Q.Explain the different modes of digital payment.

Digital payment modes are the practical mechanisms that make online buying and selling possible, studied alongside e-commerce in this chapter.

A digital payment is any payment made through electronic means, without cash or a paper cheque physically changing hands, and several modes are commonly used for this purpose.

Debit and credit cards, linked to a bank account or a credit line, can be used to pay at a physical terminal or an online checkout. Net banking allows a customer to transfer funds or pay bills directly through a bank's own internet banking portal. Mobile banking apps and wallets are smartphone applications that store payment credentials or a pre-loaded balance for quick transfers and payments. Unified electronic payment systems are interbank systems that allow near-instant transfer of funds between bank accounts using a mobile number, virtual address or account details. Bank-to-bank electronic fund-transfer systems, differing mainly in speed and transaction-value limits, are also widely used to move larger sums between accounts. …