Cashless Payment Solutions: An introduction
Need for Cashless Payment Applications:
With this decision, the daily operations of the businesses got affected adversely. We all know that payments are of great importance for any business. But, because of demonetization, it became difficult for business to get hold of enough 100 Rupee notes to return as a change to all the potential customers. This scheme has given a drastic boost to cashless transactions in India.
Nowadays, people started adopting the cashless payment methods for various purposes like payment of bills, shopping, booking tickets for watching a movie, traveling, etc. The government has taken a major move for eradicating the black money from India by changing the currency. Soon, after demonetization, people started making cashless payments. Going cashless helped the people in saving their time.
Benefits of Cashless Economy:
- The system became more transparent, scalable and more secure by the use of cashless applications.
- It reduced the use of liquid money as all transactions are done by the digital means or by using credit/debit cards.
- The process became easy to handle as it has eliminated the paperwork.
- Helped in the expansion of banks as it is mandatory for every citizen to have a bank account.
- Entrepreneurs are gaining opportunities to drive a new market in form of digital payment bank, e-wallet, and e-payments.
- App developers have better market conditions to lure the market opportunities.
- Terror Funding is gradually diminishing because of cashless economy.
Cashless Payment Solutions:
The most common option that the business owners are adopting for receiving payments is by using “Net Banking”.
I. Net-Banking: It is a method of transferring the funds online from your bank account to another bank account. This can be done through a mobile phone or a computer/ laptop.
It comprises of three types of services. A person can log in to his account on the Net and transfer money via:
- National Electronic Funds Transfer (NEFT),
- Real-time Gross Settlement (RTGS)
- Immediate Payment Service (IMPS)
II. Plastic money: Plastic money includes credit cards, debit cards, prepaid cards or Customer card/store card which are tangible in nature and are issued by the banks. These can be used for to make online purchases.
III. Mobile Wallets: This is the most popular virtual wallet that is being used by the customers on their mobile phones. Everyone started embracing the mobile wallets with open arms.The users of such applications store the cash on their mobiles and can use later to make any online or offline payments. You can store cash on the mobile to make online or offline payments.
There are different service providers who offer these wallets in the form of mobile applications. An individual can transfer the money into these wallets online using credit/debit card or Net banking. This means that every time you make an online purchase, you won’t have to provide your card details again and again.
The Best Mobile Wallets:
- Samsung Pay
- Apple Pay & Android Pay
- PayPal
- Alipay
The top Mobile Wallets that are being used in India:
- Paytm
- LIME
- MobiKwik
- AirTel Money
- mRupee
- Freecharge
Thus, in order to gain the best Return on Investment (ROI), businesses need to hire the experienced developers who are capable of building the superlative cashless mobile applications. The cashless payment solutions can surely take your business to the new level.
Why iMOBDEV?
The skilled developers of iMOBDEV have earned a substantial experience to develop the cashless applications. Professionals at iMOBDEV are meant to develop the most scalable & robust cashless applications ensuring 100% client-satisfaction.
Source : http://bit.ly/2hPPKLN