Digital Payment Write For Us

A digital payment process can be done online and in person for the payee. For example, if a shopper pays via UPI on an e-commerce site or purchases at their local store and you pay them via UPI when shopping in-store, both are digital payment transactions.

Different digital payment types include UPI, NEFT, AEPS, mobile wallets and PoS terminals. UPI is the preferred mode as the transaction value surpassed the $1 trillion mark.

Why pay digitally?

The transition to digital receipts and payments comes with clear benefits, especially for small businesses in India. Consumers and businesses now expect digital payment capabilities to be available for faster, safer payments without risk and fees. The payer has a mobile phone that allows additional verification via fingerprint or other verification or biometric method, thereby minimizing risk.

• There are also several advantages to not using cash for business transactions.
• There is no need to handle cash, resulting in a reduced risk of theft and lower security and storage costs.
• Digital payments are typically faster transactions, resulting in shorter queues and improving the in-store customer experience. Therefore, customer-friendliness drives sales.
• Clear tracking is available for easy accounting, helping to simplify operations and ensure tax compliance.

Mobile digital payments also allow the payee to collect customer data for analysis and market segmentation. It allows retailers and issuing banks to leverage digital payments, loyalty and rewards programs to drive customer gaining and retention through targeted marketing and personalized offers. Credit cards, one of the eldest payment methods, and the new-age “buy now, pay later” model supported by digital payments give customers access to credit.

Parties Involved

Although on the surface it only takes a few clicks to pay digitally, the digital payment ecosystem has multiple intermediaries that work seamlessly together to facilitate a successful transaction.

The entities complicated in the end-to-end processing of a digital payment transaction include the mercantile (payee), the consumer (payer), the set and the payment network. “Merchant” in this setting refers to local kirana stores, shopping malls, retail outlets, e-commerce portals, and service providers that offer the facility to process or settle fees via digital payments.

The bank that debits an quantity from the payer is called the issuing bank. On the other side is the acquiring bank or the beneficiary’s bank, which credits the amount on the receipt. Therefore, both parties must have a bank explanation and an online banking method to process transactions digitally.

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