The Six Questions

1. What are the Benefits?

2. What are the Digital Payment Options?

3. What’s a Wallet and a Gateway?

4. What are the Charges & Cash backs?

5. What are IMPS, MMID, USSD, AEPS, UPI?

6. What are the UPI Features?

Significant Benefits

• Less Cost of Currency Management

• Higher Operating efficiencies

• Cross sell opportunities

• Access spending behaviors data

• Users spend more by 20%

• Better Accounting & Easy Tax Compliance

• Easy & Clear Audit

Digital Payment Options

Wallets & Gateways

Digital Wallets

• Helps you buy online easily & conveniently.

• The money is in your purse, not in the Bank.

Payment Gateways

• Transfers money to your Bank Account.

• Charges 2% for the convenience

Charges & Cash Backs

Charges

• Approximately 2% for payment gateways.

• Special offer by digital wallets to transfer from wallets to Bank Account.

• No charges for UPI

Cashbacks

• Cashbacks are to encourage you to spend money.

• Marketing a loyalty program.

• User acquisition discounts

So Many Options!!

Cards• Rupay

• VISA

• MasterCard

Wallets• Paytm

• Freecharge

• Mobikwik

Gateways• Instamojo

• Razorpay

• CCAvenue/PayUMoney

Mobile based Apps• PhonePe

• Eko

• Bank’s Mobile Apps

Some Acronyms

IMPS - Immediate Mobile Payment Service or Interbank Mobile Payment Service.

MMID - Mobile Money Identifier'. A 7-digit MMID unique code issued to you by your bank to enable you to avail of IMPS

USSD - Unstructured Supplementary Service Data for enabling transfers on feature phones.

AEPS - Aadhaar Enabled Payment System uses Aadhaar to perform basic banking transactions

What’s UPI: Unified Payment Interface

• Innovative: An innovation led by National Payments Corporation of India, under the guidance of RBI.

• Simple: New and simple way to transfer money between bank accounts in India.

• Instant: Immediate credit of money to an account without the cumbersome process of registering for mobile banking, adding a beneficiary etc.

• Secure: Highly secured as transfer possible without mobile/bank account details

Let’s Go Digital Now!

Learn more on

https://www.servetm.com/blog/category/go-cashless/