Traditional to Modern: The Journey of Payments
Traditional to Modern: The Journey of Payments
Blog Article
In the past, people mostly used cash or cheques. Then came debit cards and credit cards. Now, we use UPI apps, digital wallets, and even pay to link options.Every payment mechanism has a certain function.
Let's examine some of the most often used payment methods in the modern digital world in more detail.1. Cash
Still used widely, especially in small towns and markets. But cash has some disadvantages:
Not secure
No record of payment
Needs physical handling
While it's useful, cash is slowly being replaced by digital options.
2. Debit and Credit Cards
These plastic cards made payments easier at stores and ATMs. You can:
Swipe or tap at POS machines
Withdraw cash from ATMs
Use them for online purchases
Cards are safe if used carefully. But they may not be accepted by small vendors.
3. UPI Payments
In India right now, the most widely used digital payment mechanism is UPI (Unified Payments Interface). UPI is used by apps such as PhonePe, Google Pay, and Paytm.
With UPI, you can:
Pay by scanning a QR code
Send money using a mobile number
Receive payments instantly
Platforms like Payplex support UPI for both customers and merchants, making transactions smooth and instant.
4. Digital Wallets
Wallet apps store money digitally. You can:
Recharge them with money
Use them to pay bills
Shop online
Wallets are useful for small, quick payments. They work well with prepaid plans and subscriptions.
5. AEPS (Aadhaar Enabled Payment System)
This system uses your Aadhaar card and fingerprint to do banking, especially useful in rural areas. You can:
Withdraw money
Check account balance
Transfer funds
Payplex helps agents use AEPS through micro-ATM and kiosk solutions, expanding access to banking for everyone.
6. Pay to Link
Pay to link is a smart way to collect money without needing a payment terminal. You can create a link and send it to your customer. They click and pay—simple and fast.
It’s perfect for:
Freelancers
Online sellers
Tutors
Using the Payplex payments application, you can easily create, send, and manage these links.
7. Net Banking
Accessed through bank websites or apps, net banking allows users to:
Transfer money via NEFT, IMPS, or RTGS
Pay utility bills
Book tickets and pay taxes
Though useful, it’s more complex than UPI or wallet apps and often used for larger payments.
Solving Common Payment Issues
Even with many options, people still face payment issues:
Failed transactions
Delayed credits
Server errors
Platforms like Payplex help reduce these issues by:
Offering real-time payment status
Providing quick refunds
Ensuring secure processing through modern bank processing tools
Choosing the Best Means of Payment
Not all payment methods work for every situation. Here's a simple guide:
Situation
Best Method
Buying vegetables
UPI or Wallet
Online shopping
Credit/Debit Card
Paying electricity bills
UPI or Net Banking
Collecting tuition fees
Pay to Link
Business settlements
Bank Transfer / AEPS
The Role of Pay Digital in Today’s Economy
To pay digital means to use mobile or online methods to complete payments. It:
Reduces cash dependency
Makes transactions safer
Offers digital records
Payplex supports various means of payment, helping users adopt the pay digital lifestyle easily.
Bank Circle and Local Access to Payments
A bank circle is a network of local banking agents who offer basic banking and payment services in a community. These circles help:
Connect rural users to digital banking
Offer AEPS and ATM withdrawals
Make easy pay payment tools accessible even in remote areas
Payplex partners with agents and retailers to build strong bank circles across India.
Payments Application: One App, Many Options
The Payplex payments application brings all payment options together:
UPI and QR Code payments
Pay to Link for merchants
Wallet top-ups
Bill payments and recharges
AEPS cash withdrawal
You can manage all of your payments with a single app, regardless of whether you're a customer or a retailer.
Concluding remarks
Today, money may be sent and received in a variety of ways, including digital apps and cash. Each has its place. But digital payments are clearly the future.
With platforms like Payplex, users can choose the means of payment that suits them best—be it UPI, AEPS, or easy pay payment. These tools also help fix payment issues, offer strong bank processing, and build secure, fast, and user-friendly experiences.