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

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 launch of various mobile based payment apps has made funds transfer extremely quick and hassle free. Unified Payment Interface which is also a mobile based payment app allows the user to connect his bank accounts with the app using a Virtual Payment Address (VPA). After installing UPI on your smartphone, you can use Virtual Payment Address (VPA) for all kinds of monetary transactions henceforth. What is Virtual Payment Address? Everyone who is using UPI needs a Virtual Payment Address (VPA) for transferring funds in real time. VPA, as the name says, is an address quite similar to an email id like jay****@icicibank or 99******35@PNB. A VPA is issued to the user when he/she registers for Unified Payment Interface (UPI). All the UPI users to accept or make payments have to provide only their VPAs to complete the transactions. VPAs are being used instead of the card/bank account details for all kinds of financial activities. Create a VPADownload the UPI app from the particular play st