Mobile Payments - Go Cashless

The government along with the Reserve Bank of India is making all the efforts to eliminate all mediators between merchants and customers. The government has recently introduced an interoperable Quick Response (QR) code system which can be used instead of the PoS or swipe machines to accept payments. An interoperable QR code will help the merchants accept payments directly from the customers mobile phone without any PoS terminal. A standard QR code for the various financial transactions is needed, as the current QR codes are not recognized across all the wallet applications. For instance, though PayTM has a QR code based payment system, it allows fund transfer only between two PayTM users. How payments would be easier with QR Code A common QR code will be able to identify multiple payments gateways like MasterCard, Visa, and RuPay. Users will be able to transfer funds from their phone irrespective of the app or the service provider they are using. At the time of payment, the merchant

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