The ones: Debit card When the payment is

The Digital India initiative
by the government of India is a flagship programme with a vision to transform
India into a digitally empowered society. As the world around us is turning
digital, we are keeping up with the times by finding the best digital mode of


Money management doesn’t stop
at keeping track of your spends or saving money for future. It is also about
the right payment option you choose when spending money digitally. With so many
different payment modes available in the market today, it is often difficult to
decide on the best mode.

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There are quite a number of
payment options available. Let us look at the common ones:


Debit card

When the payment is made using
a debit card, the money directly gets debited from your bank account. It’s the most
convenient and common way of transacting money digitally. When you use a debit
card for making payments, it helps you in spending within your limits, unless
your bank has an overdraft option, which is a chargeable service. It is a wiser
way to spend if you don’t want to get involved in any credit card debts.


Credit card

Credit cards are convenient
for certain type of payments or purchases due to the benefits the card user can
avail against swiping the card. Booking a outstation hotel room, paying for rail/air
travel or purchasing movie tickets etc can provide you with more discounts or
cash back offers, thereby helping you save more. Every swipe also entitles you
to points, which can be redeemed against other tangible purchases or vouchers.

Credit cards do come in handy when you are out of cash and need options to make
a payment. The line of credit offered on these cards can help you survive on
days when you need it the most. It is always advisable to be responsible and
extra cautious while using credit cards. Never carry a balance on your credit
card beyond your due date, as it will result in interest charges and can have a
negative impact on your credit score. Always make full payments so you can make
the best of the benefits offered on the card, without getting into any debts.


Payment apps

Smartphones lead the payment-apps
market. It is one of the most sought after choices by the Indian youth, as your
card or bank account gets linked to these apps. Paytm, Airtel money, Vodafone
M-pesa, Jio money etc have made payments easier with just a couple of clicks.


Net banking

You can also make your payments
using net banking options if you have the e-banking. Secure payment gateways
make it easier to make payments via net banking.


As far as choosing the best
digital payment method, there is no perfect answer. You can’t be 100% sure
about the best payment option, as it completely depends on the comfort and the
needs of the user depending upon his requirements.


Debit cards work in the same
manner as spending cash would and help you stay within your means but they come
with a risk of online fraud. Credit card can be considered as a good option
when you are filling fuel, making travel arrangements, booking movie tickets etc.

as you get discounts and points that can be redeemed later for a host of
services. If you are able to pay off the entire due amount before your due
date, credit cards are a win-win option as compared to a debit card. But any
delay in payment can lead to interest and late fees, which ultimately means
spending more money. Payment apps are about ease of use whereas net banking is
about better security. The only problem with these methods is your phone should
be connected to the internet all the time. If not, they are as good as a wallet
that you forgot to carry.


The digital payment solutions
vary for different people depending upon their spending style. When it comes to
choosing the best way to make a digital payment every option comes with its own
set of pros and cons; it’s you who needs to decide what works best for you.


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