Methods of Digital Payments

                                     Ways of Digital payment

              Banking Cards

  

Banking cards include all those credit cards , debit cards etc.  We can easily get banking cards from any    bank.These cards are linked to our Bank accounts, when we make payments through them , cash is          deducted from from wer bank balance. These cards can be easily used in POS machines.These cards can be easily used to make online     payments that includes paying bills , for recharging etc  and                                                                         can be easily used to withdrew cash from ATMs.                   

     Mobile BANKING

     Mobile Banking is an electronic system of banking  which enables customers of  a bank to         perform a number of financial transactions through the banks website. With the rapid                  digitalization happening  in  India Banking through  Internet Platform assumes a special              significance.

    Mobile banking is offered by most of the bank. It involves connecting wer bank account  with     our mobile .The user gets a unique mobile banking id with a pin.

    It enables a customer to know about

       

                                           

         Account related enquiries and status 
        Transaction tracking and history 
        Loan Installments and funds flow details 
        Statements 
        Cheque status

        Cheque book 
        Stop payment 
        Fixed and Recurring deposit opening and  renewal 
        Mobile / DTH recharge .

    E-WALLET

E

     Electronic wallets being very useful for frequent onlineshopping .They offer a secure and portable tool f    or online shopping. They store financial information such as credit cards, passwords, PINs and much        more.

     E-wallets allowUS to keep track of wer billing information .E-wallets store

e    cash,example of an e-wallet on the market is PAYTM.

     E -wallets  are used for micro-payments. One just need to make an account on sites like PAYTM,              FREECHARGE etc.  And connect it to wer bank account or the  smart cards.we can receive  money          and  make payment through E wallets.

        Advantages

Many times when we go for  online shopping or to recharge , we even  not have time to enter  our banking card details.  So in that case we can use Ewallet. It’s time saving.

Thinking money is insecure in digital wallets ,   is wrong because all the wallets offers the password security service. And most of the wallets provide the extra security to keep money secure from unauthorized access.

Amount spent on E- wallet can easily be tracked through account

   Often  we can get lots of attractive discounts          on          online shopping. So, it can also be a         great benefit     having digital wallet.

    Aadhaar Enabled Payment System

     

    Aadhaar Enabled Payment System is a way to do transactions through the bank account.          This system of getting money  does not requires any signature  or a Debit card. It uses               Aadhaar data for the authentication. The Aadhaar Enabled Payment System gives you               banking facility.

                                    It enables us to do :

      Balance Check

      Cash Deposit

      Cash Withdrawal

      Aadhaar to Aadhaar Fund Transfer

It  is  amazing that  through the Aadhaar number we can access our bank account. But it is  possible because the Aadhaar is linked with your bank account. This linking leads you to y         our bank account. The fingerprint is authenticated by the UIDAI. In response to a transaction, UIDAI tells to the bank about the          authenticity of the user. Once, UIDAI authenticates, the bank gives green  signal to the                transaction

          UPI

UPI is a digital  payment system that allows money transfer between two bank accounts by using a mobile phone.

It allows a customer to pay from a bank account to different merchants, both online and offline, without credit card, or net banking/wallet passwords. It is a safe process  as customers only shares  a virtual address and provide no other information. A user can make an app payment for goods purchased online.

The transaction information is first  verified and  then we have to  enter MPIN.

        It invoves the following steps

       1. Downloading the app from Play Store

       2. App login                                                  

       3. Creating virtual address

       4. Adding your bank account

       5. Seting M-Pin .

      POS

   It is a computerized network operated by a main computer and linked to several              checkout terminals.

  POS system records each sale when it happens, so your inventory records are always     updated. We get information about the sale. With the help of running reports available    in this system we can make better decisions about ordering and merchandising.  

 With help of POS software :  

  We can analyze sales data, figure out how well all the items on your shelves sell, and      adjust purchasing levels accordingly.

     We can maintain a sales history to help adjust your            buying decisions for seasonal  purchasing trends.

    We can improve pricing accuracy by integrating bar-code scanners and credit card          authorization ability with the POS system.

  There are plenty of popular POS software systems that enable you to use add-on            devices at your checkout stations, including electronic cash drawers, bar-code                scanners, and invoice printers. POS packages frequently come with integrated                accounting modules, including general ledger, accounts payable, purchasing, and          inventory systems..

    Most systems allows  us to enter inventory codes either manually or automatically via a  bar-code scanner. Once the inventory code is entered, the systems call up the                standard or sales price, compute the price at multiple quantities and provide a running    total. Many systems make it easy to enter sales manually when needed by letting you    search for inventory codes based on a partial merchandise number, description,              manufacturing code or vendor.

   Once a sale is entered, these systems automatically update inventory records.

    Most of these systems provide audit trails so you can trace any problems.

   The most valuable way POS systems help you gain better control of your business is      through their reporting features. You can slice and dice sales data in a variety of ways    to determine what products are selling best at what time, and to figure out everything      from  the optimal ways to arrange shelves and displays to what promotions are                 working best and when to change seasonal promotions.

   USSD

   

    USSD refers to unstructured supplementary service data. It is a technology that transmits          information through GSM network channels. USSD technology facilitates sessions of                   communication that can be used in various areas of life including banking.

    This USSD-based communication can be used for checking your account balance,                     generating mini statement, fund transfer via MMID (a code allotted by banks on mobile               banking registration), IFSC code or Aadhaar number. 

    This USSD code is common across all telecom operators. There is no need to install any            separate application for this, although alternative to install apps and access banking                   services offline by some banks such as Punjab National Bank and Bank of Baroda is also           available on Google Play Store.  

    

     STEPS

     1.Dial *99# with your registered number and wait for 3-5 seconds.

     

    2.Enter the three letter abbreviation of your bank name or first four-letter of bank IFSC or               first two digits of bank’s numeric code and hit send or call button.

    3.You will see some options for the services. It can be different for different banks. These               options are-

   1.Account Balance

                                                                      2.Mini statement

                                                                      3.Send money using MMID

                                                                      4.Send Money using IFSC

                                                                      5.Send money using Adhar Number

                                                                      6.Show MMID

                                                                      7.Change M-PIN

                                                                      8.Generate OTP

4.Enter 3 in the input box of NUUP menu and submit.

5.In the next menu, Enter beneficiary mobile number, MMID, amount and remarks (optional).

6.Now, you will see another menu. Enter your mobile banking M-PIN and last four digits of your account number  and submit.

 7.You will see a confirmation message.