Digital Transaction: After 8 November 2016, cashless payment has become necessity for everyone. Let it be any person students, farmers, employees or even CEO of any company, everyone needs to be aware of digital payment.

With the current cash crunch in the Country, Indian government is promoting digital banking. Now-a-days even transaction charges is waived off. Cashless transactions are easy, fast and safer. You don’t need to withdraw money now and then from the bank or the ATM’s for any type of payments. In places like Bangalore and other metro cities where more transactions are done using digital ways it is days before someone visits a bank or ATM.

Some of the best ways to do digital transactions in India are:

Digital Wallets

Digital wallets are the easiest option of payment. Before demonetisation this was hardly used for e-payment in urban and non urban areas.

Paytm, MobiKwik, Freecharge are one of the biggest service providers in the e-wallet segment. To use these special kinds of wallets, one will have to charge their account through online payment. The service provider saves some of the card information to make the transaction quicker with every attempt. 

USSD Transfer

The USSD transfer maybe a relief for people who don't have a Smartphone or don't have access to internet. This method of transferring money is available in the entire platform. The user can access various banking options by dialing a USSD code from any phone with a SIM card. The important thing In this case, that the number should be registered with the bank. Since the service is mainly targeted at villages and it is available in most of the languages.


This method is more a part of mobile banking but with a special emphasis on security. Transferring funds using NEFT or mobile banking requires the sender to reveal their account number to the receiver. In the Unified Payment Interface (UPI) the users will be able to send money using a unique user name only.

The option can either be accessed via internet banking or mobile banking application.

Net Banking

Net banking is a way to access all your banking facilities from the house or workplace. The user is required to activate net banking via internet. This can be done to recharge mobile, do any purchase on Flipkart, Amazon or do any payments.

Users can transfer money, check statements, manage beneficiaries and apply for various banking privileges using the payment method.

Mobile Banking

Mobile banking has turned phones into mini banking portals. Mobile banking is only ment for smartphones. Apart from the net banking user ID, the user will have to make a unique PIN to access the services. Many banks are using additional security options available on the smartphones, such as fingerprint sensors to make logging in easy but safer.

Credit/Debit card

Another common method used widely is the Credit/Debit cards are cashless payment techniques in India. It has become mandatory for banks to provide a credit or debit card during the creation of the bank account. Credit/Debit cards even come with certain privileges which reward users for payments done using.

E- Coupons: These electronic coupons are offered by various online mega stores. We only need to enter the e-code and get the discount automatically. They do not require any printing or clipping. Some of the coupons which are available online are nearby coupons, groupons and shopping site coupons, etc.

Physical coupons: These are paper coupons which come in small denominations of Rs 10 to Rs 50 with a validity of 6 months to 18 months. The best use of these coupons can be done in buying food meals from places such as Big Bazaar, KFC etc. Out of many, two big giants that are providing these coupons are Sodexo and Ticket Restaurants. This is also used in tax saving purposes.

AEPS (Aadhaar Enabled Payment System): This can be the future of Indian transaction across India. Now days AADHAR cards are linked to almost all the bank accounts. AADHAR cards can be used as a debit card in various merchant stores. These cards have been already linked to your bank accounts. The government has been asking this over a year to link your AADHAR card to your Bank account. You will be provided with a finger scanner at the merchant’s store to do your payments.

Med Health Cards: These are discount cards specially designed to avail benefit in the healthcare sector. They provide various health care savings schemes and free OPD consultation service. You can use this card and get a health check up done.

About The Author

Sophia Forster is an Indian fact-checker and news writer, writing news for Ayupp since 2014.

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