Explain types of digital payments

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Solution

Digital payments came into existence due to digital cash. Digital cash is a form of electronic currency that exists only in cyber space. this type of currency has no real physical properties, but can only be used in electronic format.
There are various types of digital payments nowadays due to emerging modes of business, which are-

Banking Cards

USSD (like payments by (*99#)

AEPS (Aadhar enabled payment system)

UPI

Mobile Wallets

Bank pre paid cards

Internet Banking

Mobile Banking

BHIM (Bharat Interface for money)

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