Whether you talk about the 90s or you talk about today’s time, something that has been common to date is shopping for items and paying the bill. But in these years, many things have evolved, and the bill payment method is one of them.
This write-up will teach you the differences between traditional and online bill payment methods.
Traditional Bill Pay
Traditional bill payment was very different from the ones you currently use. In the earliest days, you might have heard about the barter system. It was a way of paying the bill in exchange for goods. For example, if you go to a shop to buy rice, you can carry other items like pulses or anything else to give to the shopkeeper in the form of bill pay.
Later, currency came in, and things changed as a fixed value was set for purchasing items, and people used to pay bills in cash. Since then, cash payment has been in the market. Only a few things have evolved with time, like the currency and value of items.
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Online Bill Pay
Do you pay your bills online? A majority of people do so. In today’s time, online bill pay has become the most popular bill payment method. Now, most people avoid paying their bills in cash. Instead, they opt for online payment methods.
People use credit cards, debit cards, UPI, QR scanning, bill pay apps, and several other digital methods to pay online. These changes have taken place keeping in mind security, being tension-free and easy transactions.
Traditional bill pay vs Online bill pay
Want to know the differences between traditional and online bill pay? If yes, stick till the end of the article to gather all the essential information.
Security and Safety
The most crucial difference between the two is regarding security and safety. When you carry cash with you, you must be very careful while roaming around the city, especially when travelling.
But when you are into online payment, things are more accessible and safer in terms of any physical harm. One can carry their card or use a bill pay app of LazyPay while shopping or travelling. All you need to do is keep your OTP or account information private.
Convenient
Is it convenient to carry cash when you are travelling around? Having too much money can be risky and creates a sense of fear in the minds of individuals. It can be inconvenient for people in business and others to carry only cash.
Also, the digital mode of bill payment is much more convenient as you need to carry only your card or phone to make or receive a payment.
Availability of options
When you use the traditional bill pay method, you only have to pay in cash.
When you use the online bill pay method, you can use your credit card, debit card, BNPL facility or others.
Usage
The usage of traditional or cash payments has been easier to make transactions. Now people have become more comfortable with cash payment because this is the method we all have been using since we were kids. But though, if you make more significant transactions, keeping a note of the same becomes tricky.
Also, people who make online bill payments need to learn a few things at the beginning, which are very simple. But that learning can ease your work as it will keep track of your transaction.
Buy now, pay later
Traditional bill pay was buying and paying until and unless there’s a better connection between you and the shopkeeper. That, too, is possible when you have better credit in front of the seller. So, buy now, pay later has been impossible with traditional methods.
But when you opt for online bill payment methods, several options can offer you the BNPL facility. For this, you can get a credit card, indulge in buy now pay later apps, use bill pay, or use other digital bill payment methods.
Conclusion
There are numerous differences between traditional and online bill payment methods. Many people depend on both mediums, but online bill payment methods will lead over standard bill payment in the coming years.
You can download the LazyPay app and efficiently apply for a credit card, buy now, pay later, and bill pay which will ease and keep track of your transactions.
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