What makes digital payment apps popular in India?
TABLE OF CONTENT
Digital payments in India are more and more popular nowadays, in which digital payment apps play an advantageous role.
In general, digital payments in India are to minimize the cash circulation and promote touchless transactions. India is trying to transform into a society with “Faceless, Paperless, and Cashless” goals.
This article will tell you about what makes digital payment apps popular in India and other useful information of which is the best digital payment app in India.
Demand of digital payment apps in India
A digital payment is a form of transfering funds from one account to another via electronic media like app or website platforms.
What makes digital payment apps popular in India?
There is no involvement of physical money or instruments like cash, cheque. It obeys “Faceless, Paperless, and Cashless” goals by the Indian society.
By 2026, digital payments will reach a total of $10 trillion in India, up from $3 trillion now.
Cash will be less used in the next few years as a part of their daily lifestyle. In India, the volume of digital payments accounted for over 33% in the financial year 2021-2022.
These payments are assisted with modern technology. They are often quick, simple and convenient. In addition, Indians are tending to be attracted to digital payments.
The rate of smartphone penetration in India is estimated to increase between 54% in 2020 and 96% in 2040.
More and more people in India, including in rural areas, use smartphones, and are increasingly drawn to digital payment methods.
Gen-Zs are already trendy and comfortable with digital payment apps in India because they grew up with the latest technology in apps.
The number of internet users in India will increase between 749 million in 2020 and 1.5 billion in 2040. Stable internet connection has been popular in rural areas.
Moreover, internet connectivity quality has improved dramatically in recent years. Poor 2G and 3G internet connectivity are gradually replaced with the faster 4G, 5G and 6G. Last but not least, there is a dramatic fall in internet prices, making the internet connection accessible to all Indians.
A combination of all above-mentioned factors help digital payment apps in particular become popular in India.
What makes a digital payment app favorite in India?
Accessing your money and financial details from the convenience of a finance app has a great impact on the ability to spend, save and budget your money.
Here are 6 outstanding features that make Indians in particular favorite and many countries in general.
1. Up-to-date account activity
It’s important for a mobile finance app to have an up-to-date account activity. You can easily keep track of your funds by regularly reviewing it. They can include:
Transactions: These include money into your account and money out of your account.
Each transaction has a date and detailed description. Ensure you know each item to be aware of no unknown charges in your account.
Pend/hold: You can see transactions listed as pending/holding on your account (aren’t complete or fully posted to your account yet.)
Check balance: Mobile payment apps give you quick access to check your account balances anywhere, anytime. You can view a running count of your balance after depositing or withdrawing, so you know exactly how much is in your account.
Search: It’s also important to easily search and view your transactions from a date filter, to a certain biller…
2. Security enhanced
When it comes to any mobile banking apps, strong security is always put on the first priority.
To keep your mobile finance more secure, Touch and Face ID, 2-factor authentication via fingerprint or facial recognition are applied. Some extra layers of protection can be added. Biometrics and multi-factor verification are common and compulsory methods for finance apps.
All safeguards not only enhance added protection, but also make it easier to sign into your account quickly without needing to re-enter your password manually.
A digital payment app must have strong security measures that go beyond simply logging in via a username and password. A safe sign-in procedure must be quick and simple.
For DNBCnet App, security is a must for any finance app. DNBC has raised its standard by adopting the latest technology such as two-factor authentication, data encryption for every transaction.
That will help protect account information and transactions to the fullest extent preventing any potential frauds for customers and businesses.
This makes DNBCnet App one of the best digital payment apps in India.
3. Account to account transfer
It’s important to easily transfer money from another account to others. You don’t need to visit your bank in-person and fill in a slip.
You just use a mobile online payment app to instantly transfer funds between internal accounts with just a few touches.
This is beneficial for the customers using their several accounts on a regular basis, or looking for more flexible solutions for their savings or budgeting.
4. Person to person and bank to bank transfer
With a person to person transfer, you will send the money quickly and directly to your relatives straight from your phone apps.
A bank to bank transfer allows you to send money between your different external accounts if you’re using more than a bank.
This is very handy if you have accounts for several purposes or are in the process of switching financial providers, especially if you are far from a physical location of banks.
Popular mobile payment apps such as DNBCnet App are also a good option for you.
5. Get notified of fees, offers and others
Most digital payment apps are cheaper than bank transfers. The savings will be large for your business gradually, and that is a big benefit.
A good finance app can attract the customers from updates on unique discounts, cashback, or special offers via each notification.
DNBCNet App knows that when it comes to international payments, you just want to make quick transactions while keeping the costs as low as possible.
It can be difficult to find an app provider that offers quick transfers and low fees. But if you want to keep your business straightforward, you don’t have to look very far because DNBC international business accounts will fit the bill.
When life gets busy, you need to set a reminder. It’s necessary that your financial apps offer account alerts for events: low account balance, daily balance alert, transactions and more.
Those alerts also notify you about any suspicious activities on your account, so you always be aware of what’s going on with your account although you’re away.
6. Pay other utilities online
Paying the bills/saving money for investments will be easier with a finance app.
Online apps can enable automated payments for recurring bills (like electricity or insurance) on time and relieve the stress on remembering these obligations.
This is useful in every situation such as fine payments, property taxes and cash payments.
More of DNBCnet App as digital payment app in India
With the DNBCnet mobile transfer app, it will be easy to manage your accounts with a one-touch screen, and all features you need for your global transfer.
You will manage and execute payments from one app. DNBCnet App brings creativity with improving the experience of traditional payments. It delivers superior access to international transfer and direct payments.
In addition to offering advantages of excellent rates and exclusive packages to perform cross-border transactions, it will manage your payments all in one place and track your daily payments with ease.
It’s convenient to make online transactions, fast process and dedicated support. Join our digital platform to experience the advanced mobile payment platform designed to help you send and manage your payment.
DNBCnet App is considered one of the best digital payment apps in India.
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