Digital Payments in India
PrintListen to this Article
After Demonetization period, substantial number of Digital Transactions increases but still in India people hesitate to do transaction in Digital payment mode. Digi Dhan and Lucky Grahak Yojana during Demonetization period motivated to do more and more and transaction in Digital mode.
Mode of Digital Payments: -
NEFT: - NEFT stands for National Electronic Fund Transfer. One can transfer money by using Name of Beneficiary, IFSC, and Bank Account No. of Beneficiary. Money gets credited within few hours. Maximum Rs. 2 Lakh can be transferred in once.
RTGS: - RTGS stands for Real Time Gross Settlement. One can transfer money by using Name of Beneficiary, IFSC, and Bank Account No. of Beneficiary. Money gets credited within few hours.
IMPS: - IMPS stands for Immediate Payment Service. IMPS are an instant interbank electronic fund transfer service through mobile phones. IMPS can be done through ATM, Mobile Banking, and Internet Banking etc. IMPS can done anytime and any day including Bank Holidays.
UPI: - UPI Stands for Unified Payment Interface. UPI is an instant real-time payment system developed by National Payment Corporation of India NPCI) facilitating inter-bank transactions. UPI is a system that powers multiple bank accounts into a single mobile application of any participating bank.
Mobile Wallets: - Mobile wallets allows user to pay Utility bills and pay at stores and some mobile wallet allows users to accept payments.
Debit/Credit/Prepaid Card: - Debit Cards & Credit Cards & Prepaid Cards are also called plastic money. One can make payment at stores and at websites.
Mobile Banking: - Mobile Banking allows customers to access their bank account and transact through mobile application of bank. Customers can view statement, transfer fund & request cheque book etc.
Net Banking:- Mobile Banking allows customers to access their bank account and transact by logging on Net Banking website of Bank. Customer can view & download account statement, transfer fund, enhance or decrease limit on online transactions, cheques request and many more banking functions.
Hurdles in Digital Payments: -
- Security: - Everyone hesitate to do transaction in Digital Mode due to No Security Assurance Security.
- Lack of Resource: - Every Indian does not have adequate resources to do digital transactions. Every Indian does not have multimedia phone to do transaction in digital mode.
- Lack of Information: - Everyone is not enough educated to do Digital Payments.
- Cyber Fraud: - Due to increase number of cyber frauds everyone hesitate to do transation in digital modes.
Category : Finance | Comments : 0 | Hits : 566
General believe lies among several goes saying Stock Market is very unstable, tempestuous, uncertain, gamble and nobody likes taking risks in terms of hard earned money. But the truth lies in fact It has given Extraordinary returns to discipline Investors who understood the power of compounding at Early age and shown good character in investing even in extra ordinary circumstances and shown patience perseverance and has mastered the Art of Regular Investing. In the words of Warren Buf...
IS INDIAN ECONOMY SINKING ? ITS IMPACT ON COMMON MAN AND FINANCIAL TIPS As per the World bank Forewarn the global economy is going to shrink by 5.2% this year resulting into a global economic crisis deepest recession catastrophe ever in decades. We cannot deny the fact that Indian economy is under devastating & catastrophic change and is witnessed sinking due reasons below – 1. Contraction in markets, 2. Supply chain crisis, 3. Lack of demand, 4. Credit growth is declining ...
“Capital crunch in business” – 10 possible ways of refinancing your business- “ART OF FUND RAISING” Leave a Comment / Uncategorized / By CA Jatin Rat Getting battle ready for post covid 19 world is the real test of time and could rack one brain to extreme unseen possibilities of life as nothing is going to remain same as earlier. Series of changes will be witnessed including the life style changes, changes in standard of living, changes in gove...
Funding against Letter of Credit (Discounting of Letter of Credit) A letter of credit is a written promise by a bank to pay for goods a buyer purchases from a seller. Discounting is a way a seller gets paid immediately even if the buyer wants a longer term for payment. Letter of Credit: Sellers may request that a buyer obtain a letter of credit from a Bank / FI prior to shipping goods. This is done to protect the seller against non-payment for the merchandise. This letter states the ban...
. Startup-Definition Startup means an entity, incorporated or registered in India not prior to five years, with annual turnover not exceeding INR 25 crore in any preceding financial year, working towards innovation, development, deployment or commercialization of new products, processes or services driven by technology or intellectual property. Condition: Such entity is not formed by splitting up, or reconstruction, of a business already in existence. Entity shall cease to be a Startup i...
Comments