Since November 8, every Indian has only one thing on mind: the dilemma of choosing a safe, secure, convenient and cashless payment option. Currently available cashless payment systems include credit/debit cards, e-wallets such as Paytm, Unified Payment Interface (UPI), IMPS, USSD, RTGS, and NEFT. Which one should you use and for what kind of transactions? Here’s how you can decide.
We have compared them all on eight different parameters to help you choose what suits you best: < ..
1. Time taken to complete a transfer/payment;
2. The maximum amount you can transfer;
3. The financial details/information (e.g. account number etc) that you need to complete the transfer;
4. How is the transaction validated/authenticated;
5. Whether you will earn interest on the money kept in reserve in the payment system?
6. Whether you need to specify who the money is being transferred to in advance i.e. register the beneficiary (recipient) of the ..
7. What infrastructure/technical support is a must for the transfer to happen
8. And lastly, what are the costs involved There is no single ‘best’ payment option for everyone and all transactions. However, you could try to pick a payment option suitable for your purpose. Below is an overview of the comparison