Technological changes have taken a swift turn in many sectors be it finance, medicine, business or banking. From online record-keeping to online payments, technology is a crucial part of our lives now making small tasks convenient and efficient. The banking sector has been transformed for the better with technological evolution in the form of net banking, digital investment, and online payment to opening bank accounts online.
Rohith Reji, Co-founder and CEO of Neokred said, “The rise of online payments has completely transformed how we handle transactions, offering a simple and secure way to manage finances. While younger generations have adapted quickly, many seniors remain hesitant due to concerns about complexity and security.” He further added that online payments are easier to use than they might seem. The availability of step-by-step guidelines from banks and payment platforms has made it easier for senior citizens to confidently adopt digital payments and handle their finances through net banking apps.
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How Online Payments Can Benefit Seniors
Easy and Convenient Transactions
Reji highlighted, “No need to visit a bank or carry cash, online payments let you handle transactions from home.” Digital payments can be made from online platforms like Paytm, Phonepay, Gpay, etc., which also allows you to make transactions of small or large sums. While travelling, carrying cash has a danger of being stolen, which can be avoided through digital payments. Reji advises starting with small payments such as buying groceries or paying for transport, etc., to build confidence and understand the features provided by the preferred platform. “Step-by-step instructions are available on most platforms, making it easy to follow along. SMS-based banking allows transactions even on basic feature phones, ensuring accessibility for all,” Reji explained.
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Seniors can easily pay for daily needs like:
Digital payment platforms offer an option named “My Bills” that allows you to fill in details like mobile number for monthly recharge, your internet router code to renew your subscription, other related subscriptions for movies and television, address and tower number for electricity bills, water supply bills, etc. It also allows you to discontinue your subscription as well as offers automatic renewal mode. Senior citizens may benefit from this feature of digital payment as it is convenient and avoids the physical exertion of visiting the electricity department.
Strong Security Measures
Online payment platforms are designed with robust security features to protect users highlighted by Reji which include:
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1. Encryption: Protects sensitive data from unauthorized access.
2. OTP (One-Time Password): Adds an extra layer of verification for each transaction.
3. Biometric verification: Facial recognition and fingerprint scanning provide added security.
4. 24/7 Monitoring: Banks monitor accounts for suspicious activity and alert users of potential threats.
Increased Independence and Flexibility
Finances can be managed online via net banking apps allowing flexibility and removing the obstacle of banking hours. The payments can be made nationwide allowing you to transfer funds digitally to your family members residing in different cities at any hour of the day. It allows senior citizens to maintain their independence by being in charge of their financial decisions. Standing in long queues and visiting banks can be avoided, providing more convenience. It also provides hassle-free quick transaction benefits eradicating the need of cash.
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How to Stay Safe:
Expert suggests various ways to secure your financial transaction apps and your details. Primary advice is to use strong passwords and update them regularly, you can also use special figures to make it complex to guess. “Never share OTPs or personal details with anyone,” Reji adds. Experts also suggest limiting your app download to official sources like Google Play store or App Store, to avoid any malicious viruses. Keeping your bank’s helpline number handy for quick support can also be useful.
Support and Assistance
Most banks and payment providers offer 24/7 customer service to help with any issues. Reji informed that in case of an unauthorized payment, you can immediately report the issue. If the problem persists, you can also stop the transaction. Some banks also offer the option to recover funds. “Online platforms also provide helpful guides and video tutorials to walk seniors through the process step-by-step,” he added.
Conclusion
Adopting digital payments can make life easier and more secure for seniors. With simple instructions, strong security, and customer support, seniors can confidently manage their finances and enjoy the convenience of fast, secure, and easy transactions. Taking a few small steps toward online payments can open the door to greater financial freedom and peace of mind.
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