Digital Payments In India

Digital payments have become to be an essential part of the world. The businessman has opted for the assistance of the cashless transaction. Going cashless has its benefits. There are many digital payment companies. However, we will focus on the digitalization of India.

Brief on Digital Payment

India has adopted this cashless transaction model to make India digitalized.  This is a type of payment that is done online via mobile phone usually. The sender needs to have a bank account, an online banking method, a device from which he or she can make the payment, and a medium of the message. Therefore, the receiver of the payment should have all these to accept payments. Now, in short, there has to be a channel of transmission between the sender and the receiver. The sender rather than paying the receiver in cash, take place in digital format. You can also say the transaction happens over eCommerce or mCommerce modes of transmission of course. 

Requirements of Digital Payments Model

Well, the victory or downfall of any online payment system depends not only on technological matters but also on the user’s acceptance. Now the user’s acceptance depends on several matters. They are:

• Atomicity: This ensures that the user’s online payment transaction is complete. And when it does not take place it notifies the users too. Also, if the current on-line payment transaction fails then it is likely to recover.
• Privacy: Now, Anonymity indicates that the identity, privacy, and personal information of the individuals using the online payment methods should not be disclosed. Some online payment methods can track the individual’s payment details.
• Scalability: With the increasing demand, payment systems have to deal with the extension of users without any performance degradation. For this, the payment systems need a good number of prominent servers. The prominent servers process or check payment transactions. Thus, the rising need for central servers restricts the scalability of the online payment systems.
• Security: When doing online payment security is the main question. The internet is available to the network which works without any centralized supervision. It is risky. Users paying on- a line wants to be sure that their money transaction is comfortable and safe.
• Reliability :The user in any business activity wants a reliable and productive system. The online payment system would fail if it goes wrong to get the user’s approval and pass their reliability tests.

Digital Payment Apps In India

Though there are several payment apps, we will point out the best among them in India.

• Google Pay: It was before known as Tez. Google Pay entered into this field lately but made the user base rapidly. It helps you to send money to friends, pay bills, and buy online, recharge your phone. Everything is done via UPI which is instantly debited from your bank account. However, being a part of the Google ecosystem, it works with your prevailing bank account. Thus your money is safe with your bank. The best part about this app is that there is no reloading wallets system and one does need not have to do additional KYC. Additionally, you can earn scratch cards and other rewards.

• Paytm: It is one of the enormous mobile commerce fora in India. It provides its customers with a digital wallet to shelter money and also make rapid payments. It has a mobile market. Thus a customer can pile money and make payments to merchants who have opted for the PayTm company. One can also generate bill payments, transfer money, and benefit services from vendors. 

• Dhani: Indiabulls group has a unit of payments app namely Dhani. Having many features and being not an ordinary wallet like other apps, it can be incorporated with Dhani SuperSaver Card. It offers rewards & loyalty programs for Dhani customers. Additionally, customers can play games and win cash to pay for mobile recharge, EMI payments, Insurance, and also new Dhani products. 

•  PhonePe: PhonePe is now a component of Flipkart. In 4 years, after launching in 2015 it struck the 100 million download mark. Like other apps one can do payments to recharges, money transfers to online bill payments, you can do it all on PhonePe. It is considered one of the safest online payment experience in India
•  Mobikwik:  Being an autonomous mobile payment it attaches 25 million users with 50,000 retailers and more. Using debit cards one can add money to the wallet, also credit card, net banking, and doorstep cash collection service can be used to add money. One can recharge, pay utility bills, and shop at marketplaces. Additionally, it has a feature of expense tracker enabling to set a fund for your expenses across all payment instruments. 

To Sum Up

Digital Payments are a new trend to make India cashless which of course has its benefits. Above mentioned are 5 apps which one can use for cashless transaction.