Most Popular Online Banking Methods in India
In 2021, it is estimated that there were over 35 billion digital transactions in India throughout the year. All these transactions are also estimated to have been valued at over 60 trillion Indian Rupees.
With these numbers, India is now one of the biggest drivers of the global digital economy. Data Focus reported that aside from buying groceries and paying bills, Indians are also spending money online to purchase costlier items like jewelry and home decor.
Some are also using UPI, their credit or debit cards, and e-wallets for online gaming and gambling. Many would place bets on different sports, especially cricket using 10CRIC Neteller and other online payment solutions on other sports betting sites.
Well, speaking of different modes of online payments, what are some of the most popular online banking methods popular in India? Let’s have a look at them in this article.
Credit or debit cards are still the most popularly used online payment option in India today. When it comes to the leading card payment systems in the country, are Visa, MasterCard, and RuPay.
It’s not surprising that this remains the most popular option. It is the most convenient, after all. Once you already have the card, all you need to make sure is that it’s activated and it has money or an available balance so you can use it for any online transactions.
It’s a ready-to-use payment system anywhere you go and is still one of the safest ways to transact online. Most, if not all, e-commerce, online gaming, and online gambling platforms still accept major bank cards today, so it’s also the most accessible.
Unified Payment Interface (UPI)
Aside from credit and debit cards, UPI is also extremely popular in India. It’s a payment system that combines various bank accounts in one app so multiple transactions can be made easily.
With a UPI, you can easily transfer funds to other people without typing in your card details all the time. The same goes when purchasing online goods. Of course, that’s as long as your UPI is already registered or saved on the platform.
Currently, there are over 220 banks that live on UPI. It’s so easy to use too since you only need to have a mobile device and an internet connection. Many banks also don’t charge extra fees for UPI transactions.
Mobile wallets are online or digital wallets you can access on your smartphone or other mobile devices like tablets. These are platforms that allow you to store money online. It’s technically a mobile app version of online banking.
Also, there’s no need to use plastic cards to make mobile wallet transactions. Most of the time, you only need your mobile number and password to use your wallet. Nowadays, QR payments with the help of your mobile phone’s camera are also becoming popular.
Some of the most popularly used mobile wallets in India right now are Paytm, Freecharge, Mobikwik, Jio Money, and mRuppe. These are platforms that are also known as non-banking mobile wallets.
Unstructured Supplementary Service Data (USSD)
USSD is somewhat similar to mobile wallets and mobile banking. However, this is a payment option that doesn’t require an internet connection. Anyone with a mobile service can use this option by dialing *99# to gain access to the interactive menu that shows digital payment options.
Think of it as a dial up version of mobile wallets. Instead of using the app, you’re using the old-school way to access your sim menu. It’s very convenient if you are on the go and you suddenly run out of mobile data. This is also a great option if you live in a rural area.
NetBanking is an electronic payment system that lets you transact with online platforms with your banking info and confirm the payment through your bank’s official website. So, you won’t need a banking app for this.
As long as you know your online banking login info, you can complete an online transaction. Of course, that’s also as long as a platform accepts transactions with your chosen bank institution with online banking.
Cryptocurrencies are also gaining more popularity in India. It is estimated that there are over 15 to 20 million crypto users in the country. Bitcoin is on top when it comes to what cryptos the majority of Indians own.
Many crypto users in the country would use crypto for gaming and gambling. That’s why the majority of popular betting sites in India like 10CRIC, Parimatch, and 22Bet accept cryptocurrencies.
Cryptocurrencies like Bitcoin are mainly convenient to use for international transactions. It also allows anonymity when transacting with crypto online. That’s also why anonymous online casinos and betting sites only allow crypto.
Those are just some of the most popular online payment solutions in India. The country is slowly but surely moving towards a cashless economy. This is evident in how more and more online payment solutions are becoming available to the locals.
With billions of online transactions each year, the future of digital payments in India is surely looking bright.