Know the Success Story of India’s Mobile Payments System
Over the last few years, there has been tremendous growth in digital payments in India. It started with paying through the websites using the bank credit and debit card, but these days you can find countless apps to make transactions within seconds. You can choose the best payment app in India, link your bank account with it, and make online payments with just a few clicks. You do not even have to bother about filling in confidential information on the app; they follow all the data safety norms, offering a safe and secure payment channel to the customers.
Let us dig deeper to understand the mobile payments system and how it evolved in India.
What is a Mobile Payments System?
As the name indicates, it is the payment method that allows you to make the transactions through your phone. Therefore, you need an app on your digital device that supports the payment system and an uninterrupted internet connection. As you begin looking for the best platform, you will come across countless mobile payment apps in India. The number is constantly increasing, and with that, the features that these apps offer are also getting better. Especially after the monetization and pandemic, the demand for mobile payment systems has increased, and so have the apps in the market.
Evolution of Mobile Payment System
Mobile payments started in 2010 when NPCI (National Payments Corporation of India) launched the IMPS option. IMPS stands for Immediate Payment Services; for the first time, people got a 24×7 fund transfer option that they can do through their mobile phones. People readily accepted this mode as they badly needed something to assist them with fund transfers at any time of the day. Along with IMPS, there were other available options like RTGS and NEFT.
The revolution started with the introduction of UPI (Unified Payment Interface). In 2016, NPCI announced the launch of UPI and took a leap in making the economy cashless. You do not need cash or a card to complete this transaction. There are many options for the best payment app in India. Simply downloading the app and registering yourself on it, you can start with online transactions. You will need to link your bank account with the app during the registration process for easy and convenient payments. Many people adapted to these mobile payment apps in India in the early years. However, the usage increased too many folds during the monetization and pandemic phase.
Mobile Payment System Benefits
Mobile payment system offers the utmost convenience to consumers, whether they want to shop or pay their utility bills. It proves equally beneficial for the business vendors, as they can attract more customers by offering app-specific discounts. The reason people use the app for online payment is the lucrative cashback deals. They are more likely to shop from the app that offers better cashback and follows a seamless transaction process. The only thing you need to be careful about is choosing the perfect app. Go through customer reviews to infer how the app works. Once you get satisfied with the app offerings, start using the app to enjoy all the perks of this technical evolution of digital India.
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