Digital Transaction In India

During the corona period, Sit at home, and do all the necessary work related to the bank, use their easy steps. In the corona era, the use of Digital Transaction has increased coffee. people are doing all work related to their banks from home to maintain social distancing.  It is also called electronic payment.

In such a situation all the banks have also provided facilities of new digital technology to the customers so that the customers can complete their work easily. Bank account holders are mostly using online banking, digital banking. These banks have also rolled out facilities like e-banking, digitization, Paperless banking.

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What is Digital Transaction?

Digital transactions can be broadly defined as online or automated transactions that take place between people and organizations without the use of paper. Chances are that you’ve already participated in such a transaction. For instance, if you’ve purchased an item and the sales associate rang you up using an iPad rather than a cash register, you were part of a digital transaction. Or, if you sent or signed a contract online rather than using a printed paper version, you benefited from a digital transaction. In both of these cases, going digital improves the experience. It is also called electronic payment.

it makes the transaction faster, easier, more accurate, and more convenient.

Going digital provides great benefits for companies. Digital transactions save time and money, resulting in a better bottom line. And digital transactions improve tracking capabilities which helps reduce errors. Find out how the following industries can improve their business and stay competitive by switching to digital transactions.

How do I make a Digital Transaction?

To use this digital payment method, download the app, register by entering your bank account details, and create a VPA and get an MPIN.

Mobile wallets: A mobile wallet is your virtual wallet where you can add money or even use it merely to pay through your card.

Types of Digital Transaction

  • Cashless Payments
  • Online Banking
  • Mobile App
  • Online Payments
  • Other Source

1. Cashless Payments

Now almost all banks have given e-banking facilities like NEFT, RTGS, IMPS and UPI to their customers . Through digital payments like internet banking mobile banking, UPI and IMPS people are able to easily make their bill payments without cash. Banking can be done by creating social distancing using theses facilities

2. Online Banking

Now almost all banks have starting providing internet banking facility to their customers. This facility is free, so there is no cost to avail this facility customers who have this facility can apply for the check without going to bank branch.

3. Mobile App

Customers open FD or RD accounts in bank for safe investments and better returns. Earlier it was necessary to go to the bank to open these accounts. Now all this can be done online at home or it can be done through mobile phone by downloading the mobile app of the banks.

4. Online Payments

All banks, Including PNB, offer online bill payment option to their customers. Now you can pay bills online for essential facilities like electricity, water, gas, telephone, insurance premium etc. this is saving people’s time, they are also avoiding standing in line for the payment of the bill.

5. Other Source

Other Source means third party apps like PhonePe, Google Pay, Paytm. All of these are third-party applications. You can download these apps from google play store and after installing that. you can link bank accounts with these and use any types of payments. These apps give you also cashback and voucher opportunity to Tips For How to Save Money.You can also download these apps with links below.

Download these apps and stay avoid to corona period:

PhonePe – https://play.google.com/store/apps/details?id=com.phonepe.app&hl=en_IN

Paytm – https://play.google.com/store/apps/details?id=net.one97.paytm&hl=en_IN

Google Pay – https://play.google.com/store/apps/details?id=com.google.android.apps.nbu.paisa.user&hl=en_IN

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