Top Easy Ways to Make Cashless Payments

We are swiftly moving towards a cashless economy as the government continues to push digitisation through a variety of initiatives. Besides, cashless payments are easy, simple, and hassle-free.

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The following are some of the best cashless payment methods in India:

1. Credit Cards, Debit Cards, and Netbanking

Credit cards quite common today. They save you from the hassle of carrying a lot of cash with you. Depending on the limit on your credit card you can easily shop for thousands or even lakhs. Moreover, many banks offer reward points for the same.

Debit cards are just like credit cards, but you are only limited by the amount you have in your bank account. Plus, unlike credit cards, they have few additional charges.

In net banking, you can log in your net banking account provided by your lender, and use your account ID and a password to transfer your funds to another account.

2. Digital Wallets

Digital wallets have existed since a long time but were mainly popularised after the note-ban.

A digital wallet is just like your real wallet but in the form of an app. You can deposit any amount in your digital wallet through net banking or credit card, etc. and when you need to pay you can initiate a payment from your digital wallet, from your phone or laptop.

3. Unified Payment Interface(UPI)

UPI makes sending money safer as it eliminates the need for sharing sensitive information such as your account number, address, etc. In the UPI system, you use a virtual address such as yourname@nameofyourbank to transfer and receive money. However, the maximum transferable amount in this system is capped at Rs. 1 lakh.  You can contact your bank to see if they are offering the UPI service.