India Goes the Mobile Way

India is a developing nation that is progressing with time. Like most emergent states it is embracing technology. One such recent hi-tech development welcomed by open arms in India is mobile banking. Though introduced a couple of years ago globally, it has gained popularity over the years owing to various features like being easily portability, enhanced usability and security. However, there is much more than these features that has added to success of this form of payment. Here are some of them.

They are Cheap and Instantaneous- Mobile banking services are economical as compared to Credit Card payment gateways and PayPal for traders. Hence, they are a preferred form of payment compared to others. Moreover, mobile payments are also immediate which means it can be used right away after transfer unlike cheques or demand drafts that take minimum 3 days to transfer.  Attributing to these characteristic more than 40 million mobile users have registered themselves for mobile banking services.

They are Safe and Secure- When a payment is done through the medium of a cheque there is a possibility that the cheque may bounce due to insufficient funds in the bank account of the account holder or faulty signature. Mobile payment eliminates all such prospects as the payment is instant and is deducted from the funds existing in the account. Likewise, it also eliminates the problem of stacking up liquid cash to make payments as it can be used to make both small and big transactions.

They are Convenient- Mobiles are portable and user-friendly. Carrying a mobile is much more convenient than carrying wads of cash. Carrying cash can pose a threat to the security of the person handling it. Services such as Mobile banking and mobile wallet eradicate the chances of being robbed or attacked by assailants. Checking balance amount and keeping a tab on transactions is also an easier task via the mobile phone. Therefore, around 5-7 million users use mobile banking facilities regularly. 

They are easy to Access- As a matter of fact, customary banking has a lot of limitations as in no bank functions 7 days a week, there are restrictions in terms of timings and one has to stand in long queues to deposit or withdraw money. Mobile banking compared to this has no restraints; it can be accessed for transactions and can be monitored at any time, any day be it Monday, Saturday or Sunday, from any corner of the world without any interruptions which gives it an edge over standard banking.  

Credit Card Payment Gateways - Making Life Easier

Attributing to services such as credit and debit card payment gateway offered by service providers to online trading sites, paying through credit card and debit card is a growing fad today. Approximately every person who starts a new bank account today opts for a credit or debit card due to its simple and less time-consuming user process. Paying through credit and debit card is a facile process as compared to paying through a cheque or any other form of payment with the exception of cash payments. Though traders who are more on a face-to-face basis with their patrons find it more appropriate to accept cash payments, merchants who are based online find card payments more feasible.

Card payments are a quicker and economical process as compared to options like Cash On Delivery for traders who are based online. Hence dealers who trade through the medium of online trading platforms opt for payment service providers who offer services such as payment through credit or debit card. Credit and Debit card payments are advantageous for both the dealer and their patron. If this form of payment is inexpensive and faster in comparison to cash payment for the traders, it is also beneficial for their clients as this process is less prolonged and effortless. In addition the shopper does not have to dread stacking up liquid cash for fear that they need to pay a hefty amount for the merchandise they purchase.

Furthermore payment made in the form of credit and debit cards is much safer for both the merchant and their customer as it curtails the probability of fraudulent dealings. It is a time-saver, as neither the trader nor the shopper has to go through the ordeal of standing in a large queue waiting to withdraw or deposit the amount. Payments are completed in a jiffy in a matter of few seconds and it takes less than two days to complete the entire procedure which is also inclusive of debiting the amount in the trader’s account. Hence attributing to its alacrity and enhanced usability, online trading platforms prefer debit and credit card payment gateways than other methods of payment.