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26 Sep

Know About Various Modes Of Payment And How These Make Your Life Simpler

  • By Editorial Team
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Introduction

From water to electricity and from rent to grocery, we all have many bills to settle by the end of every month. However, fortunately, with the development of digital technology, the process of payment has become simpler. This shift found impetus with the government encouraging citizens to embrace ‘paperless and cashless’ transactions.

The launch of the Digital India programme in 2015 saw the country taking giant strides towards becoming a digitally empowered society. With the aim of empowering every citizen and business to transact easily and efficiently, several digital wallets and other forms of payment platforms came into being and found many takers. Not just India, this shift towards a cashless society is a global phenomenon.

Closer home, today there are several options available for paying your dues and clearing the pending amount with a few clicks on your smartphone or by visiting your nearest e-store. Hero FinCorp for the benefit of their costumers has come up with new modes of payments that make the process easier and faster. So, let us look at the different payments modes supported by Hero FinCorp.  

1. Physical payments

Those who are comfortable paying the vendor directly instead of transferring money from a different place can choose to find the service provider and pay the amount. Hero FinCorp has multiple outlets and you can find out the nearest store by visiting their website. Visit the store and clear your pending bills via cash, cheques, e-wallets, credit or debit cards. 

Financial institutions like Hero FinCorp have a presence across the country. Therefore, if you are comfortable paying your EMI in cash, all you have to do is message them on their number and they will inform you about the nearest payment points, where you can submit the amount.

2. Online payments

  • E-wallet:

A digital wallet or an e-wallet eliminates the need of carrying a physical wallet with cash. It is generally used in the form of a mobile app that stores the users' payment details and secures it with passwords. You can pay for several purchases or receive payment with its near-field communications technology that enables two smart devices to connect if they are in proximity. Since these e-wallets do not require the presence of a bank branch in the vicinity, it can be used even in rural areas. Some of the popular E-wallets are Paytm, Idea Money, Vodafone M-Pesa and Airtel Payments Bank. 

  • Internet Banking:

Remember the time one had to visit the bank or the ATM to find out details of transactions over the last week or write cheques to transfer money. Well, those days are behind us, thanks to online banking. All you need is a phone/laptop, uninterrupted Internet, and debit card details to check balance, transfers funds, make bill payments and for other basic banking needs. You need to register for the bank's online service and create a password to use the service from anywhere anytime. It is quick and reliable but just remember to use it on your own internet connection rather than public ones.

  • Cash Card:

It is a card used for facilitating electronic payments. It has a certain amount of money stored in it to help you buy stuff and sometimes even withdraw cash from an ATM. A debit card or a gift card is a cash card. It is different from credit cards as it allows you to spend the amount up to the card’s limit. For example, a debit card is linked to a bank account of the user and the money gets deducted from his account with every transaction. Similarly, gift cards are pre-loaded with cash. Other types of cash card include Prepaid Cards that aid the under banked by providing a cash card that is not linked to a bank account and Payroll Cards that are provided by an employer in form of direct deposit. 

  • Debit Card:

If you have a bank account, you quite likely possess a debit card. While making payments, you have to enter your personal identification number (PIN) and payment is done!  

  • UPI:

It connects different bank accounts through a mobile app. Developed by the National Payments Corporation of India (NPCI); UPI is regulated by the Reserve Bank of India (RBI). Financial institutions provide their own UPI for different platforms of Android, Windows, and IOS. This 24x7 service facilitates instant transfer of funds through Immediate Payment Service (IMPS), which is faster than NEFT. It proves to be quite handy when you have to share bills among friends, for utility bill payments, and Barcode based payments among others. UPI has also done away with the need to enter bank details each time you initiate a transaction.

Conclusion

Providing the customer with maximum comfort has always been the motto of Hero FinCorp. The presence of e-wallet, internet banking, UPI, etc. not just saves your time and energy but these apps provide you some lucrative cashback and bonus offers on using their mode of payment. However, always remember to be careful with your passwords and the safety of your mobile/laptops. 

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Did You Know

Cash Flow

Cash Flow refers to the movement of cash in and out of a company. It is measured by the difference in the opening balance and closing balance at the start and end of a period respectively. If an organization earns more than it spends, then cash flow is positive, or else negative. Positive cash flow can be ensured through sale of goods, services, assets, increase of sale price, lowering of costs, obtaining a loan, faster collection and slower payment.

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