Digital Payments in India

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: -

1. Security: - Everyone hesitate to do transaction in Digital Mode due to No Security Assurance Security.
2. 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.
3. Lack of Information: - Everyone is not enough educated to do Digital Payments.  
4. Cyber Fraud: - Due to increase number of cyber frauds everyone hesitate to do transation in digital modes.