Sharat Chandra Onion Credit

Loan
Repayment
Options in
India
Introduction
Digital mode of payment has recently
experienced a surge. It has become a
trend now under the leadership of our
Hon’ble PM that almost every
generation of this country has started
trusting the online mode of operation
for a lot of things including digital
payments.
Payment, Gateways

The payment gateways coordinate between

all these stages and keep each party up-to-
date with the progress of the transaction at
the moment instantly. Payment gateways
act as a middleman that works between a
customer and a merchant and ensures that
the transaction is carried out promptly and
securely.
 What is a payment
gateway?
30

It is a medium through which all the parties

involved in the online transaction like:
20
1.Merchant- an online business operation
running any kind of business that may offer
goods or services.
2.Customer- this is you, the cardholder who
10 wants to avail of these services or goods
provided by the merchant.
3.Issuing Bank- the band of the customer that is
used for such a transaction, payment could be
0 done through either net banking or cards (Debit
Item 1 Item 2 Item 3 Item 4
or Credit)
4.Acquiring Bank- the band at the receiver’s
end, the bank that maintains a merchant’s
account.
 eNach
eNach is an electronic process used
by banks, government bodies, or
other financial institutions to provide
automated payment solutions or
services. This is a process that takes
permission electronically from the
account holder to debit a certain
amount automatically when due.
eMandate
Whereas, eMandate is a process that
is done partially manually. The
permission here is taken on a written
form, signed physically by the account
holder for double security and
caution. It takes up to 7-14 business
days for this method to get
implemented. The result is the same.
Other payment options

There are other repayment

options as well. There are
services that aid in the timely
repayment of loans like the
newly launched PayTM loan
payment option or for
repayment of credit card dues-
CRED. The earlier mentioned
methods were typically web
pages whereas these are mobile
applications.
Conclusion The latest repayment methods that are mobile
applications have a very promising future as
most humans are always stuck to their
mobiles and do everything from it. Hence, to
be able to perform the functions of banks
through one’s mobile phone sounds extremely
refreshing and lucrative. Companies like
PayTM and CRED already have a good
reputation and are widely trusted by
customers. These applications will soon
overtake the operation of payment gateways
and leave them redundant as is predicted by
Sharat Chandra Onion Credit.
Do you
have any
questions?
Send it to us! We hope you
learned something new.
Email:
sharatchandrakonatham2
022@gmail.com