Mobile Payments - Go Cashless

On 22nd March 2016, Samsung, launched its digital payment application, Samsung Pay. This move by the Android phone maker comes in the wake of the Digital India movement initiated by Prime Minister Mr. Narendra Modi post demonetization. With the humongous popularity of Samsung smart phones among Indian population, introduction of this new digital payment system might succeed in luring few more people to the cashless bandwagon. Here we give you a lowdown on the new payments app to get you better acquainted with it. Samsung Pay is a secure and easy to use mobile payment service. With this app brings users can have their debit card or credit card right on their phone screens. Features of Samsung Pay - The Digital Payment App from Samsung It is simple to use Samsung Pay is a convenient payment system which works faster than paying through your actual wallet. This app works using MST (Magnetic Secure Transmission) and NFC (Near Field Communication) technology. The app replicates as your debit o

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 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

Housewives are the backbone of every Indian household. Although they remain in the backdrop, we cannot deny the fact that homemakers and housewives play a major role in Indias economy. They form an important part of the buyers community who move Indian markets. Therefore, educating the Indian Housewife to go cashless is imperative to make India a cashless economy. Be a smart housewife. Here are 10 ways a housewife can go cashless and be a champ: Salary payments to house-helps, gardeners, handymen, etc. 1. Use Digital Wallets and UPI Apps Go beyond using your smartphone just for Whatsapp and Candy Crush. Being a housewife, you are a quick learner. Download those mobile wallets and UPI apps today. These apps are easy to operate. Encourage your maid, house-help, handymen, gardener etc. to download these digital wallets and UPI apps on their phones and educate them on their use. Next step? Go cashless by making their salary payments through these digital wallets and UPI Apps. 2. No smartphon