In recent years, the adoption of online payments has seen a major increase in India. All thanks to the development in the tech industry as well as the Covid-19 outbreak. Especially after the pandemic, more and more people are relying on digital transactions instead of handling cash.
Around some time back, I always had a question in my mind: “how to pay electricity bill online?” which was cleared when one of my colleagues showed me how to do the same simply via your smartphone. Long gone are the days when people actually used to visit official sites.
What is an online payment?
As the term implies, it is a transaction conducted over the internet that allows individuals or businesses to electronically transfer money from one account to another. This can also be used to complete a purchase, payment of bill, etc.
Instead of using physical cash, cheques, or other traditional methods, online payments leverage digital channels for processing.
What are the benefits of an online payment?
● Convenient
The topmost benefit of online payment is convenience. Customers can easily make transactions from the comfort of their homes or on the go. You can easily initiate electricity bill payment India while sitting in your comfort zone.
● Round-the-clock availability
Unlike physical stores with specific operating hours, online payment systems are available round the clock.
● Speed
Be it property tax online payment or your mobile recharge payment, the speed here is super fast. These payments are typically processed instantly, enabling swift transactions and immediate access to goods or services.
● Enhanced Security
Reputable online payment providers like, for example, Bajaj Finserv, implement robust security measures. This includes encryption and fraud detection to protect sensitive financial information.
● Cost-effective
Online transactions can be more cost-effective for businesses compared to traditional payment methods. This is simply because it saves money on physical infrastructure and processing paper checks.
Which are the 5 best online payment apps in India 2023?
1. Bajaj Finserv
This is undoubtedly the top most application for online payments. Be it online electricity bill payment or mobile bill payment, with just a few taps, you are more than good to go. Apart from online payments, it has a lot to offer, like investment options or even loan options. Highly recommended from personal experience!
2. Google Pay
This application allows you to directly execute transactions from your primary bank account without having to maintain a separate wallet. Facilities such as paying utility bills, mobile recharge, or transferring money from one account to another are available.
3. Freecharge
It is the application that allows users to execute transactions, including DTH bill payments, metro card recharge, and investment in digital gold. Moreover, it is quite easy and simple to use. Before installing Bajaj Finserv, I used to use this application only.
4. Samsung Pay
It allows you to add your debt or credit card to it, after which you can use it to pay from your card online or even offline channels. This erases the need to carry your cards with you physically. For those people who have a lot of cards, this app becomes quite feasible and handy.
5. Amazon Pay
This payment service offered by Amazon allows users to pay for purchases on websites and mobile apps using the payment and shipping information stored in their Amazon accounts.