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The Digital India initiativeby the government of India is a flagship programme with a vision to transformIndia into a digitally empowered society. As the world around us is turningdigital, we are keeping up with the times by finding the best digital mode ofpayment. Money management doesn’t stopat keeping track of your spends or saving money for future.

It is also aboutthe right payment option you choose when spending money digitally. With so manydifferent payment modes available in the market today, it is often difficult todecide on the best mode. There are quite a number ofpayment options available. Let us look at the common ones: Debit cardWhen the payment is made usinga debit card, the money directly gets debited from your bank account. It’s the mostconvenient and common way of transacting money digitally. When you use a debitcard for making payments, it helps you in spending within your limits, unlessyour bank has an overdraft option, which is a chargeable service.

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It is a wiserway to spend if you don’t want to get involved in any credit card debts. Credit cardCredit cards are convenientfor certain type of payments or purchases due to the benefits the card user canavail against swiping the card. Booking a outstation hotel room, paying for rail/airtravel or purchasing movie tickets etc can provide you with more discounts orcash back offers, thereby helping you save more.

Every swipe also entitles youto 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 makea payment. The line of credit offered on these cards can help you survive ondays when you need it the most.

It is always advisable to be responsible andextra cautious while using credit cards. Never carry a balance on your creditcard beyond your due date, as it will result in interest charges and can have anegative impact on your credit score. Always make full payments so you can makethe best of the benefits offered on the card, without getting into any debts. Payment appsSmartphones lead the payment-appsmarket. It is one of the most sought after choices by the Indian youth, as yourcard or bank account gets linked to these apps.

Paytm, Airtel money, VodafoneM-pesa, Jio money etc have made payments easier with just a couple of clicks. Net bankingYou can also make your paymentsusing net banking options if you have the e-banking. Secure payment gatewaysmake it easier to make payments via net banking. As far as choosing the bestdigital payment method, there is no perfect answer. You can’t be 100% sureabout the best payment option, as it completely depends on the comfort and theneeds of the user depending upon his requirements.

 Debit cards work in the samemanner as spending cash would and help you stay within your means but they comewith a risk of online fraud. Credit card can be considered as a good optionwhen 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 ofservices. If you are able to pay off the entire due amount before your duedate, credit cards are a win-win option as compared to a debit card.

But anydelay in payment can lead to interest and late fees, which ultimately meansspending more money. Payment apps are about ease of use whereas net banking isabout better security. The only problem with these methods is your phone shouldbe connected to the internet all the time. If not, they are as good as a walletthat you forgot to carry.

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

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