Digital Payments without Credit Card

Hello friends,

I am doing good, and I hope that you are having a good time with your near and dear ones.

We are in an era where making digital payments is a necessity. Multiple options can be availed for making digital payments. Some types of payments can be made using a mobile phone and for some a card is necessary. There are two types of cards- credit and debit cards. Apart from these cards we also have the option to make payments using Internet banking or mobile wallets. We also have the option to make the digital payment using the UPI in India.

I don't know if a similar option is available in other countries but in India UPI is a very popular payment method. I use this payment option and if I remember correctly, it's been a few years. The use of UPI was increased after demonetization in the country and payment as wallet emerged as a big wallet company. Every online website that asks for digital payment provides the option for different wallets and UPIs along with credit or debit cards. I do not have a credit card with me but I use a debit card sometimes when there is no option to use a wallet or UPI.

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Some of my friends are using credit cards and they are asking me to apply for this. I don't know if I should do it or not and I'm a little worried because I have read some stories on the Internet where people had lost money because of scams. Even banks charge for credit cards and this is why I never had any credit. With credit cards, a grace period is allowed by the bank which can be about 40 to 50 days. I'm not in the job so it might not be easy for me to get a credit card but I'm not sure. There are different companies offering digital credit cards if the CIBIL score is good.

The question is do we need to have a credit card for online and digital payments? If I have then how will I get the benefit and now because I don't have then what are the benefits I am losing for not holding a credit card? I don't know to be honest because I never felt like having a credit card. After all, when a card is used I use my debit card for such payments. If my wallet is there then I don't need to worry because I use it and Paytm is my favourite. There are dozens of wallets available in India but I prefer Paytm because I am familiar with this. I don't not to pay any extra amount but to be honest I don't know how this company is making money.

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I sometimes think that I should apply for a credit card but later I change my mind because I don't feel in need of it. Unnecessary I do not want to trap myself with a bank that can charge me different type of fees for the credit card. They can charge annual fee or a renewal fee and if I miss the payment then they are going to charge me a huge penalty with interest. At least now I am happy that with my wallet or the debit card, there is no charge and I can use the way I want. The only difference is that it is my money that I am using my way but with credit, I will be getting a limit provided by the bank to use their money. I can use their money for a certain. And pay back before the due date.

Thank you

Peace @mukund123

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