Mobile Payments - Go Cashless

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

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

The demonetization drive saw the middle-class sections of Indian population shedding their inhibition towards cashless transactions. People who were earlier reluctant towards digital wallets and internet banking were found switching to them. The trend caught on and it has been on a rise. But there still remains a major section of our society - the poor and the underprivileged - which has not been able to explore the potential of going cashless. The poor peoples mind is filled with questions and obscure beliefs about the cashless movement. Most either are afraid that they will lose the little money they have or they are simply resisting the new technology. In such a situation, we, the educated masses, need to rescue them. Few things that we, as common men, can do are as follows: Bust the myths about cashless transactions Start by talking to those underprivileged ones who live, work, and interact with you on a daily basis. Find out what is hindering them from making the switch to cashless

The government after demonetization is now facilitating Aadhaar Enabled Payment System (AEPS) through mobiles to encourage the cashless economy. Cashless means that you will soon be able to pay using Aadhaar card instead of debit or credit cards. Ban of high currency notes led the e-wallet companies to grow exponentially, up to the extent that even roadside vendors started using e-wallet to accept payments. And hence, the government is now focusing on Aadhaar enabled payments to eliminate plastic money and the perils of black money. What is Aadhaar Enabled Payment System(AEPS) Aadhaar Enabled Payment System (AEPS) is an Android-based mobile app which allows the users to do transactions using their Aadhaar card number, with iris or fingerprint authorization and one-time password (OTP). You simply need to link your bank account with your Aadhaar and you are done. Services which you can avail using Aadhaar card include: Balance enquiry Cash withdrawal/deposit Aadhaar to Aadhaar fund transfe

The government is taking all the steps to make Aadhaar card the base of most of the legal and administrative procedures. The government has off lately continuously encouraged and pushed people to link Aadhaar card with their bank account. One of the most beneficial features of linking bank accounts to Aadhaar cards is that you can hence receive the various benefits and subsidy amount under different government schemes directly in your bank account. Steps to link Aadhaar card with your bank account Linking Aadhaar card through net banking: The process of linking the bank account with Aadhaar card through net banking is extremely easy and is done in just a few minutes. Here is a step-by-step process: Log into your bank account Click on Aadhaar Card Seeding or Update Aadhaar Card Details Enter the required card details on the next page Click on Submit You will receive a One-Time Password (OTP) on your mobile number Verify through the OTP and you Aadhaar card will be linked to your bank