Alternative Payment Options

  1. With demonetization in full bloom, the cash transactions have suffered a stroke and are to be further reduced.
  2. It means that Alternative Payment Options (APOs) would emerge to cater the need of aspiring and growing India.
  3. There are numerous options such as Credit/Debit cards, Netbanking, e-wallets etc. Have a look at the following APOs.
  4. Debit and Credit card is a platform where one gets to keep their money in plastic form. In Jan Dhan Accounts one gets a Rupay Debit card.
  5. Rupay is government’s own electronic payment facilitating system like Visa or Mastercard. In other words, RuPay is a competitor of Mastercard and Visa in India.
  6. Visa or Mastercard which one finds on their cards are the online payment facilitating multinational companies.
  7. Other is net banking with an user id and password. Now Mobile banking is also easy with apps.
  8. E-Wallets such as Paytm, freecharge are the ones who are actually minting money with demonetization. There are advertisements being done all over by these companies because people misery is their opportunity. Like Doctors!
  9. Transfer money from bank account using Credit/Debit cards, net banking etc in these wallets and then your mobile having an e-wallet app serves as your physical wallet.
  10. Unified payment interface (UPI) is the another method and a new innovation where a virtual payment address (VPA) is created of the account holders and transfer of money is quick and simple.
  11. Accessibility of these solutions to a large part of the country is as important as its availability.
  12. Rural part of the country is still not even well versed with these names and the technicalities involved. For them its a nightmare.
  13. Call drops in mobile communication is still an unadressed challenge and at the top of it, lack of adequate infrastructure such as optical fibre, etc. would pose an additional problem to Alternative Payment Options (APOs) which are totally dependent on internet availability with respectable speed.
  14. Slow internet, frequent disruptions turn off the users and at times money is debited without actually payment having made. This is terribly disappointing.
  15. Further the bigger challenge is lack of cyber security which may lead to cyber frauds, hacking of accounts, fraudulent transfers and a recent case of leak of millions of debit card details in China is worth worrying.
  16. The move towards cashless economy is laudable but without provision of safe alternative payment options, it is laughable. Not for the users, but for hackers and Specially Chinese!
  17. They expertise in intruding in everything. From Big oceans to a small country, from neighborhood to domestic market, they intrude anywhere and everywhere. Atleast they must be kept away from common man’s bank accounts !