Digital payment platforms are rapidly growing in popularity across the world. However, is this medium cash deceased? Well the answer depends on how rapidly monetary organizations and payment providers can raise adoption rates.

Digital payment platforms give relief from cashless transactions. People do not carry much cash money in their wallet. These platforms are efficient of making payments in offline mode as well as online.

There are several platforms for digital transactions. These platforms feature are different. While making payments, you should make the best use of them. There are some digital payment platforms and their features:

  •    Sound Based payments platform:

Some association has introduced an app with sound transmission cash transfer facility. It is a technology that enables contactless payments through sound waves. There is no dependence on any specific platform. When it is used, it does not need any hardware requirements on the ATMs. It is a highly secured application. It helps you to make the contactless transaction with this sound-based technology. Companies such as LISNR have done this in the past.

You can download these applications in your mobile. After downloading these applications in your smartphone, you have to register through your cards. This app makes payments from your smartphone at any POS machine. Even you do not have cards along with you.

  •    Mobile Money Identifier:

If somebody wants to send money and receive that money should have MMID for the money transfer. MMID is a 7 digits unique code which issued by the bank on which you have registered mobile number.

By MMID you cannot transfer huge amount with a single day. You can transfer only a small amount in a day.

It is a software system providing blockchain payment infrastructure. As a blockchain-based developer platform, all application developers can easily utilize it to incorporate cryptocurrencies into their applications. The most amazing thing about OPEN is the fact that it removes all requirements of knowing blockchain-based coding languages, such as Solidity. By this, OEN is providing the most versatile and adaptable payment gateway in existence. Integration is a simple “plug and play” method.

  •        It accepts cryptocurrencies in the same way as the app would update their backend in a standard centralized/fiat transaction.
  •        It seamlessly connects off-chain databases with on-chain databases, allowing for near instant transactions (a huge issue in cryptocurrency is liquidity)
  •        The platform can facilitate all types of transactions, such as subscriptions, one-time payments, batch payments, and more
  •        It is also takes advantage of blockchain agnostic infrastructure, allowing them to connect with every cryptocurrency in existence today – a functionality not seen prior to OPEN
  •        It confirms that a purchaser of a digital service from an app, providing a layer of security for the transaction
  •        A simple, easy-to-use API
  •    Code (QR) based payments system:

A code is a different system of making the transfer of payment. It only needs to scan the QR code for the transfer of payments. For it easily payments transfer, it is used by all the banking apps, digital payments apps. You can scan the code automatically through the smartphone.

  •    Online Bank payments Platforms:

It means to take service of a bank by online. This facility can be available through the mobile banking system. If you have an online bank account, you need not go to the bank for your transaction. You can transfer the fund to your phone from anywhere.

Final Thoughts:

Digital payment platform made easy transactions of money. The open platform which provides digital payment transaction. It is easy to use, process payments on the blockchain, which required an application. It is the first and only payment platforms that qualify developers to accept any cryptocurrency.