Table of ContentsDigital Payment MethodsCardsApplications USSDAEPSUPIA cashless economy is one in which all transactions are carried out using cards or digital means. Circulation of physical currency is minimal. A cashless society describes an economic state in which financial transactions are not carried out with money in the form of physical notes or coins, but rather through the transfer of digital information (usually an electronic representation of money) between the parties to the transaction. Say no to plagiarism. Get Custom Essay on “Why Violent Video Games Should Not Be Banned”?Get Original EssayDigital Payment MethodsDigital India Program is a flagship program of the Government of India whose vision is to transform India into an empowered society through digital technology and a knowledge economy. . “Paperless, Faceless, Cashless” is one of the stated roles of Digital India. As part of promoting cashless transactions and transforming India into a cashless society, various digital payment modes are available. CardsCards are provided by banks to their account holders. These are the most used digital payment methods so far. Many of us use cards to transfer funds and make digital payments. Credit cards, debit cards and prepaid cards are the main types of cards. You can also use Rupay debit card for digital payments. Credit cards are issued by banks and certain other entities authorized by RBI. These cards give you the option to withdraw or use extra money. Credit cards are used for domestic and international payments. Debit cards are issued by the bank where you have your account. You can use these cards for money in your account. Payments you make with these cards are debited from your account and credited immediately to the beneficiary's account. You can use these cards to make payments from one bank account to another.USSDUSSD banking or *99# Banking is a digital payment method based on mobile banking. You do not need to have a smartphone or internet connection to use USSD banking services. You can easily use it with any normal feature phone. USSD banking is as easy as checking your mobile balance. You can use this service for many financial and non-financial operations such as checking balance, sending money, changing MPIN and obtaining MMID. The code *99# acts as a bridge between the server of your telecom operator and that of your bank. It uses your registered mobile number to connect you to your bank account. Therefore, dial *99# with your saved number only. USSD banking has a transaction limit of Rs. 9,999. 5000 per day per customer. RBI has also fixed a maximum amount of Rs. 9,999. 2.5 per transaction.AEPSAEPS is an Aadhaar-based digital payment mode. The term AEPS stands for Aadhaar Enabled Payment Service. The customer only needs their Aadhaar number to pay with a merchant. AEPS allows interbank transactions. This means that the money you pay will be deducted from your account and credited directly to the recipient's account. You need to link your Aadhaar number to your bank account to use AEPS. Unlike debit cards and USSDs, AEPS does not charge any fees on transactions. You can use AEPS using.