Cashless Transaction in India, an initiative, is a process of buying daily eatables from vendors in India, using a feature phone, without any internet connection as required in smart phone or mobile phone, instead of cash payment.

With limited cash in hand and an indefinite crunch in sight, most people are rushing to cashless transactions.

5 Best cashless payment options in India:

E Wallets – Paytm, Freecharge etc..
UPI – Unified payments Interface Apps
Plastic Money – Debit/Credit Cards
Net Banking – Online Fund Transfer
Aadhaar Card – Aadhaar Enabled Payment System

E Wallets :

E Wallets have become very famous nowadays. The demonetization of Rs 500 and Rs 1000 currency notes has been working largely in the favor of digital wallet startups.

1) Airtel Money
2) Citi MasterPass
3) Citrus Pay
4) Ezetap
5) Freecharge
6) HDFC PayZapp
7) ICICI Pockets
8) JioMoney
9) Juspay
10) LIME
11) Mobikwik
12) MomoeXpress
13) MoneyonMobile
14) Mswipe
15) Ola Money
16) Oxigen
17) PayMate
18) Paytm
19) PayUmoney
20) State Bank Buddy

UPI

“Unified Payment Interface” (UPI) enables all bank account holders to send and receive money from their smartphones without the need to enter bank account information or net banking userid/ password.

Unified Payments Interface (UPI) is a system that powers multiple bank accounts (of participating banks), several banking services features like fund transfer (P2P), and merchant payments in a single mobile application.

Plastic Money

5 different kinds of plastic money

  • Credit card
    • Cashless payment with a set spending limit.
    • Payment takes place after the purchase.
    • Great flexibility thanks to installment facility.
    • Most well-known credit cards: American Express, MasterCard, Visa.
  • Charge cards
    • Cashless payment without a set spending limit.
    • Payment takes place after the purchase.
    • No credit or installment facility.
    • Most well-known charge cards: American Express, Diners Club.
  • Debit card
    • Card is directly linked to the cardholder’s bank account.
    • Transaction is debited immediately from bank account.
    • No credit or installment facility.
    • Most well-known debit cards: Maestro, Postcard.
  • Customer card/store card (PLCC)
    • Card with payment and credit function.
    • Can only be used at specific retailers.
    • Well-known customer cards: myOne, Globus, Media Markt.
  • Prepaid card/gift card
    • Card is topped up with credit before use.
    • No credit or installment facility.
    • Open system (American Express, Visa, MasterCard) or closed system (can only be used at specific retailers).