The Cyber-Cash for The Future Generation!

Money cannot buy happiness, behavior, care, affection, knowledge, ethics, kindness, and inner peace. Yet, it can surely help in procuring the mode of all these emotions materialistically.

DEFINITION OF MONEY – In simple context money can define as any object or item which we accept as a payment for the goods or the products. It is a verified record for exchanging services or repayment of any debts in a socio-economic country.

“Dreaming does not cost anything. But if the dream is to buy a Louboutin stiletto then you need to have a hard cash girl!” by Anonymous.
This artifact of words is all about payments via electronics. So, let’s swoop up in the sky of e-wallet/ digital payments.

WHAT IS DIGITAL PAYMENT?

It is a virtual wallet, service takes up online, or software programs that allows one to make an automatic transaction via an electronic platform. It is a general way of bartering digital currency to another party in exchange for goods and services. In order to survive on this planet, oxygen is the most essential element in the ecosystem. Same like, cash is also a vital and indigent asset for humans. Though there are a lot of humans who prefer having ‘money in their hands’. While there are a lot of mortals who think that the cash transaction era is coming to an end.

LET’S SWOOP UP TO THE FRAME OF THE WORD ARTIFACT!

1990s we have introduced with Digital Payment. As the world is adapting itself with the development of the technology field. We can see that digital payments are also parallel increasing with it. It has tempestuously shone in the last decade due to the on-grow of internet-based shopping. Though there are a few key elements in the area of digital payments.

They are as follows:

Eligibility criteria are a must with submitting an application in the prescribed manner.
We need KYC compliance in order for the identification of authentic accounts.
Interoperability is technical compatibility with the conjunction that enables payment with other sectors including user as well the non-banking entities.
Speed is one of the reality and expectations of this frictionless checkpoint for digital payments.

ELECTRONIC PAYMENT METHOD

There are popular online payment forms that can done via Electronic Payment Methods. It is credit and debit card but bedsides that there are few alternative payment methods even. It includes e-wallet, smart cards, bank transfer, internet banking, bitcoin wallets, and many other forms. Let’s learn one-liner information about digital payment methods.

CREDIT/DEBIT CARDS – This is a form of e-payment card that is issued by the bank institutions to the account holders for making online payment.

E- WALLET – These are a form of easier prepaid account that stores the card using online transaction information’s.

SMART CARDS – Smart cards another name is chip-card which are loaded with funds to make the payments.

E-CHECK – A digital version of an old paper checkbook.

DIRECT DEBIT – It is an electronic financial transaction done from the account user’s account in return for the service and the product purchased.

E-CASH – An electronic payment method stored in the client’s device and accessed by them for online purchases.

END NOTE –

Our perception followed with anxiety, distrust about digital payments and banking is slowly getting habitual. We are however starting to trust and bring transparency to it. We are getting into the digitized world with automation all around. For the developments around us let’s support this level of rapid growth with a spirit of the regulatory framework. Let us teach and encourage our previous generations about the cost-effectiveness and easy accessibility of the digital payment world.
Even so, this pandemic crisis has brought us money crunches and has hit painstakingly hard. We have seen the natural rise of all the digital platforms. This pandemic has taught us the fundamentalism of digital banking and payments.