3 types of cashless transaction options via prepaid payment instruments for you

Most citizens want to do cashless transactions because their cash is limited and can not be tightened indefinitely. Abhay Doshi, senior V-P director of Flytxt Digital Service Platforms Business, says: "Digital trading leads to increased transparency, extensibility and accountability.

RBI uses each card or mobile phone as a "prepayment payment tool" to classify each cashless direct debit or transaction model. These can be issued as smart cards, magnetic stripe cards, web accounts, web wallets, mobile accounts, mobile wallets, or paper vouchers. These are divided into three types.

Termination: Issued by an entity that purchases only goods and services, with no withdrawal or redemption of cash. Ola Money is such a closed wallet

Semi-closed: These are used to purchase goods and services including financial services from distributors with specific contracts with the issuer. They also do not allow cash withdrawals or redemptions, including wallets from service providers such as Paytm or State Bank Buddy.

Open: These can be used to enable purchase of goods and services, including transfer of funds at the location of the store, and cash withdrawal at ATM. All Visa and MasterCard fall into this category

Mobile wallet: This is basically a virtual wallet on the phone. You can save cash on your phone for payment online or offline. Various service providers offer these wallets through mobile applications. Mobile applications need to be downloaded on mobile phones. You can transfer funds to these wallets using credit / debit cards or online banking. This means that you do not need to provide details of your bank card every time you pay your bill through the wallet or online. You can use these to pay bills, bills and online shopping

Plastic currency: Includes credit card, debit card, prepaid card. The latter can be issued by both banks and non-banks and can be physical or virtual. These can be purchased and recharged online via online banking, purchased online or at POS, or used as a gift card.

Online Banking: This does not include wallets. It's just a way to move funds online from a bank account to another bank account, credit card, or third party. You can do it with your computer or mobile phone. Log in to your bank account online and transfer via national electronic remittance (NEFT), real time total settlement (RTGS), or immediate payment service (IMPS).

Woori Bank is planning to use the digital currency as a "prepaid electronic payment method". If you are considering "T-money" to pay shipping fee, this is easy to understand. It can be used as a means of payment for common commerce. You can also transfer and transfer funds at low cost. Because you are using a block chain network, you do not need to build a dedicated network to use electronic money, saving cost. In the future, you can extend the service that uses electronic money unlimitedly and connect the block chain in the country. In particular, it has the same security as existing banks to protect against hacker attacks.

RBI uses each card or mobile phone as a "prepayment payment tool" to classify each cashless direct debit or transaction model. These can be issued as smart cards, magnetic stripe cards, web accounts, web wallets, mobile accounts, mobile wallets, or paper vouchers. They are divided into three types: Mobile Wallet: This is basically a virtual wallet on a mobile phone. You can save cash on your phone for payment online or offline. Various service providers offer these wallets through mobile applications. Mobile applications need to be downloaded on mobile phones. You can transfer funds to these wallets using credit / debit cards or online banking. This means that you do not need to provide details of your bank card every time you pay your bill through the wallet or online. You can use these to pay bills, bills and online shopping

The Aadhar payment application is used for cashless transactions. After downloading the Aadhar Payments app, the user can do any transaction without using cash. Here you can pay online without entering details of the bank. Furthermore, after learning the details of UIDAI aadhar card, you can do digital settlement without connecting to the Internet. This is a system to quickly transfer funds to two bank accounts on the mobile platform. It is an advanced version of the Instant Payment Services (IMPS) platform that transfers or retrieves money via accounts or virtual payment service + MMID (Mobile Currency Identification), or virtual ID or Aadhar number + mobile number or IFSC money is.