In finance, rapid changes are constantly occurring as technology advances. Due to the pandemic, the cashless system became a trend, and there is no doubt that it is here to stay. Before the pandemic, only a few merchants accepted UPI payments through apps. Still, because of the COVID-19, almost every merchant has started the practice of cashless payments. Practically every street vendor has started using apps to send and receive money. Going for cashless payments has become a habit rather than spending cash. You can pay bill online in just a few clicks from the comfort of your home.
The only thing you need for cashless payments is a smartphone, an internet connection, and a debit or credit card. You can send money to anyone using your phone number, scan and pay at stores, and via bank transfer. These apps are not difficult to use. They are programmed so that even an amateur can easily use them.
People are still hesitant to use their phones to make payments because they think their information is not safe, but it is not the same. These apps are created with acute security to safeguard your information. For example, before you make transactions from your bank wallet app, it conducts multiple security checks before each transaction. In addition, your bank details are encrypted, providing a layer of security if your phone falls into the wrong hands.
The best thing about UPI apps is that there is no need to carry cash because everyone from a street vendor to an autorickshaw driver to a small business owner to a restaurant has rapidly started using cashless payment apps. Earlier, only the rich used to make payments with cards and not carry cash, but now even the commoner needs a phone to make payments as money moves out of the picture. Cashless payments apps have made the payment process of bills manageable and hassle-free, from your mobile bill payments, electricity bill payments, gas bill payments, water bill payments, and many more.
Online payments apps allow you to do the following:
- Recharge your prepaid mobile number, DTH connection, and other data cards.
- Pay online bills such as electricity, broadband, cylinder, gas, water, postpaid phone bills, etc. You can even set up automated payments so that you can pay your bills on time.
- Recharge your FASTag for all the major service providers like ICICI, BOB, HDFC, Axis Bank, and IndusInd banks.
- Transfer money to anyone, anytime.
- Shop on various websites like Amazon, Flipkart, Myntra, etc
- Order food from various food delivery companies like Zomato and Swiggy
- Pay your insurance such as car insurance, bike insurance, term insurance, etc.
- Book tickets for train, bus, and flights anytime.
- Buy tickets for movies and upcoming events and shows.
- Pay for groceries from various online groceries stores.
- Make transfers between bank accounts.
Is it not amazing that you can do all the above activities with clicks from your phone. Online payment apps save your time and are cost-effective as you usually don’t have to pay any extra money for your payments. You can even track your spending as it records your transactions on the app. You need not visit an ATM to check your account balance as you can quickly check your account balance on the app.
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