Online payment services have been in vogue in the western countries for quite a few years now. However, it has recently started gaining traction in our country. Our government has been pushing for a digital and cashless economy ever since he has come to power. So, just over a period of 2-3 years, a number of payment services have come up that allows individuals to conduct business in a transparent and fluid manner. There is no doubt as such that online payment will become an indispensable part of our lives in the coming years.
The reasons why these services will be a popular option in the near future are:
• You can make payments easily and in a hassle-free manner. Whatever service you are paying for, you are able to do so from the comfort of your home and at any time of your convenience. You do not need to rush to a shop or to anyone to complete the transaction.
• Online payments are generally more secure than receiving or sending money via cheques or by demand drafts. The person who is liable to get paid gets his/her payment instantly and he/she do not have to face the inconvenience of going to a bank and getting the cheque encashed.
• It is very convenient to set up an online payment service based on a debit/credit card system. A person can set it up by following a few easy steps and start sending or receiving money almost immediately. Service providers are also compet
ing with each other to offer affordable plans with almost negligible setup costs and equally low transaction rates.
• When a person runs a business that requires his/her customers to make payments at regular intervals, it will be prudent on his part to opt for online payment service. He/she will not have to go to the customers to collect the payments and also to remind them of their upcoming payments. So an online portal lets the person collect his/her dues electronically without facing any hassles as such.
• The availability of an online payment system at any shop or any other place increases the credibility of the place. A person who is buying anything or any service may not carry enough cash to make the payment. Hence, it is important to keep the online option open.
• Big corporations, as well as individual entrepreneurs, have understood the importance of displaying their products or services online. This will enable them to reach a wide range of customers and find a market for their products. Customers who otherwise could not have visited the store to purchase the services or product can now do so by making online payments.
The reasons why these services will be a popular option in the near future are:
• You can make payments easily and in a hassle-free manner. Whatever service you are paying for, you are able to do so from the comfort of your home and at any time of your convenience. You do not need to rush to a shop or to anyone to complete the transaction.
• Online payments are generally more secure than receiving or sending money via cheques or by demand drafts. The person who is liable to get paid gets his/her payment instantly and he/she do not have to face the inconvenience of going to a bank and getting the cheque encashed.
• It is very convenient to set up an online payment service based on a debit/credit card system. A person can set it up by following a few easy steps and start sending or receiving money almost immediately. Service providers are also compet
ing with each other to offer affordable plans with almost negligible setup costs and equally low transaction rates.
• When a person runs a business that requires his/her customers to make payments at regular intervals, it will be prudent on his part to opt for online payment service. He/she will not have to go to the customers to collect the payments and also to remind them of their upcoming payments. So an online portal lets the person collect his/her dues electronically without facing any hassles as such.
• The availability of an online payment system at any shop or any other place increases the credibility of the place. A person who is buying anything or any service may not carry enough cash to make the payment. Hence, it is important to keep the online option open.
• Big corporations, as well as individual entrepreneurs, have understood the importance of displaying their products or services online. This will enable them to reach a wide range of customers and find a market for their products. Customers who otherwise could not have visited the store to purchase the services or product can now do so by making online payments.
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