Answer:
Ans. From commonly used cards to newly launched UPI, digital payments has many types of payment. Some modes meant for tech-sawies and some for less-technical persons. Below are the different modes of digital payments.
(i) Credit cards are issued by banks and some other entities authorized by RBI. These cards give you the ability to withdraw or use extra money. Credit cards are used for domestic as well as international payments.
(ii) Debit cards are issued by the bank where you have your account. You can use these cards for the money in your account. The payments you make with these cards debited from your account and credited immediately to the payee's account. You can use these cards to make payments to one bank account to another.
(iii) Prepaid cards are another type of cards which you use to pay digitally. You must have to recharge these cards before using just like prepaid SIM cards.
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