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I’ve Got 99 Ways To Transfer Money, But Which One Should I Pick?

I’ve Got 99 Ways To Transfer Money, But Which One Should I Pick?

Whenever you make payments online you might be familiar with a page like this:

Or this

Basically, there are so many ways to make payments but which one to choose, let’s find out:

1) Debit and credit cards

Debit and credit cards are just as easy as using cash. You can lose cash or it can get stolen, but when cards are lost/stolen they can be immediately blocked. Besides, making transactions, these cards have many other benefits. You can read all about it here: Reward Programs on your Debit and Credit Card. 

2) Net Banking & Mobile Banking:

Your trips to the bank would have reduced thanks to net banking and mobile banking. Netbanking allows you to transfer money, check your bank statement, check your balance, get offers, track investments, request for chequebooks, block/deactivate your cards, pay your bills etc. All these facilities can be availed on your phone too, you just need to download the app of your bank and create your account. 

3) Digital wallets:

These are like digital versions of your physical wallet. They are linked to your bank account. Every time you need to make payments you can pay through these wallets without the need to share bank/card details on different websites again and again.

You can also link them to your debit/credit card. This way at stores you can simply pay through these wallets instead of submitting your cards.

Most banks have their own digital wallets and some private companies have digital wallets as well e.g. Paytm, Freecharge, Mobikwik, Oxigen, mRuppee, Airtel Money, Jio Money, SBI Buddy, its Cash, Citrus Pay, Vodafone M-Pesa, Axis Bank Lime, ICICI Pockets, SpeedPay etc.

4) UPI: The Unified Payment Interface, can best be described as an Instant Money Transfer verified with an email address and a text message. UPI is a payment mode which can be used to make fund transfers between 2 accounts through a mobile app.  Some examples of UPI apps: SBI UPI app, HDFC UPI app, iMobile, Whatsapp Pay, Google Tez etc.

What you need to get it:

  • Bank a/c
  • Mobile number should be linked with bank a/c
  • Smart Phone with internet facility
  • Debit Card for re-setting MPIN.

How do you activate it: 

  • Download the App for UPI
  • Do registration online on the App with a/c details
  • Create a virtual ID
  • Set MPIN
  • Takes 5-7 minutes

5) USSD: Unstructured Supplementary Service Data is a service for banking transactions through your mobile phone without using the internet.

With this method, you can use your basic features on your mobile phone for transferring funds. There is no need to have a mobile internet data facility for using USSD. It is mostly created to provide mobile banking facilities to rural areas where banking services are not so developed. 

How to get it:

  • Provide KYC (Know Your Customer) information to open a new account
  • Mobile no. should be  linked with bank a/c
  • Register for USSD/Mobile Banking
  • Get MMID (Mobile Money Identifier)
  • Get MPIN (Mobile PIN)

Remember MMID and MPIN or note it down with your passwords because its required for transactions.

6) AEPS: Aadhaar enabled payment service allows you to make payments using your Aadhar number only

AEPS allows a bank to bank transactions. It means the money you pay will be deducted from your account and credited to the payee’s account directly. You need to link your Aadhaar number with your bank account to use AEPS.

How to get it:

  • Provide KYC (Know Your Customer) information to open a new account
  • Aadhaar Number should be linked with bank a/c

7) Bank Prepaid Cards:

These are a type of cards provided by banks for digital transactions. You have to recharge these cards before using just like prepaid SIM cards.

How to get it:

  • Provide full KYC (Know Your Customer) information to open new account
  • Apply for Wallet/ Pre-paid Card
  • Get a MPIN / PIN

Economic Times has compared these on eight different parameters to help you choose what suits you best: 

1. The time taken to complete a transfer/payment; 
2. The maximum amount you can transfer; 
3. The financial details/information (e.g. account number etc) that you need to complete the transfer; 
4. How is the transaction validated/authenticated; 
5. Whether you will earn interest on the money kept in reserve in the payments system? 
6. Whether you need to specify who the money is being transferred to in advance i.e. register the beneficiary (recipient) of the money (beneficiary registration); 
7. What infrastructure/technical support is a must for the transfer to happen 
8. And lastly, what are the costs involved There is no single ‘best’ payment option for everyone and all transactions. However, you could try to pick a payment option suitable for your purpose. Below is an overview of the comparison analysis. 

Note: RTGS, NEFT, IMPS methods are available under Net Banking and Mobile Banking.


These were all the various ways in which you can make payments digitally. Just make sure you use the right one for you depending on your needs. Maintain passwords for all and keep them safely with you. If you still have questions, comment to let us know.








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Talkative, clumsy, punny, intuitive are just a few buzzes of this queen bee. An aspiring business journalist looking to find her throne in the corporate world.

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