Methods for the transaction process

Money is used as a mode of transaction for trade after the barter system for the past few centuries. It includes both coins and notes. With the growing era of advancements and technology, nowadays, transactions are done through digital means. Increasing operations digitally has posed a lot of threat to the safety of one’s money. To ensuring safety in digital services, proper authentication of verification by the user has been mandated by government agencies. 먹튀검증 of the purchase is very important. In Korea, this very important in every transaction.

Methods and process:

  • One Time Password does verification of transactions sent to mail or registered phone number.
  • It is also authorized or verified by entering the ATM PIN.
  • Another way to check your transaction is by using the internet banking PIN.
  • The digital deal can be done either as online or automated transactions, which can be scheduled between two entities or people.
  • It can ensure the proper track of sales for both the parties involved and as well as the government bodies.
  • Digital purchases cannot be hidden, and therefore, the creation of black money or evading the tax payments can be avoided.
  • Black cash and non-payments of taxes can hinder the growth of the country’s economy.
  • There are several ways by which online transactions take place in our country through banks.
  • This is a nationwide payment system in which individuals, companies can transfer money from any bank branch to any other bank within the state.
  • Even the people who do not have bank accounts can use this method by visiting the nearest bank branch requesting for NEFT transactions with cash paid.
  • But the transaction amount is restricted to 50000 rupees.
  • NEFT operates on twelve settlements from Monday to Friday from 8 am to 7 pm.
  • On Saturdays, it works on six arrangements from 8 am to 1 pm.
  • In this type of transaction, transactions are made in real-time.
  • Transactions are initiated when raised by the user rather than at a later time.
  • Transactions are done on order by order basis.
  • The transactions take place through the Reserve Bank of India (RBI); these are irrevocable.
  • RTGS is meant for large money value transactions with a minimum of 2 lakhs with no upper limit.
  • This service is available from Monday to Friday between 9 am to 4.30 pm.
  • On Saturday, the service is open between 9 am to 2 pm. 
  • This method can be used to pay utility bill payments.
  • The service can be used to pay telephone bills, Electricity bills, Insurance bills, Loans, and many more.
  • It is the fastest means of electronic transfer of money.
  • It is available throughout the day (24*7).
  • IMPS is available on mobile phones, the internet, and through ATMs.
  • It ensures the instant transfer of money within any bank of the country.

Other digital means that are not widely used other than above are USSD, UPI, Mobile Wallets, Bank pre-paid cards, and Point of Sale through BHIM app, Banking cards.

Above are the various methods which facilitate the transaction of money online. Securities are highly improved to promote safe and verified deals.