Prepaid Payment Instruments facilitate the hassle free payments against the purchase of goods and services by storing a value.
The recent developments in the technology and considering the ease provided by it in our day to day routine, we are becoming more and more dependent on the technology for everything.From doing the mobile recharges, booking tickets for trains, flights and movies and shopping for clothes,shoes and bags, everything has become online.
These technology driven companies provide a virtual marketplace where one can buy everything online from home appliances to grocery products. This online e-commerce is growing so fast that it is eliminating the traditional way of shopping.Prepaid-Payment-Instruments
These Companies provide for various options for making the payment online such as net banking, via debit/credit card and pre-paid/mobile wallets. While net banking and paying through debit/credit card is an old method of making the payments,pre-paid wallet is a recent development, which is often mistaken for mobile banking. These mobile wallets are the prepaid instruments which are regulated by RBI. In these wallets user can store money and can make payment for various goods and services.
Prepaid payment instruments facilitate the hassle free payments against the purchase of goods and services by storing a value. The value is stored in these wallets using credit/debit card or via net banking.
Pre-paid instruments are mainly online wallets where one can store money and later on can pay this money using the same wallet for different services and goods.