Glossary

Digital Payments

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What is the Digital Payments?

Digital payments are electronic payments where the transfer of value from one payment account to another happens using a digital device such as a mobile phone, POS (Point of Sales), or computer, or digital channel communication such as wireless data or SWIFT (Society for the Worldwide Interbank Financial Telecommunication).

There are different types of banking modes to make digital payments, including cards (debit or credit), internet banking, mobile wallets, digital payment apps, Unified Payments Interface (UPI) service, Unstructured Supplementary Service Data (USSD), Bank prepaid cards, mobile banking, and Aadhaar Enabled Payment System (AEPS).

What are the business benefits of Digital Payments?

  • Digital payments improved ease-of-doing business for banking personnel and customers by utilizing digitized tools and applications.

  • Digital payments provide transparency for customers as they can track all transactions with a single click on their banking applications.

  • Digital payments provide facilities to do business across countries by utilizing digital transformation in the banking and financial industry.

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