Connect with us

Technology

Payment Methods: A Look at Most Relevant Ones

From people living in caves, we have come a long way to live life this way. The same case is with everything. Things have transformed to a large extent over time. How payment methods changed from ‘barter to one-click’ and done. Have a look! Payment Options There are endless situations in our lives when we […]

Published

on

Payment Methods

From people living in caves, we have come a long way to live life this way. The same case is with everything. Things have transformed to a large extent over time. How payment methods changed from ‘barter to one-click’ and done. Have a look!

Payment Options

There are endless situations in our lives when we use our debit cards. Or we can say they have become an inevitable part of our day to day lives. It is the undeniably most widely used payment option available to us and very convenient as well. But have you ever thought how they came into existence? It’s not very hard to guess.

As soon as the banking system grew, need for such a resource to easily withdraw your money anytime anywhere via ATMs was there. With the technological advancement soon it was a reality with HSBC (The Hongkong and Shanghai Banking Corporation) introducing this sophisticated concept in 1987 here in India. A very commonly used concept related to cards is of credit cards. Credit cards are quite helpful as they can avail credit in real-time. But not everyone has issued the credit card, your ability to pay back that credit in the short term is the measure of whether or not you will be issued that. There is a slight difference in debit and ATM cards. While Debit cards felicitate any debt either from such machines or online, ATM cards can be used only for ATM withdrawal.

Type of Cards

Now let me ask you something.
have you ever noticed either of Master card, Visa, or Rupay printed on your card! Well, don’t get confused for Visa, it’s just a company like Master card with which Banks ties up to make payments simpler, faster and set the conditions for rate, etc.

Apart from these cards option, we have been provided with you must have heard of Net banking. This concept is fairly new and is used lesser than cards but still is one of the important sources of transfers. Though we need a bit of caution while working with this for safety concerns, it’s quite easy to operate. You are provided with a username and password with which you login and perform actions.

The most wonderful technology in payments in recent times is UPI which stands for United Payments Interface. powered by National Payments Corporation of India. this sums up the whole Task of payments to an email like Virtual Payments address. With its launch in January 2016, it is continuously luring Indian audience. Almost every bank supports this very very convenient payment option. You don’t need to enter OTP every single time you need to pay, just open your UPI connected app and enter the password to confirm payment.

As time passes, we are expected to see many more revolutionary techniques of payment. Recently a senior government official quoted that ATM may no longer need PIN very soon, as everything will be done on fingerprint basis easily. These changes seem good so let’s hope for even better days.

And yes, I hope you remember #PayTMkaro, one of the most relevant payment methods for Indians. See You in the next blog. Till then TaDa

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Trending

Share via
Copy link