It is possible to be out for an entire day and not need your wallet even once. After all, when you have a good payment app on your phone, why would you need cash or cards?
Paying your bills online is one of the easiest, most convenient things to do. But the online payment becomes simple and convenient only with a well-designed payment app.
Why India is embracing digital transactions
The country had been slowly adapting to digital payment modes, especially when shopping online or booking tickets. However, even those who preferred to predominantly deal with cash were forced to change their spending habits when demonetisation of Rs 1,000 and Rs 500 notes was announced in November 2016. With a sudden scarcity of cash, everyone was forced to go digital, whether in terms of banking or buying groceries.
There are several benefits in digital transactions, chief among which are the elements of affordability and savings of time. This is amply clear in the arena of bill payments. Instead of going to bill payment centres to settle bills in cash, online settlement is much faster and convenient using payment apps. All the leading payment apps in the country, from UPI to Airtel’s myAirtel app, are free to download and use. They can be set up quite easily and are completely secure payment channels.
The forecast for the growth of payment apps in India for the year 2018 is an encouraging one. According to the EY Fintech Adoption Index 2017, the payments and financial tech ecosystem in India is poised to continue its high growth trajectory. According to the Index, India ranks only behind China in terms of overall fintech users among the digitally active population. India is said to have 52% fintech users as compared to 69% for China.
With advancements like the UPI (Unified Payments Interface) and Airtel Payments Bank becoming mainstream, more and more users are adopting payment apps to transact across a variety of functionalities. Since the app is a virtual wallet on your phone, you really don’t need to carry your cash or cards when you’re out and about!
How a payment app helps to manage your money
* Everything in one spot. Good payment apps are designed to offer a one-stop solution for all your payment needs. Whether you wish to recharge your phone or DTH connection, or pay your postpaid or broadband bill, or even browse for new offers, the payment app offers all these functionalities on one platform. So you don’t need to access each utility or mobile service provider’s website one by one to pay your bills.
* It records all your transactions. A good payment app stores your transaction history, so can be aware of your spends through the year. This record is helpful when you wish to assess your expenses or make major changes to your budget. Besides, the record helps you in case you wish to raise a query with any service provider.
* It alerts you about upcoming payments. Bill payment is a necessary evil in every person’s life. A variety of bills are to be paid every month, and keeping track of them all can become difficult. You might even miss out on a few bills and get penalised for the same! But a payment app sends reminders about upcoming due dates, so you never miss a payment.