The trend of cashless online payments is increasing in today’s digital time. E-payments are now being used in almost all offline payments.
So today I am going to talk to you on the same subject that E-payment Review? What are the types of online payment ie electronic payment? If you also want to know about Types of Electronic Payments, then this article E-payment Review? Must read till the end.
What is online E-payment?
Friends, first of all, we know what is this E-payment? So e-payment means electronic payment. Whatever payment or payment is made online through electronic device i.e. the Internet, it is e-payment.
Types of E-payment
Now you must have known what is E-payment? Let me tell you one more thing that e-payment is not a limited payment system. You will get to see different types of digital online payment methods in the market so that you can make e-payments very easily.
Almost all of you will definitely have a Bank ATM Card. If you use your ATM Card or Debit Card in addition to withdrawing money from ATM machine, it is under electronic payment only. In this way, many other payment methods are available in e-payments.
What is BHIM E-payment?
All of you must have heard somewhere about Bharat Interface for Money (BHIM). Since demonetization in India, its use has increased considerably. Prime Minister Narendra Modi has launched a new digital payment application ‘BHIM’ on 1 January 2017, which is linked to ‘Unified Payments Interface’ (UPI). It has been released in memory of Babasaheb Bhimrao Ambedkar.
‘BHIM’ is actually an ‘Aadhaar’ based payment process, where the facility of transfer is provided with the help of fingerprint. Let me tell you one important thing that ‘BHIM – Bharat Interface for Money’ is not a mobile wallet. It is directly linked to the customer’s bank accounts. With this payment, money is deducted from your bank account.
What is UPI E-payment?
UPI i.e. Unified Payments Interface is a new application, started by the Reserve Bank of India (RBI). It requires a smartphone and internet connection.
After downloading the BHIM Application, the process of the transaction can be carried forward easily by connecting directly to the bank account. The facility of UPI is available in 28 public sector and private banks. With this, you can make your payment online very easily.
What is VPA E-payment?
Now I told you what is Unified Payments Interface i.e. UPI? So VPA i.e. Virtual Payment Address has been made mandatory to operate UPI. The 28 banks started by UPI service will be operated by a VPA without any account number.
It is available on UPI application related to VPA bank. It generates the address associated with your name or the name given by you.
What is AEPS E-payment?
Aadhaar-enabled Payment System (AEPS) has been launched to promote financial inclusion in the country. It is a new system of the bank, in which banking processes are operated with the help of micro-ATM.
In this, commercial activities are made effective through Aadhaar authentication. It has been approved to conduct four types of banking activities through the ‘Aadhaar’ based process. These are Balance Enquiry, Cash Withdrawal, Cash Deposit and Aadhaar to Aadhaar Fund Transfer.
What is Mobile Wallet E-payment?
E-wallet or mobile wallet is currently very popular. With this help, transactions can be done by keeping a few rupees in the account of the downloaded application.
Public sector banks have their e-wallets activated, most of which are from the private sector. Prominent among these are Paytm, Paypal, Mobikwik, etc.
What is EFT E-payment?
The application of EFT i.e. Electronic Funds Transfer is used to transfer money from one bank to another. Internet banking and mobile banking are used in this. This is a safe and simple method of transfer. Quick transfer of funds can be done in this process.
What is NEFT E-payment?
NEFT i.e. National Electronic Funds Transfer is a means of money transfer at a national level. With its help, funds from your account can be sent to other accounts of the same bank or to another bank account.
In this process, the monetary limit has been marked as Rs 10 lakh. NEFT facility is available in all banks. This process can be done by banks at any time; For this reason, NEFT is quite popular.
What is RTGS E-payment?
You must have heard its name somewhere. RTGS ie Real-time Grass Settlement is a process of money transfer in which there is no waiting list. RTGS is operated directly by RBI with the help of electronic means to banks.
Through this RTGS Payment System, money is transferred to the account quickly by transferring money. With its help, more money is transferred, which is fixed at 2 lakh rupees or more.
What is IMPS E-payment?
The transfer of funds by banks is mostly done with the help of NEFT & RTGS, but with the help of all these mediums, the transfer of National Payments Corporation of India (NPCI) service is available (24 × 7) by IMPS.
Mobile phone numbers associated with banks are used in this. IMPS i.e. Immediate Payment Service is a secure gateway, from which funds are transferred quickly and safely.
How to do Micro-ATM Transaction?
Micro-ATM is a wide network of the banking system. It is operated by banks. It is operated by agents of banks. It is a touch-based banking interface, which can be operated from ATM Card Number, Aadhaar Number or bank account number.
Banking activities that can be conducted by micro-ATMs are as follows.
- Paperless Bank Account
- Cash Withdrawal & Deposit
- Payment for government services
- Fund transfer
- Pay for other services (recharge etc.)
What is E-Check Payment?
E-Check is an electronic version of the electronic check paper check, which is used for online payment. Money transfer via e-check takes place in three to four days; Like traditional checks, but this is a much simpler process, in which there is no fraud.
What is Internet Banking E-payment?
E-banking is a simple and secure form of banking services. It can be easily operated by a person from his home or office. It is effective and incredible banking service.
In this, user ID & password can be helped by visiting banks website. The services that can be handled with internet banking are as follows.
- Bank Account Statement Check
- Money Transfer
- Fixed Deposit
- Utility Bill Payments
- Prepaid Recharge
- Tax & Insurance Services Payment
- Many other payments.
What is SMS Banking / M-banking?
In the process of mobile banking (m-banking), money transfer can be done with the help of IMPS. All customers can be involved in this and can do different banking activities from their mobiles through SMS.
In M-banking, IMPS service has to be activated by registering your mobile number in your bank branch. After this, m-banking is operated with the help of a seven-digit IMID number to the customer.
How to pay with Debit / Rupay Card?
The ‘debit card‘ or ‘Rupay card’ facility is provided by banks for fund transfer. It is also called a plastic card. It is used to withdraw funds from electronic transfers and ATMs. It is possible to conduct all banking activities with the help of a debit card.
How to pay with a credit card?
Credit card is related to cashless shopping. Credit cards are issued by banks to customers for uninterrupted and cashless shopping.
These are classified based on the amount of money. For the purchase of credit card, the money given by banks is assured along with the interest rate.
What is Paytm?
All of you must be using Paytm. Paytm is a personal e-wallet, which is used as a fast mobile ‘Transaction’ after demonetisation. Paytm started in the year 2010. It is estimated that 150 million people in India are using Paytm for online & retail purchases.
In this, the user preserves some amount in his bank branch. During retail purchases, payment by ‘mobile number’ is made through Paytm. ‘Paytm’ has become more popular than other e-wallets due to the ease of use.
Recently, Paytm & ICICI Bank jointly started Paytm Postpaid, which is a kind of digital credit service. If there is no balance in your Paytm Wallet, you can still make any kind of payment from Paytm.
So friends! These are the different types of E-payments. I hope you liked this article Electronic Payments Review. And by now you must have also come to know very well what is E-payment and how to make online payments? If you have any question about Electronic Payments, then please comment below.
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