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

POS Machines PoS or swipe machine is a reliable technology used by merchants to carry out transactions without any cash. The government had ordered banks to install more than three lakh POS terminals in between December 2016 to March 2017. As a result, we have witnessed a surge in the number of POS machines installed across the country. Now, customers just need to swipe their debit/credit card to make the payment, and this makes the entire process comparatively faster and secure. Today, we are going to discuss what POS is and how you can get one for your shop too. What is a PoS terminal? The PoS terminal also referred as a point-of-sale terminal is an automated replacement for the cash register. The machine can process debit and credit cards, and the customers just have to enter the PIN number associated with the card. It has minimized the work for merchants since its an automated payment system. How to install one? Most of the banks are providing PoS machines and if you want one for you