Contrary to this, UPI and online wallets were more popular with younger consumers. In a survey conducted in 2020 to analyze the changing consumer sentiments concerning the COVID-19 pandemic in India, the respondents over the age of 40 were more inclined towards using credit and debit cards for payment. With online payment options, you just need to remember a certain pin, and that’s it, your transaction is done! As simple as that. You don’t have to carry a lot of cash, get worried about theft or not having perfect change. It is easier to click a feature on your smartphone than to collect the correct amount of cash for your purchase. People can pay for goods and services at any time of the day from any part of the world. Since it takes less than a few minutes to complete a transaction, people will not forget it or put it off for later. Online payments also decrease the chances of late payments. They don’t have to wait for banks to clear their checks so that they can access the money.įor sellers, it saves a great deal of time since they don’t have to waste time printing and mailing bills. People don’t have to wait in lines, take time to write checks, or wait for paper bills. Speed of transactionsįor both the seller and the customer, online payments save a lot of time. You can find out about such apps by looking for reviews and the number of downloads.Īdvantages of Online Payments 1. Use private windows: Make sure you perform all your transactions on private windows and avoid all kinds of suspicious apps or websites that are not recommended by the app store.Avoid using public WiFi networks: No matter how much of a hurry you are in, you must always avoid making transactions via public computers or WiFi networks as there are high chances of data theft and other cyber attacks.Have a strong password and enable the OTP feature to ensure maximum security. Don’t share your passwords with anyone, and keep changing them regularly so that you don’t fall prey to hackers or any other cyber criminals. Never share your passwords: As cliche as it sounds, it is very important to follow this advice.Always make sure to erase your card details after every use. But this is not advisable as it can be used for wrong purposes in cases of theft. Do not save card details: Most of us prefer to save our card details on our smartphones or other devices to avoid entering them every single time.Though online payments seem highly convenient and safe, there are a few things you need to be careful of, given the increased fraudulent happenings Finally, the merchant sends a confirmation message to the customer saying that they have received the paymentĬheck out:- The New Rbi Monetary Policy Guidelines 2022 Tips to follow while making online payments.The bank then confirms the transaction and informs the merchant.This is further transferred to the customer’s card company.The data is then forwarded to the financial institution or the credit card company.The payment gateway gathers all the required data and information needed for the transaction to take place.A customer places an order on the merchant’s website.Here’s a very basic and also the most common model of how online payments usually work: Digital wallets like PayPal or Google Pay.Some of the common methods of online payment include Online payments can either be one-off payments (like a purchase from Amazon) or recurring payments (like subscribing to Netflix). These payments are done while purchasing products or availing any services, both online or offline. Payments made over the internet are generally classified under ‘online payments’. As more and more businesses adopt online payment gateways in their portals, the importance of these e-payment services is increasingly becoming more of a necessity for both vendors and customers. While the concept of online payments isn’t entirely new, the COVID-19 pandemic has only accelerated the use of online payment methods like credit/debit cards, UPI, and mobile banking across the globe, but especially in India. And, why wouldn’t they, considering the many benefits that come with online payment features. With technological advancements in recent years, online payments have become an inseparable part of the e-commerce industry. And the whole idea of making profits is possible only if your business offers its customers the ability to make payments. The very purpose of setting up a business is to make profits.
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