E-Wallets or Digital Wallets

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E-wallets or digital wallets are different from physical wallets. Customers can make payments using e-wallets from any device by connecting them to the device. E-wallets safely store your customer’s payment and other financial details in the cloud. The Global Payments Report 2022 revealed that digital wallets are likely to account for more than 72% of regional eCommerce transactions in 2025.

3. Net Banking
Net banking enables customers to make payments online directly from their bank accounts. All the user needs to do is log into their bank account through an online platform or application and enter the dealer’s bank account details to make the transfer.

4. Prepaid Cards
Prepaid cards are similar to debit cards. A sum is added to the cards, which afghanistan phone number list can be used to make online payments. They can also be used in ATMs to withdraw cash. According to the India Digital Payments Annual Report, payment modes like UPI, debit and credit cards, and prepaid cards processed 87.92 billion transactions worth INR 149.5 trillion.

5. UPI and Mobile Payments
Mobile payments can be made with mobile or tablet devices via applications like Paytm, GooglePay, PhonePe, etc. As per a report, UPI recorded over 74.05 billion transactions in volume and INR 126 trillion in terms of value. It’s a 91% increase in volume and over 76% increase in value in 2022 compared to 2021. A survey of 2,519 Indian customers revealed that Google Pay has taken the spot for the most used online payments by brands in 2023.