As we have entered into the era of digital payments, cash payments seem an old trend to follow. Learn here all you need to know about this new mode of payment.
What are digital payments?
These are the payments made through electronic or digital mediums with the use of the internet. And, the payment is received in the same way. Click here to know more about webnews4u
The Working of Digital Payment System
A digital payment system consists of consumers, merchants, the payment network, and banks.
- Consumer: the one who uses a debit card or a credit card to make the payment.
- Merchant: the one from whom a consumer buys a product or the service provider. It can be a store as well.
- Bank: It issues the cards to the consumer. Moreover, banks are generally at play when a digital transaction is done as an issuer.
- The payment network: It includes MasterCard or VISA which are dominant and famous networks in the whole world.
What are the most common methods of digital payments?
Here are some of the digital payment methods that you can commonly use in today’s world:
1. Use of credit and debit card
It’s one of the oldest and commonly used payment methods. People have been using it for so long. Moreover, it is an easy and safe way to use your money. You can go to the payment terminal and get the amount you need using your debit card. The use of credit and debit cards is now very common because people are looking for alternatives for cash. Moreover, with the global pandemic, this contactless payment has been quite effective. There are also new POS terminals where you can use thumb or other ways to get money.
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Moreover, there’s been advancement in the use of credit cards over the recent years, which is that these cards can be used virtually on platforms like the “wallets” by Samsung and Apple. These cards can also be used virtually on banks’ apps. The virtual “wallets” can connect with smart devices such as smartphones and watches to make payments.
2. Mobile payments
Now people prefer to pay with smartphones, another form of digital payments. Mobile payments have revolutionized the finance industry. Now, you have everything in your hand and by just one click you can pay your bills. We can buy things using mobile payments with our debit cards or virtual cards. You even get huge discounts using these modes. You might have scannned a QR code for getting disocunt on food or shopping. Moreover, we can also transfer money through them using services such as Bizum or Paym.
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3. QR payments
It’s one of the most secure, convenient, and fast digital payments. Through QR payments, you just need to do the transaction by using your bank app. You can scan the code and that’s it your transaction is done.
These are certain types of apps that have the features of digital payment available in them. People can use them for specific items or services. You can get extra points from which you can get free stuff as well.
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The Final Words
Digital payments have made the payment process a lot easier and quicker than cash payments. It’s even said that they will properly take on cash payments soon. So, let’s see what the future holds for digital currency.
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