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Payment Wallets Or Net Banking: Which Payment Mode Should You Be Using?


The unavailability of hard cash in the wake of demonetization further strengthened the nation's mission of a digital economy and digital payments. Reportedly as per the extracted data, transactions worth Rs. 12000 crore are performed on a digital platform each year. And of them, the count of fraudulent transactions is very less.

Payment Wallets Or Net Banking: Which Payment Mode Should You Be Using?

Of the two payment modes in question, digital wallet is the latest and many new entrants are now foraying in the area as it's the fastest mode enabling digital payments across merchants and need not require swiping of any debit or credit card as an individual maintaining an account with the payment wallet provider can keep few bucks handy in the wallet for making any future transaction.

So while you sign-up with a wallet service provider, you need to just give in the basic information to get started and use the various services.

Which is a better and safe service for digital payments, Digital Wallet or Net Banking?

Of these the erstwhile service which allows payments through the net or online banking route is safe as well as does not comes with any transaction limit. As in the case of payment wallets, RBI has stipulated a maximum of Rs. 20000 to be used for making digital transactions in a months time.

Also, the data per se net banking ie. Login ID and password and in some cases the transaction password details required for carrying out the net banking transaction are highly encrypted. Also transaction is also further verified and safeguarded by Verisign. While in the case of payment wallets, cases of account hacking have been reported.

Nonetheless, all these new and existent modes do involve a risk element which should be well considered.

Story first published: Monday, August 21, 2017, 14:36 [IST]
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