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Digital payments - India perspective

This presentation is a compilation of the various Digital Payment options available for individuals & businesses. This presentation explains the digital payment landscape from a layman's perspective..

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Digital payments - India perspective

  1. 1. Digital Payments A presentation compiled by Sajid Khetani
  2. 2. What is a Digital Payment? A way of paying for a goods or services electronically, instead of using cash or a check, in person or by mail. Customer convenience Ease of use Improves Efficiency Compiled by Sajid Khetani
  3. 3. Why now? Compiled by Sajid Khetani
  4. 4. Types of Digital Payments Bank Cards Net banking • Electronic Funds Transfer Point of Sale E-Wallets UPI • United Payment Interface USSD • Unstructured Supplementary Service Data AEPS • Aadhar Enabled Payment System Compiled by Sajid Khetani
  5. 5. Bank Cards Prepaid Cards Preloaded from your bank account Safe to use, limited amount of transaction Recharge option is simple Debit Cards Linked to your bank account Used to pay at shops, wallets, micro ATMS, online shopping Credit Cards Issued by banks based on the credit history No need to have balance in the bank account Widely accepted Compiled by Sajid Khetani
  6. 6. Net Banking – Electronic Funds Transfer ▪ It is used for transferring money from one bank account directly to another without any paper money changing hands. One of the early mode of paperless transaction. ▪ This is enabled by all the banks and the customer can register for netbanking by visiting the nearest branch. Payment Gateway ▪ A platform which enables online payments for e- businesses. ▪ Ability to accept online payment across different modes viz., netbanking, credit cards, debit cards, e-wallet, etc. from a single interface Compiled by Sajid Khetani
  7. 7. Point of Sale (POS) ▪ A point-of-sale (POS) terminal is a computerized replacement for a cash register. The point of sale (POS) or point of purchase (POP) is the time and place where a retail transaction is completed. ▪ Physical, Mobile & Virtual PoS ▪ Use in 3 easy steps Swipe / Scan Input amount Generate receipt Compiled by Sajid Khetani
  8. 8. 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 Download the e- wallet app & register using your mobile number Add money to your wallet from your bank account, credit/debit card. Click Pay, enter merchant’s mobile number & amount to pay Download the e- wallet app & register using your mobile number Click ‘Accept payment’, show QR code or mobile number See payment received details on the history screen To Pay To Accept Payments Compiled by Sajid Khetani
  9. 9. United Payment Interface (UPI) ▪ Unified Payments Interface (UPI) is a system that powers multiple bank accounts into a single mobile application (of any participating bank), merging several banking features, seamless fund routing & merchant payments into one hood. ▪ Immediate money transfer through mobile device round the clock 24*7 and 365 days. ▪ Single mobile application* for accessing different bank accounts. ▪ A recent launch has been BHIM – launched by National Payment Corporation of India. See the next slide for details. * All the major banks also have their individual UPI app which operates on the same principle Download app Choose your unique id (Aadhar, mobile no.) as virtual payment address Select your bank Give account details for first time Set M-Pin for validating transactions Registration completed How do you register? Compiled by Sajid Khetani
  10. 10. – a NPCI product under the aegis of Government of India ▪ National Payment Corporation of India under the aegis of Government of India recently launched an UPI based app named – BHIM. It functions similar to any other UPI based app. ▪ Download here Compiled by Sajid Khetani Through the BHIM app, you can transfer money to a person only using his mobile number. You don’t need a VPA or bank account number. Besides UPI PIN, you would be able to authenticate the fund transfer using your fingerprints. This app would also work on feature phone without internet. ‘Scan and Pay’ facility. It makes the payment transfer fast, specially at a shop. You can also check bank balance of the account. It is not limited to the parent bank of the app. The BHIM app gives you a link to directly call the respective bank if there is an issue. Special features
  11. 11. UPI contd… Choose “Send money” Enter payee’s virtual payment address Enter amount Write remarks for transaction Confirm the details Hit “Send” Send Money Choose “Collect money” Enter payer’s virtual payment address Enter amount Enter when do you want to collect Write remarks for transaction Hit “Confirm” Collect Money Compiled by Sajid Khetani
  12. 12. USSD based Mobile Banking – *99# - National Unified USSD Platform (NUUP) ▪ What do you require? ▪ Account in a bank ▪ Any mobile phone on GSM network ▪ Can be used for payments upto Rs 5000 per day per customer ▪ How do you operate? ▪ Dial *99# from your phone and follow the instructions on your screen. Visit your branch to link mobile number & bank account (Can be done at ATM or online as well) You will get you Mobile Money Identifier (MMID) and mobile PIN (MPIN) upon registration Remember you MMID & MPIN How do you register? Compiled by Sajid Khetani
  13. 13. ▪ AEPS allows bank-to-bank transaction at PoS (MicroATM) with the help of Business Correspondent (BC) ▪ Prevalent where there are no branches (rural areas) ▪ Only Aadhar needed. Link you Aadhar to your bank account ▪ Now you can do many transactions at any AEPS point without any pin or password (AEPS points – Micro ATMs) Account balance Aadhar to Aadhar fund transfer Cash withdrawal Cash deposit Purchase at Fair Price Shops with AEPS What can you do? Aadhar Enabled Payment System (AEPS) Compiled by Sajid Khetani
  14. 14. AEPS contd… Go to a Micro ATM or a Business Correspondent Provide you Bank name & Aadhar Choose which transaction to do Provide finger print on scanner On successful transaction, take the print slip Process completed How do you transact? Compiled by Sajid Khetani
  15. 15. Further reading ▪ Presentation on Digital Payments by Niti Ayog - http://niti.gov.in/writereaddata/files/Step-by- step%20presentation%20on%20digital%20payments_English.pdf ▪ Keep yourself updated with the latest news & announcements vis-à-vis digital payments Thank you Compiled by Sajid Khetani