Different ways of money

transactions in India

by:
Name: Ayisha Sana
class:9
PEOPLE USE DIFFERENT
TYPES OF MONEY
TRANSFER SERVICE IN
INDIA AS THEY GOT TIRED
OF THE DOMESTIC
TRANSFER WAYS WHEN
THEY NEED TO MOVE
MONEY AROUND. IT
ENABLES CONSUMERS TO
MAKE ONLINE FUND
TRANSFERS USING THEIR
MOBILE DEVICES AND
LAPTOP COMPUTERS FROM
THE CONVENIENCE OF
THEIR OWN HOMES AND
PLACES OF BUSINESS, THE
USE OF ELECTRONIC
Here is a list of the several Forms of Money
Transfers in India that you should be familiar with:

1) Paytm.
PayTM is the leading money transfer app in India
. It not only offers you to store your money in its wallet
but also allows you to make quick payments, do online
shopping, and much more. Paytm has recently launched
its UPI transfer option, which you can avail yourself to
transfer the funds into another account directly.
Here is a list of the several Forms of Money
Transfers in India that you should be familiar with:

2) NEFT
National Electronic Fund Transfer system (NEFT)
that offers dependable method of transferring funds
from bank to another bank. plus, It is an electronic
payment system where payment instructions
between banks are processed and resolved on a
deferred net settlement (DNS) basis at
predetermined periods throughout the day. There is
no minimum or maximum transaction value
required to use this service.
Here is a list of the several Forms of Money
Transfers in India that you should be familiar with:

3) Google Pay
Formerly known as Tez, Google Pay. It wasn’t
extremely well-liked before. However, after being
acquired by Google, it gained popularity and rose to
become one of the top digital wallets in India. The
fact that Google Pay integrates with your current
bank account and guarantees the security of your
money is one of the nicest things about it. Unlike all
other programmes,
Here is a list of the several Forms of Money
Transfers in India that you should be familiar with:

4) PayPal
One of the first apps used for money transfers in
several Asian nations, including India, is PayPal. You
can simply send and accept payments in India and
overseas once you register as a PayPal user and link
your bank account to PayPal’s account.
Here is a list of the several Forms of Money
Transfers in India that you should be familiar with:

5) Amazon Pay
In 2007, the aspirant global behemoth “Amazon”
introduced its digital wallet on a global scale. But the
Amazon Pay application didn’t come out in India until
2017, ten years later. Amazon Pay can be used for many
different kinds of transactions, including sending or
receiving money, paying bills, purchasing tickets, and
making use of leisure options like watching movies,
among others.
.
Here is a list of the several Forms of Money
Transfers in India that you should be familiar with:

6) PhonePe
Flipkart has now taken control of PhonePe. Since its
establishment and introduction in 2015, PhonePe has
seen more than 100 million downloads. With the
PhonePe app, it’s incredibly simple to transfer money
from UPI payments, recharge your phone or DTH, pay
online bills, or make QR code payments.
Here is a list of the several Forms of Money
Transfers in India that you should be familiar with:

6) RTGS
RTGS stands for Real-time Gross Settlement, meaning
that through this method, the money is transferred from
one bank account to the other in real-time, without any
delay. Through rtgs , each transaction gets processed
with every instruction, which makes the money transfer
process easier and faster.
CONCLUTION:
Online money transfer offers multiple advantages than
the other domestic transfer method ,nowadays it is one
of the fastest methods of transferring money unlike
Domestic money transaction takes time to be
completed, In comparison to other methods, online
money transfer has the simplest and easiest process to
perform and complete and is more popular in INDIA
Thank you
( I hope you found it
informative )