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Digital Payment vs Payment via Mobile Apps

In addition, there are no to minimal paywithRING fees or paywithRING charges on the transactions made through its platform. paywithRING news has shown that it is a highly cost-effective platform.

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Digital Payment vs Payment via Mobile Apps

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  1. DIGITAL PAYMENT V/S PAYMENT VIA MOBILE APPS

  2. The digital era has revolutionized how we make payments, making transactions faster, more convenient, and more secure. There are many tools through which the digital era is transforming the payments landscape in India and the world over. One of the major tools is online payments. Making payments online is now simpler than before the internet was invented. People can now pay bills, transfer money, and make purchases from the comfort of their own homes using their computers or mobile devices. Another powerful tool is the use of mobile apps. Mobile devices have significantly transformed the way we make payments. With mobile payment apps like Apple Pay, Google Wallet, paywithRING, and PayTM, people can pay for goods and services using smartphones or other mobile devices. The ushering of the digital era has made payments faster, more convenient, and more secure. However, we are still not very familiar with these modes of digital transactions and the differences between them. This article aims to understand the difference between digital and mobile app payments.

  3. DIGITAL PAYMENTS V/S MOBILE APP PAYMENTS Are you confused by this title and wondering how they can be different since they are similar? In that case, you are not the only one with that opinion. Although many of us frequently and loosely use “digital payment” and “mobile payment applications” interchangeably, they are not quite the same.

  4. Digital payments are any payment made electronically, such as online or via a point-of-sale (POS) system. This includes transactions made using mobile apps and other forms of digital payments, such as credit and debit cards, bank transfers, and e-wallets. Digital payments can be made using various devices, including computers, tablets, and mobile phones. On the other hand, payment via mobile apps specifically refers to payments made using mobile devices, such as smartphones or tablets. Mobile payment apps allow users to store payment information, such as credit card details or bank account information, on their mobile devices and use it to make payments. Mobile payment apps can be used for various transactions, including online, in-store, and person-to-person (P2P) transfers.

  5. While all mobile payments are digital, not all are made via mobile apps. Mobile payments are a subset of digital payments made using mobile devices and associated apps. Nowadays, many financial transaction platforms allow for digital payments through a dedicated mobile app. One such platform is the RING app. RING app is a mobile app-based lending-cum-payment platform that enables customers to avail of a line of credit while using that credit for their day-to-day transactions.

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