One of the main advantages of online mobile recharge is that it completely removes dealings in cash. No more dealing in changes and coins and no more risks of cash being stolen or being misplaced. Cash’s counterparts that hardly seemed to be in use these days are the cheque and the demand draft. For some official work though both these instruments are still required to be used, but in few years indications are there that these will become obsolete too. Disadvantage of cheques is that often the cheques are known to bounce or is dishonoured due to different reasons; whereas disadvantage of the demand draft is that it takes couple to days to be cleared by the bank.
When paying online for a mobile recharge, you can use the following methods of digital payment:-
- Bank transfer or Netbanking by using the methods of RTGS or NEFT. Existing bank account holders can use this facility if the bank where one has his bank account offers the internet banking facility. If the bank does, you would be required to put in a request or application for enabling your account for internet banking.
- Credit cards – one of the oldest and the commonest method of making payments online while doing a mobile recharge or paying bills. The reason why this form of payment is so popular amongst its users is that one can make payments even when one runs low on his bank account balance. It is a good way of spending money for people who are organised in their financial dealings but not quite suggested for people who are spend-thrifts and tend to spend money recklessly. For online payments you are required to keep the card handy as on the payment page you are required to type in the card number, the expiry date, the card holder’s name and CVV number.
- Debit cards – again are very commonly used in India. This card is also the ATM card used for withdrawing money direct from your bank account. For online payments, for example, during a mobile recharge, you are required to furnish the card number, the validity period, the CVV number and the name of the account holder.
- Electronic wallets or Mobile wallets – considered being the safest of all existing modes of digital payments, one requires a smart phone and an active internet connectivity to be able to use this method online. The e-wallet App from a particular service provider need to be downloaded onto the phone and logged in for use everytime. The virtual wallets need to be loaded with money from your bank account or credit card. With available balance, these wallets are the fastest and the most secure form of making online payments.
Bank UPI’s, Gift cards etc are the other forms of digital payment methods that do not involve the paper currency. At the rate people across the globe is taking to these above forms of payments, it won’t be long before India’s dream of being cashless will be realized too.