Money goes digital - how do I do online transactions

Online transactions are easy, safe and convinient. There is no tension of getting theft or losing money in the crowded market place or in a hospital. It is accepted every established shops, cinema hall, jewellery shops, hospitals even can services.

It wasn't any different day for Rajiv, he woke up, looked at his mobile, checked the news app, freshenup, got ready and booked an UBER cab, today he had got Paytm offer, so paid by it. He got down right at the office door, he found many people gathered in groups discussing #demonitisation. Though he wanted to share his views too, but he was running late and wanted to have breakfast at office cafeteria, he had a full plate chole nature and paid by his preloaded card and entered his desk. His work was going smooth with occasional interruption with the demonitisation of currency, suddenly a reminder popped up! it was his fiance's birthday and he had forgotten it. An idea struck his mind, he checked and found an online offer on cake and bouqet, he paid through credit card and ensured a delivery to her office within 1 hour making it a real big surprise for bday!

Day passed by and he managed very well with cards, net banking,credit cards, pre paid card hardly disturbing his daily routine.

But this is not the case with all of us. It's high time we understand the benefit digitisation of money and ease of using it. 

How do we get at ease with digital transactions

There are atleast 6 broad category available to make most of your money digitally.

1. Net banking - Most of the time it is sheer inertia or misconceptions to create a net banking account attached to your existing savings account more than fear of online money theft. This has become all the more convenient with the launch mobile applications in the same. One can use it for checking balance, create fixed deposits, recurring deposits, transfering money to other accounts, pay utility bills, credit card bills, buy mutual funds, insurance and even apply for #IPO. For transactions, one can opt for #NEFT #RTGS #IMPS options available in the website itself. These secured transactions with password and security check through mobile varification.

Debit card - This is the oldest form of plastic money. Very common yet less used in transactions other than withdrawing money from ATM. With the ATM PIN, one can use it for online transactions as well as at merchant counters i.e. shopping, dining, movie tickets everything. 

Credit card -This mode exist as long as debit cards, but this is a tricky one. This is not your money, this is a short term loan which attracts very high interest on non payment in he stipulated time. This is a good mode if one uses responsibly. 

Online wallets 

This segment is picking up in India. This wallets can be loaded with money using netbanking and can de used in small amounts.The best part about the online wallet is transaction gateways are not exposed to the bank accounts, hence safer. These are like actual wallets and money can be transfered to anyone with the same online wallet. #Paytm #MPesa are some example of e-wallets. There are some charges attached when you transfer the wallet money to your own account.

UPI - It is government's answer to e-wallet.It is an interface through which account holder of one bank can transfer/receive money to someone having account in same/different bank through smartphone. Multiple bank accounts can be linked to a single cell phone. The transaction takes place through virtual address hence, no requirenent of bank details There would be no need to enter bank details.Transaction can be authorised by entering either Aadhar card number or mobile phone number. It can be used for shopping, Bill payments etc.

Prepaid cards - It is nothing but your own money loaded in the card, can be used like a debit card, howeve unlike your debit card it is not attached to your savings account