Digital payments

Digital PaymentsTransforming India to Digital India

Based on an article from Economic Times.VID-20161201-WA0012.mp4

Synopsis

Introduction Multiple Digital Payment Options

Unified Payment Interface(UPI) E- Wallet Cards and PoS Aadhar-enabled Payment System Unstructured Supplementary Service Data(USSD)

Policy Measures by Government Barriers to Digital Payments

Introduction

Payments are made using payment instruments. Cash, for example, is a payment instrument. ... the

nature of the payment instrument is Paper Digital / Cash Less : Every Instrument other than

Cash (Non Cash) and which does not rely on paper(Non Paper) for its transaction.

Simply, in other words, transactions that mainly use Electronic medium are considered as Digital

Unified Payment Interface(UPI)


UPI is an indigenously developed platform by National Payments Corporation of India (NPCI) and set up with the support of the Reserve Bank and Indian Banks Association (IBA).

UPI is an open and interoperable technology stack that works by allocating a unique identification or address (not bank account/card details) for each user, resulting in more secure transactions.


Logo:

Industry: FinanceFounded: 11th April, 2016Founder: Reserve Bank of India

Headquarters: Mumbai, Maharashtra, India[1]Products: Online platform for transactionsParent: National Payments Corporation of India Website: www. npci.org.in

More Info:


UPI allows customers to transfer money across banks with the use of a virtual address such as USER ID or MOBILE NO.

Some of the features are as follows: It will be available 24/7 including Sundays and Public Holidays. Notifications for the payments are received immediately. Secure Payment Gateways You can schedule your Payments and stop worrying about

deadlines.



UPI can be used in many day to day activities Transfer of money to friends

and relatives Paying Utility Bills Buying Railway and Movie Tickets Barcode( Scan and Pay)-Based

Payments Insurance Premium Collection Donations, School Fees and other

over the counter payments E- Commerce, Retail Stores

How to start using this service Android Users can download

the respective bank's UPI-enabled mobile app from the Google Play Store. IOS users will have to wait longer.

Currently, 30 Banks including SBI, PNB, Canara etc; have their individual platforms.


This is Barcode( Scan and Pay )- Based Payment Methods



E- Wallets

E-wallet is an online prepaid account where one can stock money, to be used when required. As it is a pre-loaded facility, consumers can buy a range of products from airline tickets to grocery without swiping a debit or credit card.

Examples :

First of all, as it is a Wallet, we have to load money into that for using our money online.

We can load money from various sources1. Debit Cards / Credit Cards / Prepaid Cards

2. Directly from Bank Accounts using Internet Banking

3. Requesting money from Parents, Relatives and Friends

E- WalletsHow do they work?

E- Wallets What they can be used for?

Recharges Mobile Recharge DTH Recharge Datacard Recharge Metro Card Recharge

Bookings Hotel Bookings Movie Tickets Travel Tickets

Bill Payments Landline Bills Broadband Bills Electricity Bills Postpaid Mobile Bills Gas Bill Payments Water Bill Payments Insurance Premiums Amusement Park Tickets

Types of E- Wallets

Bank led Telco led Prepaid E- Comm \ Tech Payment Banks

E- Wallets - Paytm

How to Use

Download and install the Paytm app on your phone.

The is available on Play Store, Windows Mobile Store and the iOS App Store.

1E- Wallets - Paytm

Sign Up for Paytm2

E- Wallets - Paytm

E- Wallets - Paytm

Once you have logged into your account, you need to put in some money into it.

3 Load Money

E- Wallets - Paytm

Pay or Send Money

4і) iі) iii

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E- Wallets - Paytm

5 Receive Money

E- Wallets - Paytm

The app offers a "nearby" option which shows all the places near your location that accept payment through Paytm.

Nearby Search Option

6

PoS (Point of Sale)

The “point” where a transaction is finalized or the moment where a customer tenders payment in exchange for goods and services. Any form of payment can be used, such as cash, debit cards, credit cards, mobile payments and even Bitcoin.

Types of PoS Physical PoS M- PoS V- PoS

PoS (Point of Sale)

Types of PoS

PHYSICAL POS

Physical Card Swiping - PTSNwith landline / GPRS enabled

M - PoS

Phone connected with external PoS device through jack/ Bluetooth

V - PoS

Virtual E-payment Gateway

PoS (Point of Sale)

PoS (Point of Sale)

PoS (Point of Sale)

V- PoS No PoS Machine required QR Code used for payment to Bank Account of Merchant Complete Privacy of Merchant Bank Account

PoS (Point of Sale)

Unstructured Supplementary ServiceData (USSD) based Mobile Banking

*99# - National Unified USSD Platform (NUUP)


Requirements

1.ACCOUNT IN A BANK2.ANY MOBILE PHONE ON

GSM NETWORK

Registration

1. Visit any Branch to link mobile number and bank account (it can be done at ATM or Online also)

2. You will get your Mobile Money Identifier(MMID) and Mobile Pin(MPIN) upon registration

3. Remember your MMID and MPIN



Dial *99# from your phone

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Massive Growth in Digital Transactions

Important Statistics

Important Statistics

Policy Measures by Government

Barriers to Digital Payments

A Presentation by

Venkatesh Kumar Maale

Economy & Finance

Digital payments