Mobile Payments - Go Cashless

After demonetization, apart from the PoS machines, many other digital payment modes have cropped up including mobile wallets, including Aadhaar Enabled Payment Systems (AEPS), Unified Payment Interface (UPI), and even Unstructured Supplementary Service Data (USSD). From all of these, USSD is primarily meant for people who do not have smartphones or internet connectivity but wish to adopt the *99# service for digital banking and cashless payment system. *99# is a USSD based mobile service for banking transactions, which can be used by both smartphone and basic phone users. However, to use this service, it is imperative that the user has a registered mobile number with his bank account, which can be done either at the bank or through an ATM. Why *99# service is so helpfulWhat would be more convenient and quick than to simply dial a number to check your bank account balance or even make payments? *99# services is loaded with many more features including: The service also works on basic G

The government after launching Unified Payment Interface (UPI) which lets the users send and receive payment using Virtual Payment Address (VPA), has recently introduced Aadhaar Payment app, specifically for the merchants. Aadhaar Payment app is launched in association with IDFC Bank, and hence is also known as IDFC Aadhaar Pay. Aadhaar Payment App uses the Aadhaar Enabled Payment System (AEPS) for funds transfer and has, in fact, eliminated the Point-of-Sale (PoS) machines and even the credit/debit cards, passwords, and PINs. The customer only has to give his/her Aadhaar number to pay the vendor. Both the merchants and the customers have to link their Aadhaar card with their bank accounts to send and receive funds using any mobile payment app. For private banks like HDFC and ICICI, you can link the Aadhaar card either online through net banking or by calling the banks customer care number. How does Aadhaar Payment App work for the merchantsIn addition to Aadhaar Payment app, the ven

The government in collaboration with the Reserve Bank of India (RBI) and the Unique Identification Authority of India (UIDAI) is continuously working towards implementing digital payment modes to encourage cashless society. As a result, the government is pushing Aadhaar linked payment systems which will eventually eliminate debit/credit cards. The current forms of digital payments like credit/debit cards, internet banking, and even mobile wallets require the vendors to pay some charges for using the technology, However, with the Aadhaar linked payment modes like Aadhaar Payment app the merchants do not have to pay any fee for using the technology. Hence, the Aadhaar Enabled Payment System (AEPS) can work as a boon for the vendors. How efficient are Aadhaar linked paymentsThe government, since the launch of Aadhaar card, is encouraging citizens to link their savings accounts with it. The government soon launched the Adhaar Payment app which requires only the Aadhaar number and the fing

The government is taking all the necessary steps to promote and encourage digital payment systems. Hence, Digi Dhan Vyapar Yojana is a lucky draw scheme for merchants, where they would be rewarded to accept payments digitally. There are two types of rewards for the merchants, i.e., a weekly lucky draw and a mega draw. Weekly lucky draw as the name suggests, is a weekly prize where 7,000 merchants are rewarded with INR 2,500, INR 5,000, and INR 50,000. The Mega draw, in turn, will take place on April 14th, 2017 and the lucky winners would get Rs. 12 lakh, Rs. 25 lakh, and Rs. 50 lakh. What you need to know about Digi Dhan Vyapar YojanaThe government is making every possible effort to bring digital payment systems in practice. And what better approach can there be, than starting from the merchants. Here are some of the reasons why DigiDhan Vyapar Yojana is beneficial: The scheme helps promote digital payments through merchants To be eligible for the reward the merchant should accept a mi

Bharat Interface for Money (BHIM) is a digital payments app launched by the Indian Prime Minister. And based on Unified Payment Interface (UPI), you can now use BHIM app for making payments using Aadhaar cards. In other words, BHIM users can now accept and send money using their 12-digit Aadhaar card number. In addition to using Aadhaar as a mode of payment, you can still continue to use the previous payment gateways like mobile wallets, bank accounts, and credit/debit cards for transactions. What is BHIM UPI PINWhen using BHIM to make payments, a UPI PIN needs to be entered to authorize the payment, which is a 4 digit passcode. Moreover, with BHIM you also need to feed in a password before opening the app on your mobile. Entering passcode to open the app adds to the security and hence reduces the chances of fraud. How to setup UPI PINKeep your debit card handy to set up the UPI PIN on your mobile to be able to use BHIM app. follow the steps below to know the process: Enter the passc

Though many people were already using cashless payment methods like credit/debit cards, internet banking, and checkbooks for transactions, the number was limited. However, governments demonetization certainly pushed the entire country to adopt various cashless ways for not just big transactions, but in fact, for the day to day transactions. Here are 10 ways you can adopt for cashless transactions: Internet bankingInternet banking as we all know allows financial transactions from anywhere in real time. Log in to your bank account, and you can recharge your mobile number and DTH connections, pay utility and credit card bills, and transfer funds anytime. Debit cardsDebit cards can be said to be one of the first few ways of cashless transactions and have today become a necessity. There is no need to carry cash to make payments when you have a debit card handy. Credit cardsCredit cards unlike debit cards as the name says work on credit and can be requested from your bank. Each time you us

During the initial stage of the demonetization drive, SMEs faced a lot of problems due to sudden cash crunch. But as time passed, a lot of them are got onboard the cashless bandwagon. SMEs are finding ways and means wherein they can receive and make payments cashless. So, if you are the owner of one such SME who is still clueless about how to adopt cashless modes of transactions, here are 6 ways for you can do so : Account Transfers Most SMEs operate Current Accounts to deposit and withdraw cash for operating their businesses. Instead of dealing in cash, you can pay your vendors and employees, and collect payments from your customers directly through bank transfers. Modes of direct account transfers like NEFT, RTGS and IMPS are now facilitated by net banking and mobile banking which are extremely smooth to operate. Many banks now have even come up with special apps for businesses providing various cashless solutions to run businesses seamlessly. Aadhaar Enabled Payments System (AEPS) If