Digital payments.

What is  Digital Payments?

• A digital payment version of something may be accessed or downloaded via devices like tablets, laptops, and mobile phones when it has been digitized. The financial services business has been significantly impacted by the development of computers and smartphones. 

• Using computers and mobile phones, people may now do a variety of tasks, including check their bank account, confirm account information, transfer funds, deposit money, renew deposits, pay bills, and make reservations. 

• The development of ATMs also reduced the amount of time it took to withdraw funds from banks. Digital services help save time by providing services with a single touch. They want continuous access to data.

Digital Payments Tools provides this data:

OTP.

• An OTP is a random string of letters or numbers that the user uses to authenticate themselves for a single transaction or login. A one-time pin (OTP) is a dynamic password that is often more secure than a static password. OTP may be used in conjunction with static passwords, which could be compromised or employed across multiple accounts. OTP may be used as a login credential for verification or in conjunction with static passwords. in addition to them, to provide more security.

• Whenever an unapproved user attempts to log in, an authentication manager on the network server generates a number or shared secret using one-time password techniques. Carries out transactions through a system or a device. The security token on the smart card or device is a one-time password and is used to verify the user's identity and Performs authentication.

The qualities of OTP  are listed below:

1. The one-time password aids IT administrators and security managers in preventing typical password security problems.
   
   
2. They are not required to worry about following composition rules, well-known terrible and weak passwords, sharing login credentials, or utilizing the same password across many systems and accounts.
   
   
3. One advantage of one-time passwords is that they expire soon after usage, which prevents hackers from obtaining and reusing the confidential information.

QR Code.

• The acronym QR Code stands for Quick Response Code. QR codes are two-dimensional barcodes that can be read by smartphones. In addition to displaying material to the user, adding a contact to the address book, and opening a URL, QR codes may also be used to send text messages. "QR Code" is listed as a trademark of DENSO WAVE INCORPORATED.
  
  
• It is an optical label that includes information about the linked item or product and that may be read by a computer. The QR codes that were developed for vehicle manufacturing facilities were used to monitor inventories of auto parts. After installing one, scan the QR code with your smartphone's camera when you open the program.

The following are the features provided by QR codes:

1. A regular barcode can only contain twenty digits of data. But QR codes can provide up to a hundred times more data than bar codes. QR codes may be used to handle all types of data, including text, numbers, photos, audio, and video files.
   
   
2. A QR code symbol can hold 10 times as much data as a barcode of comparable size since it has a two-dimensional arrangement. A little QR code may be used for a smaller print size.
   
   
3. Errors may be fixed using the QR code's capability. The data in QR codes may still be retrieved even if some of the sign has been lost or broken.
   
   
4. Simple to read from any perspective.

UPI.

• The National Payments Corporation created the Unified Payment Interface (UPI), a system that enables payments to be made instantly. Users may move money between bank accounts using the Unified Payment Interface (UPI), a smartphone application. The single-window mobile payment mechanism was created by the National Payments Corporation of India (NPCI). Customers are no longer required to input sensitive data such as bank account numbers each time they initiate a transaction. 
  
  
• You may securely connect your bank account to a smartphone app and make payments using the cutting-edge payment method called UPI. A bank account's UPI ID is a unique identifier that can be used for financial transfers and receipts. A 4-digit personal identification number known as the UPI PIN must be entered in order to approve a financial transaction via UPI. The account holder may select the PIN.

UPI offer the following features:

1. Instantaneous fund transfers through the Immediate Payment Service (IMPS), which is faster than NEFT.
   
   
2. Because it is completely digital, you may use UPI whenever you like, even on all national holidays.
   
   
3. Use one mobile app to access several bank accounts.
   
   
4. You can submit a complaint online for your transaction.
   
   
5. Different banks provide a unique UPI for different versions of iOS, Windows, and Android. Banks may or may not bill for the UPI service.

Cards:

Credit Card.

A credit card is a payment card that allows users (cardholders) to borrow money from financial institutions. Cardholders agree to repay the funds, along with interest, in accordance with the institution's policies. The majority of well-known credit cards, such as Visa, MasterCard, Discover, and American Express, are frequently issued by banks, credit unions, or other financial organizations.

Debit Card.

Debit cards take money directly from the user's checking account as an alternative to borrowing money from a bank. Debit cards allow you to use your savings to make purchases without using paper checks or cash. Sometimes it's called a check card or bank card. Debit cards can function as both a check while making a transaction and an ATM card for quick cash withdrawals.

Debit Card provides the following features:

1. It's easy to get a debit card.
   
   
2. They are now recognized everywhere and free of debt.
   
   
3. You don't need to carry cash.
   
   
4. One account can be linked to multiple debit cards.

E-Wallet.

• Using a computer or smartphone, you may make purchases with an e-wallet, which is a sort of electronic card that is sometimes referred to as a "digital wallet." With a prepaid account, a user can save money for future online purchases. It has password protection. An e-wallet must be linked to the user's bank account to make payments. Like a credit or debit card, it also has the same function. An electronic wallet can store other items, such as your driver's license, gift cards, tickets and Transit cards are a safe place to keep them. 
  
  
• An e-Wallet's main purpose is to make it easier for consumers to conduct cashless financial transactions. Some examples of e-Wallets are Paytm, Mobikwik, PhonePe, Freecharge, Airtel Money, State Bank Buddy, ICICI Pockets, and others. In India, there are a large number of payment gateways, including those for e-Wallets.

The features offered by e-wallet are listed below:

1. Easy to use.
   
   
2. Rapid Deal.
   
   
3. There is no minimum amount necessary to use digital wallets.
   
   
4. Digital wallets are safe because they are protected by passwords.