In the last one decade the country has witnessed radical growth of digital platforms and ecommerce technologies. Just about ten years back the concept of e-commerce – online shopping – caught India by storm. What started to facilitate easy and fast purchases of consumer products today enables millions of customers across the country to make online bookings – from movies to hotels; railways tickets to air tickets – and clear their utility bills – from electricity bill payment to mobile bill payments, water and gas bill payments to recharging prepaid mobile and DTH connections.
Online payment methods
Back in 2010 when this innovative means of shopping online started, cash on delivery was the only way that Indian consumers knew of to make payments against a virtual purchase. Many ecommerce sites hit the bull’s eyes with the cash on delivery phenomenon. However, while it worked very well for ecommerce, online bookings and payments against services used or payments in advance needed something more than this. Also, with the launch of the demonetization program in 2016, transactions and dealings in cash took a backseat. Today, electricity bill payment and other such online payments can be done by either –
- Credit card – a safe method of making online bill payments or recharges is using the credit card. With the CVV (card verification number), the method is a secure form of making payments in the virtual world.
- Debit card – the basic difference between the credit card and the debit card is that in case of the former the card holder is taking credit from the issuing bank to make the payment while in the latter case, the card holder is using his own money that comes from his own bank account. The format for using the debit card to make electricity bill payment is like that of credit cards. The card number, the expiry date, the holder’s name and the CVV need to be mentioned during a transaction.
- Net banking – also called internet banking, the payment gateway on the merchant website takes the consumer to the website of the bank where he has his account. The transaction can complete only when the user approves and authenticates the transaction himself by providing for the internet PIN and the OTP.
- Mobile wallets – one of the fastest growing online payment methods in the country. Most online resellers like Paytm, MobiKwik or PhonePe have their own virtual wallets that can be used by the common man to make online as well as offline payments. It is a much safer method compared to the other three methods – here the consumer needs to transfer money from his bank account to the mobile wallet. The money is now stored in his e-wallet and can be used while making online electricity bill payments or even buying grocery items from the local kirana shop. The only limitation to this method is that the merchant (online/offline) should be registered with the reseller to accept payments via its mobile wallet.
Get your online payments done successfully and easily from company site/App or third-party reseller sites and Apps.