There are several ways in which businesses are accepting payments in India. They are adopting carious digital modes of payment to provide their customers comfort and convenience. This is one of the simplest ways to attract their customers towards their business. Whether it is all about crypto currency or selfie payments, our 21st century is not at all lagging behind the use of technology and its innovation. Previously business used to accept either cash or cheques, however, now in the modern business world, the businesses have chosen the most advanced way of accepting payments from the customers such as digital payment modes from banking apps. In this post, we list five ways in which businesses are accepting payments in the 21st century. Take a look.

1. Cash

As previously businesses used to accept cash which is the simplest way to shop and fulfill your needs. This mode of payment will never diminish as there are still people who prefer paying cash rather than using digital wallets. Even after the GST implementation, educational workshops and trainings programs arranged by the government, people are still uneducated in various parts of the country and do understand how to make use a smartphone and digital apps for money transfer. That’s the biggest reason they prefer paying cash.

2. Credit and Debit Cards

Digital means of payments have made various processes easier and convenient for the user such as e-filing, GST calculations in India and so on. Today, banks have provided convenience when it comes to the payments for shopping and money transfer from one bank to another. People are frequently making use of debit and credit cards to shop around whether from e-commerce sites or direct from the stores. People using credit or debit cards also gets various benefits on using them for making payments such as incentives, discounts and gift vouchers.

3. Cheque

Using cheques for payments is one of the traditional methods of doing transactions. There are still some traditional large corporations, businesses and companies whose accounting departments are using cheques to process the payments and fund transfers. However, now the cheques can also be deposited using smartphones and banking web applications. Therefore, one of the best ways to pay while you are running short of cash, is using a cheque.

4. Auto-Debit

Auto-debit is another perfect way of accepting cash ad doing payments. It not only provides convenience but also reduces the tension of the user to pay the credit card, electricity and mobile bills. The major advantage of using auto-debit feature of banking is that you do not have to generate the invoice as it is already automatic, the entire payment process gets automated and the payments are proceeded and transacted in a timely and scheduled manner. It gives you peace of mind as it runs on an autopilot mode.

5. Mobile Payments

Using mobile payment method is one of the most convenient and most-used method of doing transaction whether you are in any state of the country. There are several applications using which you can pay the cab, mobile bills, electricity bills, shopkeepers on purchase of different items. After the GST implementation, various ASPs and GSPs have introduced GST- compliant apps using which the e-filing, returns and ITC can be proceeded. Using the smartphones, you can use banking apps, private transaction apps, your credit cards and debit card for payments. In fact, you can transfer your money from one bank to the using mobile-friendly applications.

The Final Thought

These are the common ways in which Indian market is accepting the payments and the transactions on almost every purchase, business deals and property installments. However, before you plan to download any banking application in your smart phone, make sure it is free form malware as they can hack your sensitive and essential banking information as well as the personal information and may misuse it further. Therefore, research and find the authentic app that saves your data and meets your safety and security needs.

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Company: GST Keeper
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November 2020