Ways of Digital payment
Banking Cards
Banking cards include all those credit cards , debit cards etc. We can easily get banking cards from any bank.These cards are linked to our Bank accounts, when we make payments through them , cash is deducted from from wer bank balance. These cards can be easily used in POS machines.These cards can be easily used to make online payments that includes paying bills , for recharging etc and can be easily used to withdrew cash from ATMs. 
Mobile BANKING
Mobile Banking is an electronic system of banking which enables customers of a bank to perform a number of financial transactions through the banks website. With the rapid digitalization happening in India Banking through Internet Platform assumes a special significance.
Mobile banking is offered by most of the bank. It involves connecting wer bank account with our mobile .The user gets a unique mobile banking id with a pin.
It enables a customer to know about
Account related enquiries and status
Transaction tracking and history
Loan Installments and funds flow details
Statements
Cheque status
Cheque book Stop payment
Fixed and Recurring deposit opening and renewal
Mobile / DTH recharge .
E-WALLET
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Electronic wallets being very useful for frequent onlineshopping .They offer a secure and portable tool f or online shopping. They store financial information such as credit cards, passwords, PINs and much more.
E-wallets allowUS to keep track of wer billing information .E-wallets store
e cash,example of an e-wallet on the market is PAYTM.
E -wallets are used for micro-payments. One just need to make an account on sites like PAYTM, FREECHARGE etc. And connect it to wer bank account or the smart cards.we can receive money and make payment through E wallets.
Advantages
Many times when we go for online shopping or to recharge , we even not have time to enter our banking card details. So in that case we can use Ewallet. It’s time saving.
Thinking money is insecure in digital wallets , is wrong because all the wallets offers the password security service. And most of the wallets provide the extra security to keep money secure from unauthorized access.
Amount spent on E- wallet can easily be tracked through account
Often we can get lots of attractive discounts on online shopping. So, it can also be a great benefit having digital wallet.
Aadhaar Enabled Payment System
Aadhaar Enabled Payment System is a way to do transactions through the bank account. This system of getting money does not requires any signature or a Debit card. It uses Aadhaar data for the authentication. The Aadhaar Enabled Payment System gives you banking facility.
It enables us to do :
Balance Check Cash Deposit
Cash Withdrawal
Aadhaar to Aadhaar Fund Transfer
It is amazing that through the Aadhaar number we can access our bank account. But it is possible because the Aadhaar is linked with your bank account. This linking leads you to y our bank account. The fingerprint is authenticated by the UIDAI. In response to a transaction, UIDAI tells to the bank about the authenticity of the user. Once, UIDAI authenticates, the bank gives green signal to the transaction
UPI
UPI is a digital payment system that allows money transfer between two bank accounts by using a mobile phone.
It allows a customer to pay from a bank account to different merchants, both online and offline, without credit card, or net banking/wallet passwords. It is a safe process as customers only shares a virtual address and provide no other information.A user can make an app payment for goods purchased online.
The transaction information is first verified and then we have to enter MPIN.
It invoves the following steps
1. Downloading the app from Play Store
2. App login 3. Creating virtual address
4. Adding your bank account
5. Seting M-Pin .
POS
It is a computerized network operated by a main computer and linked to several checkout terminals.
POS system records each sale when it happens, so your inventory records are always updated. We get information about the sale. With the help of running reports available in this system we can make better decisions about ordering and merchandising. With help of POS software :
We can analyze sales data, figure out how well all the items on your shelves sell, and adjust purchasing levels accordingly.
We can maintain a sales history to help adjust your buying decisions for seasonal purchasing trends.
We can improve pricing accuracy by integrating bar-code scanners and credit card authorization ability with the POS system.
There are plenty of popular POS software systems that enable you to use add-on devices at your checkout stations, including electronic cash drawers, bar-code scanners, and invoice printers. POS packages frequently come with integrated accounting modules, including general ledger, accounts payable, purchasing, and inventory systems..
Most systems allows us to enter inventory codes either manually or automatically via a bar-code scanner. Once the inventory code is entered, the systems call up the standard or sales price, compute the price at multiple quantities and provide a running total. Many systems make it easy to enter sales manually when needed by letting you search for inventory codes based on a partial merchandise number, description, manufacturing code or vendor. Once a sale is entered, these systems automatically update inventory records.
Most of these systems provide audit trails so you can trace any problems.
The most valuable way POS systems help you gain better control of your business is through their reporting features. You can slice and dice sales data in a variety of ways to determine what products are selling best at what time, and to figure out everything from the optimal ways to arrange shelves and displays to what promotions are working best and when to change seasonal promotions.
USSD
USSD refers to unstructured supplementary service data. It is a technology that transmits information through GSM network channels. USSD technology facilitates sessions of communication that can be used in various areas of life including banking.
This USSD-based communication can be used for checking your account balance, generating mini statement, fund transfer via MMID (a code allotted by banks on mobile banking registration), IFSC code or Aadhaar number.
This USSD code is common across all telecom operators. There is no need to install any separate application for this, although alternative to install apps and access banking services offline by some banks such as Punjab National Bank and Bank of Baroda is also available on Google Play Store.
STEPS
1.Dial *99# with your registered number and wait for 3-5 seconds.
2.Enter the three letter abbreviation of your bank name or first four-letter of bank IFSC or first two digits of bank’s numeric code and hit send or call button.
3.You will see some options for the services. It can be different for different banks. These options are-
1.Account Balance
2.Mini statement
3.Send money using MMID
4.Send Money using IFSC
5.Send money using Adhar Number
6.Show MMID
7.Change M-PIN
8.Generate OTP
4.Enter 3 in the input box of NUUP menu and submit.
5.In the next menu, Enter beneficiary mobile number, MMID, amount and remarks (optional).
6.Now, you will see another menu. Enter your mobile banking M-PIN and last four digits of your account number and submit.
7.You will see a confirmation message.
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