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Various Means of Digital Payments

Introduction

To achieve expeditious movement into the cashless, digital payments economy across all states and sectors and to promote rapid adoption of digital payment systems, various digital payment systems appropriate to different sectors of the economy and is coordinating efforts to make them accessible and user- friendly. The following digital payment systems are currently being promoted across the country. A step-by-step instructions for usage of the payment options are described below.

 digital-payment-1

Bank Cards

Getting a Bank Card

How to issue a card from your account
  • Approach nearest bank branch
  • Multiple cards from one account
  • PIN issued by bank separately

Activate your Card

  • At your Bank’s ATM by even balance checking
  • At your bank branch by any transaction

Types of Cards & Usage

Prepaid Cards

  • Pre-loaded from your bank account
  • Safe to use, limited amount of transaction
  • Can be recharged like mobile recharge

Debit Cards

  • Linked to your bank account
  • Used to pay at shops, ATMs, wallets, micro ATMs, online shopping

Point of Sale (POS) and Card steps

Banks issue various cards for their account holders

  • Prepaid Cards
  • Debit cards
  • Credit Cards

Use your card to shop anywhere

  • At any PoS
  • At ATM
  • Online shopping

Prepaid card can be issued by any bank from account or cash
Following are the benefits

  • Pre-loaded card
  • Equivalent to cash
  • Can be recharged several times
  • Can be used at any PoS, ATM

Unstructured Supplementary Service Data (USSD) based Mobile Banking

*99# - National Unified USSD Platform (NUUP)

Required for Activation

  1. Account in a bank
  2. Any mobile phone on GSM network

Can be used for payments upto Rs 5000 per day per customer

Registration

  1. Visit your branch to link mobile number and bank account- Can be done at ATM or online
  2. You will get your Mobile Money Identifier (MMID) and Mobile PIN (MPIN) upon registration
  3. Remember your MMID and MPIN

Note: New changes being brought to simplify user experience; no need for separate MMID

Transfer Funds to another Bank Account

99Service

Aadhar enabled payment system (AEPS)

  • AEPS allows bank-to-bank transaction at PoS (MicroATM) with the help of Business Correspondents (BC)
  • Only Aadhar needed

Aadhar enabled Services

  • Balance Enquiry
  • Cash Withdrawal
  • Cash Deposit
  • Aadhaar to Aadhaar Funds Transfer
  • Purchase at Fair Price Shops with AEPS

Aadhaar Enabled Payment System Steps

  • Seed your account with your Aadhar number at bank or with the help of banking Correspondent
  • Now you can do many transactions at any AEPS point without any pin or password(AEPS points –Micro ATMs)

Key steps for AEPS Transaction

  1. Go to a microATM or banking correspondent
  2. Provide your bank name and Aadhaar
  3. Choose which transaction to do
  4. Provide finger print on scanner
  5. On successful transaction, take the print slip
  6. Process completed

MicroATM Transaction

Unified Payment Interface

Requirements for registration on UPI

Requirements

  • Smartphone with internet facility
  • Bank Account details (only for registration)

Available bank apps

Sl.No.Bank NameApp Name
1Allahabad BankAllahabad Bank UPI
2Andhra BankAndhra Bank ONE
3Axis BankAxis Pay
4Bank of BarodaBaroda MPay
5Bank of MaharashtraMAHAUPI
6Canara BankCanara Bank UPI - Empower
7Catholic Syrian BankCSB UPI
8DCB BankDCB Bank
9Federal BankLotza
10HDFC BankHDFC Bank MobileBanking
11ICICI BankPockets- ICICI Bank
12Karnataka BankKBL Smartz
13Kotak Mahindra BankKayPay
14Oriental Bank of CommerceOBCUPI PSP
15Punjab National BankPNB UPI
16South Indian BankSIB M-Pay (UPI Pay)
17State Bank of IndiaSBI Pay
18TJSB BankTranZapp
19UCO BankUCO UPI
20Union Bank of IndiaUnion Bank UPI
21United Bank of IndiaUnited UPI
22Vijaya BankVijaya UPI App
23Yes BankYes Pay
For more details, click here.

UPI Registration Process

  • Download any bank’s app or 3rd party app
  • Choose your unique id (Aadhar, mobile no.) as Virtual Payment Address (VPA)
  • Select your bank
  • Give account details for first time
  • Set M-PIN for validating transactions
  • Registration Completed

Registering on UPI

Sending Money on UPI

  • Choose “Send money”
  • Enter payee’s Virtual Payment Address
  • Enter amount
  • Write remarks for transaction
  • Confirm the details
  • Hit “send”

Sending Money


Collecting Money (raise a demand) on UPI

Collecting Money

Wallets

 

What are 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.

Using Wallets

Consumer Wallet Limits: Rs.20,000/month for all. Rs.1 lakh/month with KYC

  • Consumer downloads the app on Smartphone
  • Sign up using mobile
  • Load money using debit card/credit card of net banking
  • Start using wallet to make payments

Merchant Wallet Limits: Rs.50,000/month with Self Declaration. Rs.1 lakh/month with KYC

  • Shopkeeper/service provider downloads the app
  • Sign up using mobile
  • Self declare itself as a merchant
  • Start accepting payment

Point of Sale (PoS)

Types of PoS

 

Physical Card Swiping – PTSN with landline / GPRS enabled

Phone connected with external POS device through jack / Bluetooth

Virtual E-payment Gateway

Physical PoS

Swipe a debit/credit card on the PoS machine

Enter amount to be paid and pin

Generate Receipt

Installation of Physical PoS Terminal

  1. Open / identify current account for transactions
  2. Fill in the application form (online / at the branch)
  3. Identify type of PoS required (landline / GPRS)
  4. Submit following documents:
    • Proof of business (any one)
      • Shop & establishment registration certificate
      • VAT certificate
      • Sales tax
    • Proof of address
    • Photo identity proof of proprietor / partner
    • Financial details
      • Bank statement
      • Income tax return
  5. Acceptance of MDR by merchant
  6. Execution of Merchant Establishment Agreement

Mobile PoS

Note: mSwipe is used as an example of MPoS here

V-PoS

  • No PoS machine required
  • QR code used for payment to bank account of merchant
  • Complete privacy of merchant bank account

Must Do Practices

  • Register your mobile number at bank for regular information by SMS for every transaction
  • Never share your PIN to anyone
  • Transact at only trusted merchants
  • While at ATM, ensure no one is looking over your shoulders

Source : NITI Aayog

Mobile app on Digital payments

  1. Mobile app - Know about Digital payments

Related resources

  1. List of Banks permitted to provide Mobile Banking Service in India
  2. RBI cautions users of Virtual Currencies.


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