Credit cards are greatly evolving with time along with other payment methods as we step into the future. The virtual credit card is just like a traditional credit card which the bank gives you having a sixteen-digit number, expiry date, and a CVV number but in a virtual manner. This credit card allows you to do all transactions that a plastic card will let you do like paying at a terminal, paying bills, online payment, and cash withdrawals but the…
A credit card is a plastic card which a bank provides you with a credit limit that you can use for different payments both online and offline. The bank, after the stipulated time as per the agreement, sends you a bill for the limit used which you can make a full payment without any interest or transfer it to EMI with added interest as per terms of the agreement. Nowadays everyone is having a credit card so the question arises…
Fintech companies are uniquely qualified to drive financial inclusion through payments, which act as a gateway to various services such as savings, credit, and insurance. Payments services can be called transaction accounts which are operated by regulators. This can be used by regulators to enable users to meets financial obligations through payments and store the rest. Fintech can improve the design of payments and accounts by making them accessible, enhance the user experience, and provide assistance. As Fintech companies move…
With everything around us gradually becoming virtual or network-based, our belief in using virtual cards has evolved. The modern digitized world calls for up-gradation to the latest and up-to-date alternatives from our otherwise traditional modes of payments and financial transactions. Though the conventional cash payment still holds true, the rising popularity of cashless transactions has changed how we deal with buying goods and services. What is Virtual Credit Card? It is simply a credit card, available online instead of a…
With time our payment methods which were once used only to be in cash have now changed drastically with the onset of the twenty-first century into the cashless method. India has also adopted the cashless economy especially following the demonetization specifically due to two reasons, one being to stop black money from layering in the system and secondly for safety, as having a lot of physical cash is not safe in all parts of the country. It carries the risk…
Contactless payment refers to the payment of an amount to a terminal by using a debit or credit card without any swiping or entering a PIN in the terminus, hence the term “contactless”. We all know the traditional method of payment of money in a terminus by swiping our card, followed by entering our secret PIN which is always a hassle with payment declination for various reasons like forgetting the PIN and is also a time-consuming process amidst our busy,…
Standing at the dawn of the twenty-first century Artificial Intelligence commonly quoted as “AI” has become the most powerful tool for all industries by increasing their efficiency so as they can provide mass service to everyone with the minimum possible turnaround time. In our current times with our global family comprising of 7.8 billion people, it has become a challenge for companies from all industries to provide their services to everyone whether operating on a global or regional scale. One…
Fintech companies are uniquely qualified to drive financial inclusion through payments, which act as a gateway to various services such as savings, credit, and insurance. Payments services can be called transaction accounts which are operated by regulators. This can be used by regulators to enable users to meets financial obligations through payments and store the rest. Fintech can improve the design of payments and accounts by making them accessible, enhance the user experience, and provide assistance. As Fintech companies move…
In the past, transactions between merchants and customers used to take place in the form of gold, silver, cattle, and other physical commodities. Post-1971, the traditional transactions ended when the US and other world fiat systems detached from the gold standard and embraced the floating exchange rates. However, over the past 50 years, financial systems realized the payment systems built are obsolete with the entities embracing fintech disruptions like virtual currencies, distributed ledgers, and decentralized protocols. Fintech startups are led…
The credit line, also known as the Line of Credit (LOC) is a type of standing loan, which entitles an individual entity, organization, or business to borrow money and thereafter repay it. Once the borrower repays the outstanding amount, they can continue borrowing money without applying for a new loan whatsoever. Credit line does a huge favor to those experiencing monetary deficit and makes it possible for them to continue their business, or complete a project, or fulfill their personal needs….