Top 10 Cashless Payment Methods in India – Guide

Top 10 Cashless Methods of Payment in India

It’s time to go without money. The goal of demonetization is not only to eliminate black money however, in addition, to encourage cashless payment methods. Instead of breaking their heads by staying in the ATM queue you must adopt a no-cash method for the transaction. A cashless method is very transparent as each transaction can be tracked simply because it leaves its footprints. Several smart people have adopted new payment options without cash. If you are wondering which cashless option you should take here is the list of the top 10 cashless payment options for you.

10 Best Cashless Methods of payment

Top 10 Cashless Methods of Payment in India

Top 10 Cashless Methods of Payment in India

 

1. Check

Check is one of the oldest methods of payment without cash. It is a method known to all. In this method, you issue a check for the specific amount to another person. The check is deposited in the respective bank. The bank processes a payment through a clearing house.

All transaction made through check is recorded and there is a proof of payment. However, there are cases in which check payments are dishonored due to lack of firm agreement or insufficient funds. To avoid this problem, you can use other cashless payment options.

2. Draft of the application

The draft of the lawsuit is another rudimentary form of transaction without cash. It is a safer option to receive payment from anyone. The draft of demand (DD) is never put in default, since it is signed by the banker. The disadvantage of DD and check is that you need to visit a bank in order to deposit checks and demand for project. Checking or DD takes extra time.

3. Online transfer-NEFT or RTGS

The third simplest method for the cashless transaction is online transfer using NEFT or RTGS. In order to make money transfer online, you need to install internet banking. Online transfer using NEFT or RTGS is comparatively faster than verification or DD. Online transfer can be done from anywhere using the internet facility.

4. Credit or Debit Card

Credit card or debit card is another method of payment without cash. The use of credit card and debit card was limited in India. However, the use of credit and debit card is increasing now. The limitation of this method of payment is the availability of the swipe card facility (PoS) at the end trader.

5. E-Wallets

E-wallet is the next cashless payment option. E-wallet can be used to buy products that start from the supermarket to airline tickets. To use E-wallets client and merchant, both require a smartphone with active Internet connection. The most popular example of E-wallet is PayPal. In addition to PayPal, you can also use Payoneer, Transferwise, Skrill and PayZa.

After registering for E-wallet you need to link your credit or debit card with your E-wallet ID. You can use e-wallet for fund transfer or online shopping. It is a simpler cashless method.

6. Mobile wallets

The next cashless payment method is a mobile wallet. You do not need a debit card, credit card or Internet banking password to make the payment with a mobile wallet. Simply upload money into your wallet through IMPS and use it on the move. You can download the application from the mobile wallet of the game store. Few examples of mobile portfolios are Paytm, PayUmoney, Oxigen, Lime, MobiKwik, etc.

7. UPI Applications

UPI is a mobile payment system that allows you to make several financial transactions on your smartphone. UPI allows you to send or receive money using the virtual payment address without entering banking information. Traders can sign up with banks to accept payments using UPI. As in the case of a PoS machine, the merchant would require a checking account with a bank to accept UPI payments.

Examples of few UPI applications are SBI Pay, ICICI Payment, Axis Payment UPI Application, Union Bank UPI Application, UPI PNB, PhonePe, TranZapp, etc.

8. Gift Card

The next cashless method of payment is a gift card. Gift card is a readymade card and can be purchased from a merchant or bank. The gift card is loaded with a fixed amount of cash that you can purchase any item from the specific supplier through a gift card.

9. Payment system activated by Aadhaar

Aadhaar Enabled Payment System (AEPS) is one of the best cashless payment methods. AEPS is like Micro ATM that uses smartphone and a fingerprint scanner for the transaction. To use this facility, it is mandatory to link your Aadhaar card to your bank account. You can use AEPS to perform transactions such as Aadhar to Aadhar funds transfer, cash withdrawal, cash deposit, etc.

10. Data on non-structured supplementary services

You can use the USSD option without cash if you do not have a smartphone or an Internet connection. Unstructured supplementary service data are mobile banking services. From any mobile phone, you can dial * 99 # and use this service. You can do all these things that are available to a person with smartphone and internet connection. Almost all banks, including SBI, ICICI, BOB, Bank of the Axis and GNP support the USSD payment option.
It’s time to say goodbye to paper money and adopt a new way of making payment without cash. We will help our own nation to fight against black money and cash crisis problems.
Do you think payment methods without cash will be useful?

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