone


  • still on developing stage
  • require strong infrastructure
  • slow on development
  1. USSD:-

Mobile banking has brought the bank account in your hand. Today, you can check bank balance, get a mini statement and do a payment through the mobile banking. But, what if you don’t have a smart phone or you don’t have the internet? The answer to this problem is the USSD based mobile banking. Just dial the *99# and see the magic.  Almost every bank including SBI, ICICI, HDFC, PNB, Axis and BOB support *99# USSD Payment.


  • can be used without internet and Smartphone
  • easily linked with bank
  • easy to use


  • Valid for small transactions
  • Limit on use

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