Digital India payment
Digital India Payments Limited is India’s rural and semi-urban mobile commerce platform. Digital India Payments Ltd. has a vast network Pan India of retail access points to deliver various banking and financial services and cater to various other needs like direct cash disbursement, insurance policies, bill payments, prepaid cards and wallet services. Digital India Payments Ltd. is also a one-stop-shop and will provide other services like eCommerce and will provide for the sale of regular FMCG and other products. Digital India Payments Ltd. outlets operate as a channel delivering goods and services. This will include government services, subsidies, direct cash payments, consumer durables, tickets for the railway, buses, flights, PDS, school books, food coupons, farm equipment, and supplies.
Digital India payment: Digital India Payments Limited is a team of leaders with a vision to reach people from every walk of life by easy transaction solutions in banking and e-commerce, with the end goal of becoming a leading transaction service provider for all financial requirements across India. We bring to the table ample opportunities for people in the form of employment and entrepreneurship. Our solution touches people from urban to rural, tailor-made specific for that region so that transactions involving Banking, Mobile, E-Commerce, ATM, Healthcare, Travel and other such, are made with ease and efficiency. We want to assist Indian villages in the quest to reignite and rediscover their potential by recreating manufacturing hubs too.
Digital India Payment method.
- Banking cards
- Aadhaar Enabled Payment
- Mobile Wallets
- Bank pre-paid cards
- Point of Sale (PoS)
- Internet Banking
- Mobile Banking
- Bharat Interface for Money (BHIM) app
- Banking cards: Digital India Payment Cards are among the most widely used payment methods and come with various features and benefits such as security of payments, convenience, etc. The main advantage of debit/credit or prepaid banking cards is that they can be used to make other types of digital payments. For example, customers can store card information in digital payment apps or mobile wallets to make a cashless payment. Some of the most reputed and well-known card payment systems are Visa, Rupay, and MasterCard, among others. Banking cards can be used for online purchases, in digital payment apps, PoS machines online transaction, etc.
- USSD: Another type of digital payment method, *99#, can be used to carry out mobile transactions without downloading any app. These types of payments can also be made with no mobile data facility. This facility is backed by the USSD along with the National Payments Corporation of India (NPCI). The main aim of this type of digital payment service is to create an environment of inclusion among the underserved sections of society and integrate them into mainstream banking. This service can be used to initiate fund transfers, get a look at bank statements and make balance queries. Another advantage of this type of payment system is that it is also available in Hindi.
- AEPS: Expanded as Aadhaar Enabled Payment System, AEPS, can be used for all banking transactions such as balance inquiry, cash withdrawal, cash deposit, payment transactions, Aadhaar to Aadhaar fund transfers, etc. All transactions are carried out through a banking correspondent based on Aadhaar verification. There is no need to physically visit a branch, provide debit or credit cards, or even make a signature on a document. This service can only be availed if your Aadhaar number is registered with the bank where you hold an account. This is another initiative taken by the NPCI to promote digital payments in the country.
- UPI: UPI is a type of interoperable payment system through which any customer holding any bank account can send and receive money through a UPI-based app. The service allows a user to link more than one bank account on a UPI app on their smartphone to seamlessly initiate fund transfers and make collect requests on a 24/7 basis and on all 365 days a year. The main advantage of UPI is that it enables users to transfer money without a bank account or IFSC code. All you need is a Virtual Payment Address (VPA). There are many UPI apps in the market and it is available on both Android and iOS platforms. To use the service one should have a valid bank account and a registered mobile number, which is linked to the same bank account. There are no transaction charges for using UPI. Through this, a customer can send and receive money and make balance inquiries.
- Mobile Wallets: A mobile wallet is a type of virtual wallet service that can be used by downloading an app. The digital or mobile wallet stores bank account or debit/credit card information or bank account information in an encoded format to allow secure payments. One can also add money to a mobile wallet and use the same to make payments and purchase goods and services. This eliminated the need to use credit/debit cards or remember the CVV or 4-digit pin. Many banks in the country have launched e-wallet services and apart from banks, there are also many private players. Some of the mobile wallet apps in the market are Paytm, Mobikwik, Freecharge, etc. The various services offered by mobile wallets include sending and receiving money, making payments to merchants, online purchases, etc. Some mobile wallets may charge a certain transaction fee for the services offered.
- Bank pre-paid cards: A prepaid card is a type of payment instrument on to which you load money to make purchases. The type of card may not be linked to the bank account of the customer. However, a debit card issued by the bank is linked with the bank account of the customer.
- PoS terminals: Traditionally, PoS terminals referred to those that were installed at all stores where purchases were made by customers using credit/debit cards. It is usually a handheld device that reads banking cards. However, with digitization, the scope of PoS is expanding and this service is also available on mobile platforms and through internet browsers. There are different types of PoS terminals such as Physical PoS, Mobile PoS, and Virtual PoS. Physical PoS terminals are the ones that are kept at shops and stores. On the other hand, mobile PoS terminals work through a tablet or smartphone. This is advantageous for small-time business owners as they do not have to invest in expensive electronic registers. Virtual PoS systems use web-based applications to process payments.
- Internet Banking: Digital India payment Internet banking refers to the process of carrying out banking transactions online. These may include many services such as transferring funds, opening a new fixed or recurring deposit, closing an account, etc. Internet banking is also referred to as e-banking or virtual banking. Internet banking is usually used to make online fund transfers via NEFT, RTGS or IMPS. Banks offer customers all types of banking services through their website and a customer can log into his/her account by using a username and password. Unlike visiting a physical bank, there are to time restrictions for internet banking services and they can be availed at any time and on all 365 days in a year. There is a wide scope for internet banking services.
- Mobile Banking: Mobile banking is referred to as the process of carrying out financial transactions/banking transactions through a smartphone. The scope of mobile banking is only expanding with the introduction of many mobile wallets, digital payment apps and other services like the UPI. Many banks have their own apps and customers can download the same to carry out banking transactions at the click of a button. Mobile banking is a wide term used for the extensive range or umbrella of services that can be availed under this.
- Bharat Interface for Money (BHIM) app: The BHIM app allows users to make payments using the UPI application. This also works in collaboration with UPI and transactions can be carried out using a VPA. One can link his/her bank account with the BHIM interface easily. It is also possible to link multiple bank accounts. The BHIM app can be used by anyone who has a mobile number, debit card, and a valid bank account. Money can be sent to different bank accounts, virtual addresses or to an Aadhaar number. There are also many banks that have collaborated with the NPCI and BHIM to allow customers to use this interface.
There may be a sharp and unprecedented rise in the number of digital payment transactions in the country in the coming years. It has been observed that the number of UPI transactions have increased 8-fold in the last few months. With UPI, fund transfer requests can be initiated without providing IFSC code or account number. Money can be sent using a virtual address. It is predicted that the cashless payments sector will reach 1 trillion in the next 5 years. UPI and Aadhaar will help increase digital penetration, according to sources. Digital India Payment is most use full in life.