How Are Modern Technologies Shaping The Future Of Cashless Transactions?

Impact of Technology On Cashless Transactions

If we were to ask you to quantify the transactions made with cash, most of you would say, “Maybe once in 50 transactions.” Consumers today are moving towards cashless transactions.  It offers them a convenient way to transfer money from one account to the other. Also, the demonetization process in India has significantly encouraged the use of internet-based payment systems, like mobile wallets, net banking, and more using debit cards, credit cards to support effective and secure financial transactions.

Here is an overview of how mobile device-centric modern technologies are revolutionizing the future of cashless transactions.

Rise of UPI Applications

Unified Payment Interface (UPI) has become one of the convenient ways of making cashless transactions. You need to download the application and fill in mobile numbers and debit or credit card information, which is linked to our bank account. It is a virtual payment method that enables sending or receiving the money without entering the bank details. The adoption of UPI apps is gaining popularity among the young population. Some of the trending applications include PhonePe, GooglePay, Freecharge, BHIM, and more.

Mobile Wallets

It is the virtual wallet that provides payment service to send or receive money via mobile devices. And, as the name suggests, it offers an online platform to perform payment processing similar to a physical wallet. It means you can store money in the virtual wallet account and pay through it for shopping, paying bills, and more. Mobile wallets offer ease to make in-store payments.

  • QR Code Wallet
    QR codes are simply the extension of mobile payment services. You can complete the transaction by simply scanning the QR code with your Smartphone’s camera. It is considered as one of the quickest and hassle-free modes of digitally transacting money. And, Paytm is one of the most trending mobile wallets that enables QR Code-based payment.
  • The Emergence Of Digital Wallet
    They utilize the previously-stored payment credentials of users on the designate device by processing the payment based on users’ permission. ApplePay, SamsungPay, and GooglePay are pioneer digital wallet applications. They are supported by a wide variety of merchant locations across the world.

Net Banking

Internet Banking is also known as e-banking, online banking, or virtual banking. One of the oldest and comparatively evolved modes of electronic payment system. It facilitates a wide range of financial transactions through the bank or financial institution’s website. User needs to login with their authorized credentials to access their net banking account. It gives them the flexibility to approve, process, schedule or even reject payment from anywhere and at any time.

To conclude, the rapidly evolving technology ecosystem is making the transaction process accessible and comfortable. And, therefore the increase in digital payments, would lead to financial institutions and organizations looking to develop & offer smarter applications. So, if you’re a tech enthusiast and wish to pursue your career in IT, check out LearnATRISE’s training programs. Our course curriculum covers a variety of elements that will help you ride the technology innovation growth curve. Gear up to take a step forward to a fascinating and exciting career in the technology world.

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