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Digital PaymentsA presentation compiled by Sajid Khetani
Compiled by Sajid Khetani
What is a Digital Payment?
A way of paying for a goods or services electronically, instead of using cash or a check, in person or by mail. Customer
convenience
Ease of use
Compiled by Sajid Khetani
Why now?
Compiled by Sajid Khetani
Types of Digital Payments
Bank CardsNet banking• Electronic Funds
TransferPoint of Sale E-Wallets
UPI• United Payment
Interface
USSD• Unstructured
Supplementary Service Data
AEPS• Aadhar Enabled
Payment System
Compiled by Sajid Khetani
Bank Cards
Prepaid Cards
Preloaded from your bank account
Safe to use, limited amount of transaction
Recharge option is simple
Debit Cards
Linked to your bank account
Used to pay at shops, wallets, micro ATMS,
online shopping
Credit Cards
Issued by banks based on the credit
history
No need to have balance in the bank
account
Widely accepted
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Net Banking – Electronic Funds Transfer▪ It is used for transferring money from one bank account directly to
another without any paper money changing hands. One of the early mode of paperless transaction.
▪ This is enabled by all the banks and the customer can register for netbanking by visiting the nearest branch.
Payment Gateway▪ A platform which enables online payments for e-
businesses.
▪ Ability to accept online payment across different modes viz., netbanking, credit cards, debit cards, e-wallet, etc. from a single interface
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Point of Sale (POS)▪ A point-of-sale (POS) terminal is a computerized replacement
for a cash register. The point of sale (POS) or point of purchase (POP) is the time and place where a retail transaction is completed.
▪ Physical, Mobile & Virtual PoS
▪ Use in 3 easy steps
Swipe / Scan
Input amount
Generate receipt
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E-Wallets
▪ Electronic pre-paid payment system, mobile-first
▪ Used in purchasing items on-line with a computer or a smartphone at a store.
▪ An individual's account is required to be linked to the digital wallet to load money in it.
▪ Most banks have their e-wallets and some private companies
Download the e-wallet app &
register using your mobile number
Add money to your wallet from your bank account,
credit/debit card.
Click Pay, enter merchant’s
mobile number & amount to pay
Download the e-wallet app &
register using your mobile number
Click ‘Accept payment’, show
QR code or mobile number
See payment received
details on the history screen
To Pay
To Accept Payments
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United Payment Interface (UPI)▪ Unified Payments Interface (UPI) is a system
that powers multiple bank accounts into a single mobile application (of any participating bank), merging several banking features, seamless fund routing & merchant payments into one hood.
▪ Immediate money transfer through mobile device round the clock 24*7 and 365 days.
▪ Single mobile application* for accessing different bank accounts.
▪ A recent launch has been BHIM – launched by National Payment Corporation of India. See the next slide for details.* All the major banks also have their individual UPI app which operates on the same principle
Download app
Choose your unique id (Aadhar, mobile no.) as virtual payment address
Select your bank
Give account details for first time
Set M-Pin for validating transactions
Registration completed
How do you register?
Compiled by Sajid Khetani
– a NPCI product under the aegis of Government of India
▪ National Payment Corporation of India under the aegis of Government of India recently launched an UPI based app named – BHIM. It functions similar to any other UPI based app.
▪ Download here
Through the BHIM app, you can transfer money to a person only using his mobile number. You don’t need a VPA or bank account number.
Besides UPI PIN, you would be able to authenticate the fund transfer using your fingerprints.
This app would also work on feature phone without internet.
‘Scan and Pay’ facility. It makes the payment transfer fast, specially at a shop.
You can also check bank balance of the account. It is not limited to the parent bank of the app.
The BHIM app gives you a link to directly call the respective bank if there is an issue.
Special features
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UPI contd… Choose “Send
money”
Enter payee’s virtual
payment address
Enter amount
Write remarks for
transactionConfirm the
detailsHit “Send”
Send Money
Choose “Collect money”
Enter payer’s virtual
payment address
Enter amount
Enter when do you want
to collect
Write remarks for transaction
Hit “Confirm”
Collect Money
Compiled by Sajid Khetani
USSD based Mobile Banking – *99# - National Unified USSD Platform (NUUP)
▪ What do you require?▪ Account in a bank▪ Any mobile phone on GSM network▪ Can be used for payments upto Rs 5000 per day per customer
▪ How do you operate?▪ Dial *99# from your phone and follow the instructions on your screen.
Visit your branch to link mobile number & bank account (Can be done at ATM or online as well)
You will get you Mobile Money Identifier (MMID) and mobile PIN (MPIN) upon registration
Remember you MMID & MPIN
How do you register?
Compiled by Sajid Khetani
▪ AEPS allows bank-to-bank transaction at PoS (MicroATM) with the help of Business Correspondent (BC)
▪ Prevalent where there are no branches (rural areas)
▪ Only Aadhar needed. Link you Aadhar to your bank account
▪ Now you can do many transactions at any AEPS point without any pin or password (AEPS points – Micro ATMs)
Account balance
Aadhar to Aadhar fund transfer
Cash withdrawal
Cash deposit
Purchase at Fair Price Shops with AEPS
What can you do?
Aadhar Enabled Payment System (AEPS)
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AEPS contd…
Go to a Micro ATM or a Business
Correspondent
Provide you Bank name &
Aadhar
Choose which transaction to
do
Provide finger print on scanner
On successful transaction,
take the print slip
Process completed
How do you transact?
Compiled by Sajid Khetani
Further reading
▪ Presentation on Digital Payments by Niti Ayog - http://niti.gov.in/writereaddata/files/Step-by-step%20presentation%20on%20digital%20payments_English.pdf
▪ Keep yourself updated with the latest news & announcements vis-à-vis digital payments
Thank you