In today’s time where every moment the very human touch that once used to make people cozy has become a subject of fear. It is no more expressive of human emotions and sentiments but is posting a serious threat on the safety of being as the contiguous COVID-19 takes its toll on the normalcy of everyday livelihood.
The online payment transaction is not something new. In fact, such methods now is a part of every third world countries’ economic benefits as it is more inclined towards a digital mode of transaction that can happen from any part of the world with a proper device like a smartphone, or a laptop without troubling oneself to undergo those long queues of a bank for bank deposits.
Mainly built for the digitized world and also for those remote area people where visiting a bank is quite a hassle considering their locations, this OLTP comprises of three significant procedure namely,
- Registration
- Placing an Order
- Payment
The earliest form of internet banking was the net-banking system which is still in vogue. However, that too involved a long process of registration, deposits, and other formalities. It clearly was used by an educated section of society.
Moreover, the long list of formalities was not just a cup of tea. But with more and more popularity of net-banking, the bank sectors did acknowledge its bigger purpose in serving people from every corner in just a few basic clicks of buttons.
Today there are various paying apps which does not require those formalities as per the authentication by world-renowned companies in the form of Google Pay, Paytm, Paypal, Amazon Pay, so on, and so forth.
By just registering one’s account details over the app and securing the online page via a four-digit pin, the transaction has become one of the easiest tools.
This time Facebook has come up with its own Online Payment app called Facebook Pay under the initiative of Russia. Apart from the basic transactions, money deposits to other bank accounts, bill payment, buying products it will also be given exclusive discounts on products under a Facebook partnership. With a basic registration on Facebook Pay with one’s bank account details, the internet banking system will once again take a step ahead.
Moreover in this time of pandemic where public gathering can pose severity, yet one more contactless money transaction app, Facebook Pay is a brilliant initiative by Facebook.
Via TechGenyz https://www.techgenyz.com
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