Want to do online transactions? Here are 5 methods you can use

If demonetisation was the initial event required to push India towards a digital economy, the COVID-19 crisis could act as a huge catalyst to achieve that goal. With people staying indoors and maintaining social distancing, the best way to complete any transaction is through an online mode of payment. They are convenient and also makes the transaction easier and faster. Digital payments offer flexibility to make payments from anywhere and at any time. It also ensures speedy transactions and helps you save time.

Here are five methods of online transactions you should know about – 

Mobile Wallets

Nothing beats the popularity of mobile wallets simply because the ease of transactions and cashback offers provided by them. Wallets like PayTm and Google Pay are being used by almost everyone. It is a type of virtual wallet service and you need to download the app to use it. The mobile wallets stores details of your bank account or cards and allows secure payments.

UPI 

The UPI-based digital payments have gained popularity in the last few years as you only need to put in your UPI PIN to complete a transaction. It is claimed to be more secure than any other online payment method. There are no transaction charges for making payment through UPI. You can easily transfer money without your IFSC code or bank account. You just require a Virtual Payment Address (VPA). 

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Net banking

Before India started its journey towards a digital economy, net banking or internet banking, used to be the most popular option. Even now, it is the go-to choice for larger transactions. Internet banking allows you to transfer funds, check your account statement or open new accounts online. Internet banking is usually used to make online fund transfers via NEFT, RTGS or IMPS.

Mobile Banking

An alternate to internet banking, mobile banking allows you to complete all those tasks with an app on your smartphone. Most banks have their dedicated mobile banking apps which can be downloaded from Google Play Store or App Store. 

Bharat Interface for Money (BHIM) app

You can make payments through BHIM app by using the UPI application. Anyone having a debit card, mobile number and valid bank account can use this app. You can also link multiple bank accounts using BHIM app. It allows you to send money to different bank accounts or virtual addresses.