5 Common Modes of Payment

Every service that we use comes with a price for which we need to make bill payments. How easy would life be if we didn’t have to pay any bills? While there is no substitute for paying bills, service providers have made our lives easier by offering a host of deals to feel the pinch in our pockets a bit lesser through mobile bill payments and a host of other platforms.

This is a win-win situation for both, the company and the customers. Not only do customers save money but facilitating discounts and cashback offers only brings more users to select their services. 

There are various methods of payments that we generally use. These methods include:
1.   Cash- This is the most common method of payment and is also the most liquid form of transaction available. It is accepted everywhere.

2.   Credit Card- In the recent times, credit cards have gained immense popularity. Going cashless is safe and easy to use and it is accepted in most places. All purchases made on a credit card come in a monthly bill to the user of the card. This service is provided by all the banks.

3.   Mobile wallet- There are various apps with which you can load money from your credit card to the virtual wallet. This method is also fast gaining acceptance especially in case of utility bill payments and in the times to come, its usage will only grow.

4.   Net banking- Net banking is another recent way of payment; this is a transfer of payment from one bank account directly to another person’s bank account.

5.   Debit card- Debit cards are the instant payment methods in which can be used for liquidity or as plastic money, both. This service is provided by all banks.

With so many new modes of transactions, paying off bills is no longer a hassle. If you still rely on the traditional modes of payment, it is time you know that ‘cashless’ is the future of payments.