Digital payments have changed the way we shop and manage expenses. With the holiday season approaching, methods like this offer convenience and security. Amidst shopping for gifts, planning a getaway or hosting a gathering, using digital payments ensures that your budget doesn’t spiral out of control.
Popular Types of Digital Payments in India
Payment methods like UPI, mobile wallets, and mobile banking have rapidly gained popularity in India, revolutionizing the way transactions for goods and services are conducted. The following digital payment solutions provide numerous benefits, particularly for holiday shoppers looking for convenience, speed, and ease of use.
- UPI (Unified Payments Interface) – Instant, real – time bank transfers with no hassle. UPI has become one of the most widely used payment systems in India due to its simplicity. With UPI, users can send money between bank accounts without the need to enter bank details.
- Mobile Wallets – Popular virtual wallet apps make payments online or in-store easy and quick. Mobile Wallets allow users to store money digitally, eliminating the need to carry cash or cards. Wallets also allow users to pay easily whether they are shopping online, paying bills or even splitting expenses
- Mobile Banking – Use your bank’s app to manage your accounts, pay bills, and transfer money, all from your phone. Additionally, users can invest their savings in fixed or recurring deposits. Banking apps also provides support for digital savings account holders in case of any fraud or card misplacement.
- Net Banking – Net banking offers secure and efficient fund transfer options. NEFT (National Electronic Fund Transfer) allows transfers without any minimum or maximum limit, making it versatile for various needs. RTGS (Real-Time Gross Settlement), ideal for high-value transactions above INR 2 lakh, enables real-time transfers without delays. Both methods ensure reliable and seamless payments.
- Bank cards – Debit and credit cards have become essential tools for financial transactions, offering users the convenience of accessing their own funds or borrowing within a set limit. Renowned providers like VISA dominate the market, while leading banks also offer a variety of innovative card options. For instance, DBS Bank’s EaseMyTrip Green Debit Card stands out for its eco-friendly design, made with 99% recycled plastic, contributing to a reduced carbon footprint.
How Digital Payments Simplify Holiday Spending
- Ease of use
During the holiday season, digital payments simplify shopping by offering convenient sources like UPI and mobile banking. With these options, there’s no need to carry cash or search for an ATM. Moreover, UPI’s ability to function without an internet connection (you just need to set it up) makes it one of the most accessible and hassle-free payment methods available.
- Budgeting and tracking
Whether you are on a gift shopping spree or planning a holiday party, digital payment apps help you track every purchase in real time. These apps can help you make conscious decisions by providing detailed insights and the ability to see your account balance instantly. In addition, you can set spending limits and receive notifications when you’re close to reaching your budget.
- Enhanced security
With transactions happening online, security becomes a major concern. However, with digital payments you can shop without any worries. These payment systems come with advanced security features that protect your financial information. Some of these well-known security features are:
- Encrypted transactions
- Two-Factor authentication (2FA)
- Tokenization
- Secure login for Mobile Banking apps.
Tips for Making the Most of Digital Payments This Holiday Season
- Leverage mobile banking offers
Digital savings accounts often come with exclusive offers and discounts accessible through their dedicated banking apps. By utilizing these deals, you can save money while keeping your holiday expenses under control and staying within your budget.
- Opt for contactless payments
Speed up in-store purchases with tap-to-pay credit/debit cards or UPI. No need to waste time fiddling with your wallet for cash. This feature is ideal when you’re in a rush or dealing with long checkout lines, allowing you to make quick purchases and move on with your day.
- Verify transactions
Always check payment details before completing a transaction to avoid any errors or fraud. Don’t share sensitive information such as UPI PIN with anyone as that could lead to unauthorized access to your account.
Final Thoughts
Digital payments have significantly simplified how we manage holiday expenses. With methods like UPI, mobile banking and mobile wallets, you can shop, track and secure your finances from your phone. By using these tools, you can focus on enjoying the holidays without worrying about your budget.
If you are looking to avail yourself of benefits of digital payments, consider opening a digital savings account with DBS Bank. With DBS Bank’s digibank app, you can manage your expenses easily. At the same time, as an account holder, you get access to incredible deals available during the holiday season. Open an account online or by visiting the nearest branch to start enjoying these benefits.