The Link To Know More About Digital Payments

The Link To Know More About Digital Payments

Demonetization-a phenomenon, that took the whole of Indian economy into a slump on 8th November, 2016. The cash became obsolete and the country went into frenzy. The cash transactions could not happen as the denominations of currency became obsolete all at the strike of midnight clock. The Indian economy was said to have gone a few years back and development was stalled. The sole reason given for demonetization took placed was said to put a stall on black smart film Malaysia money and curb corruption. This incident forced people and governments to think about other payment options in case of other future bouts of demonetization or economic upheavals.

Supermarket workers collection concept Free VectorThe other way was Digital Payment or paying money through the Internet. Yes! It was something which was neither alien nor too common. The internet was there and people indulged in net banking but no one had dared to use digital payment mediums on a day-to-day basis for fulfilling their daily needs. But, we were talking of using the digital payments for even small transactions incurred like, buying a pack of chips or a pack of cigarettes.

Digital Payments and how it is gaining more popularity!

Digital payments methods have been since ages but were not common to India. The country being a developing country with not so advanced infrastructure and internet security measures was apprehensive towards this approach. The first discouragement was the fear of fraud and the inability to use internet for doing such transactions as they were not so educated when it came to online transactions. Identity theft, money laundering, inappropriate usage of funds, etc. are things people questioned about just to begin with. Even the government had no regulations for such type of transactions.

Necessity is the mother of all inventions

As the proverb mentioned above the need to have an alternative for lack of cash in the economy as well as economic upheavals gave rise to the rise for acceptance of online and digital modes of payments. Also, this started a new industry of online smart film video merchants whose sole business revolved around digital payment gateways and the commissions earned thereof. You can also find out more about how payment gateways work by clicking on the following link.

How it works? 

A digital payment gateway or an online payment system works by creating a platform between two entities, one being the buyer and the other being the seller. The individual needs to have specific tools to get ready for digital payment. Presence of a smartphone or a laptop or computer is mandatory as well. The buyer on purchase of an item in order to pay has to go through a gateway which is completely secure and is guided by multiple layers of security walls. The buyer in order to pay can choose from various payment options and then gets directed to a link. On clicking that given link one has to enter a one-time password and only on confirmation does the money gets deducted.