A new face of technology is emerging with the advent of time – Cashless payments! Yes, you heard it right! Of course, there are people who are against the digital transaction theory, but there are also those who are welcoming this technology. Recently in India, a currency ban was applied to the highest currency notes – Rs. 500 and Rs. 1000 notes. We all have seen that from this ban, the top-class people suffered the most including the black money holders. We also witnessed the chaos in front of ATMs and banks for exchanging the old currency notes.
Observing this, it could be said that- “Without cash, we would live in a much safer and less violent world with the enhanced cohesion, since the major incentive (i.e., cash) fueling all illegal activity would disappear”.
This makes it clear that the world is soon moving towards digital transactions for smooth and easy payment. There are different technologies that can lighten the load of your physical wallets which are listed below. Let’s have a look at that:
Using RFID wristbands as the digital wallet solution, one can gain complete control as well as transparency with real-time data reporting and actionable insight. It keeps a digital record of everything while minimizing cash handling and speed up your transactions.
Real-time Payment (Instant Payment):
Real-time payment is the instant payment option at the lowest possible infrastructure level which is going to be implemented in the near future. This technology is important for the digital goods that are made available instantly to the customers.
The Near Field Communication (NFC) technology is beyond making payments through Smartphones. The NFC payment is related to speeding up POS payment processing while enabling small amounts to be paid quickly without the need for a PIN or signature.
The concept of this technology revolves around having bank accounts for everyone. This will benefit a wide range of the population, even those who have been denied these services.
Payment Processing IVR :
With IVR technology, different business and organizations can provide a secure mechanism for processing payments using digital transactions. The main benefit of Payment processing IVR is you neither need a specific device such as Smartphone nor an internet connection for processing payment. We at Ecosmob, being one of the leading VoIP solution development companies, offer secure currency converter IVR system development.
If you want a customized IVR solution or would like to know more about it, you can reach us anytime. We’re happy to serve you!