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    This Online Discount Season: Choose the Best Payment Option


    You are flooded with discount deals on your favorite brands. Come this Independence Day weekend and the online retailers line up a red carpet welcome for you to shop on their websites. We all love variety, variety of brands and variants and that too on discounts. Your hands are itching to click on the ‘Buy’ button.

    All you have to do is choose a method of payment. It is simple, they say. It’ll only take a couple of minutes they say. As get set to anticipate the moment when you tear through the cardboard, unwrap the bubble wrap, and just gleefully stare at that product/ try it on/ check it out etcetera. There’s just one stop blocking your way. Most importantly, you still have to pay and you got no clue about how to proceed about that.

    Well, it might just be as they say it should be, with no sweat, all ease and simple case, if only you are able to figure How To Pay in the first place.



    Too Much Of A Good Thing IS Confusing!

    Yes, choices are great, but not so, when you have to decide the payment method. PayTM, PayU Money, Mobikwik, PayZapp from HDFC Bank, Pockets from ICICI Bank, your debit/credit card or your bank’s netbanking facility. You name it, it is confusing like hell. You end up choosing Cash-on-Delivery (CoD), for the sheer familiarity this option presents to you. So, what about the time when the good old CoD isn’t available or practical for you?



    Credit cards are usually considered the safest online payment option, next after cash on delivery. This is because in the occurrence of a fraud you can report suspicious charges such as double billing on your credit card statement to your credit card company. The company is obligated to invest if you send in a written request within 60 days.

    When you make a purchase using your credit card, you take a loan from the issuing bank or financial institution. This institution pays the debt to the vendor and in turn you pay the money back to the institution.

    Thus, all your credit card transactions are added to your credit history.


    Debit cards on the other hand deduct money from your balance in the bank account. They are sort of like a check-just much faster. But despite 3 tiered security protocol as per RBI regulations, debit cards frauds or identity thefts are rampant. Hence, the need to exercise caution can’t be stressed enough.



    So, all the Big banks on the block have launched their e-wallet and payment gateway apps. The big players include ICICI Bank’s Pockets, HDFC Bank’s PayZapp , SBI’s FreeDom. There are others such as PayTM or Mobikwik. Now, how you should juggle between these can be quite a tedious decision to make.

    Almost all banks offer payment gateway services these days.

    Almost all banks offer payment gateway services these days.

    Remember, banks do provide multiple security layers, but the sites offering payment solutions through them are still pretty restricted. Additionaly, there is one less intermediary between you, the buyer and the retailer. So, that is definitely bonus for your pockets :D

    Our market scoping is far from complete or comprehensive but it will give you an idea as to what all features your checklist must comprise of before making your final call. Here is a list of features and their comparison across various applications.




    So, once you are through with deciding the best  online payment option for you, enjoy the sale and the raining discount season. Happy shopping to you!

    Views presented in the article are those of the author and not of ED.

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