7 Awesome Advantages of Online Bill Payments

 

With the boom in digitization, there are so many online avenues for ordering food, shopping, banking services, lending and much more. You can now make instant bill payments from the comfort of your own home thanks to online banking and mobile apps. If you need to give money to family and friends for the holidays or make payments for a surprise present, it's all possible with a few taps.

 

Using your financial institution's electronic bill payment service, which is also free and accessible via Online payments apps, has several advantages. This time-saving method of bill management saves you time because all your bills appear in one location rather than requiring you to log into several online accounts.

 

Some awesome advantages of online bill payments include:

1.       Convenience

2.       Ensures secure payments

3.       Easy mobile access

4.       Facilities tracking of payments

5.       Earn rewards and cashback

6.       Saves your time

7.       Eliminates paper waste

 

1.       Convenience

With the emergence of mobile payments apps, you can now pay your bills right from the comfort of your home. You do not have to stand in long queues outside stores to pay your bills. You don't need to recall several passwords or log into several websites. Many providers even give you the option of pre-scheduling payments for their due date or a different day. You can use online mobile apps to schedule payments whether you receive your bills electronically or by mail. The banking institution would either pay those companies electronically or by check after arranging a payment.

 

2.       Ensures secure payments

Some Indians still have reservations about digital payments, believing that they are insecure. However, rest assured that banks employ a variety of security measures to ensure that each payment is completely secured and covered. A two-factor authentication device protects any online banking transaction. Several methods are incorporated into bill payment services to keep your information safe, including:  usernames and passwords, security layers that help in preventing outsiders from attacking, encryption processes that keeps your data hidden during electronic transit, and automatic sign off if your online session is idle for too long.

 

3.       Easy mobile access

Mobile payment apps ensure easy tracking of your bills and send reminders as well. Mobile connectivity is one of the most significant benefits of online banking. Many banks already have their own smartphone apps or a mobile-specific official website. These options allow you to make payments while you're on the go. This on-the-go payment versatility comes in handy for a variety of reasons, including paying utility bills on the way to work, shopping online while dining out, and exchanging funds.

 

4.       Facilities tracking of payments

The 'watch your transactions' feature is one of the most critical online mobile banking features, whether you're trying to stick to a budget or just want to see when you last paid a bill. You can monitor all your previous online transactions, including purchases and transfers, once you log in. Additionally, the tool allows you to filter the statement by date, month, or year.

 

5.       Earn rewards and cashback

Many mobile bill payment apps give you a chance to win cashback on your spends. With digital payments, you can take advantage of a variety of promotional offers ranging from shopping to bill payments to ordering food. When you use your bank's Internet Banking portal to make a payment, you can save money and get a variety of other benefits.

 Read Also - Top Benefits Of Online Bill Payments 

6.       Saves your time

Many bill payment apps have a super-fast interface facilitating a speedy bill payment. It just takes a few minutes to pay your bills once you've set up electronic bill payment in your online or mobile banking account.

 

7.       Eliminates paper waste

One of the most awesome advantages of doing your bill payments online is it the reduction of paper waste. Paying your bills online eliminates the need for paper checks to be mailed. It not only reduces paper waste, but it also saves money on postage and envelopes.         

There are many banking and non-banking bill payment apps. One of such apps is Bajaj Finserv. Bajaj Finserv app not only facilitates digital monitoring of your loans, but now you can pay your electricity, DTH, FASTag, mobile and other bill payments.