digital payment importance

DIGITAL PAYMENT IMPORTANCE.

Digital Payment is all about making transactions and accepting payments online i.e. cashless way.

Here are some examples of Digital Payment:

• NEFT/IMPS transfer via app or any bank’s website (HDFC, AXIS etc )
• Paytm transaction via app or website
• Other payment gateways like Paytm (Tez app, Payzap, Rupay, Freecharge, BHIM, UPI)

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When digital payments—whether on mobile phones, cards, or online —become available to everyone, everyone in the economy can benefit from the outcomes! These include:

-Cost savings through increased efficiency and speed
-Transparency and security by increasing accountability and tracking, reducing corruption and theft as a result
-Financial inclusion by advancing access to a range of financial services, including savings accounts and insurance products
-Women’s economic participation by giving women more control over their financial lives and improving economic opportunities
-Inclusive growth through building the institutions that form the bedrock of an economy and the cumulative effect of cost savings, increased transparency, financial inclusion, and greater women’s economic participation
-Future of Digital Payments

A Payments-as-a-Service provider for businesses, PayStand is the future of digital payments. We provide an enterprise-level payment technology that is sufficiently adaptable for all business needs to process and reconcile payments. Our platform is designed to scale and onboard new users rapidly. Our low-cost, frictionless B2B payment network automates manual processes, lowers transaction costs, and speeds up time-to-cash.

Several key features of the PayStand platform are:

Account Receivable Solution: PayStand now lets you digitise the complete accounts receivable flow. It allows merchants to dramatically improve ROI and maximize efficiency by speeding up time to cash, lowering costs and automating receivables.

Virtual Terminal: A virtual terminal facilitates card not present transactions. It allows the merchant to make payments on behalf of the customer. The customer isn’t required to present his card for the physical examination by the merchant.

Billing Payment Portal: The PayStand Billing Payment Portal lets your customer pay using multiple payment methods (ACH, Credit/Debit cards, Smart ACH). It eliminates juggling multiple payment channels and manual processes. Traditional lockbox services are now replaced with a much more convenient digital solution.

Fund on File: Irrespective of what payment feature customers wish to use, the payment information is tokenized and encrypted so that it can be re-engaged for future charges. This is useful and desirable for recurring payments as information of previous payments is now secure and easily accessible.

  digital payment is safe nowadays but India can't go 100%cashless because of its rigid undeniable fact

All about the Benefits of Digital Payments

India has always been extremely comfortable with the traditional method of making payments, which is “via cash”. Nevertheless, it is imperative to understand how digitization with regard to making payments has helped the country in numerous ways. It is a known fact that India has taken a sharp turn towards “becoming a cashless economy” after demonetization and it has nudged the country even more towards settling as a developed economy.

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