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Digital Payments Introduction

What are our payment options 5 Years back

• Pay to anybody

• Give a and the receipient has to deposit cheque into his account and and wait for 3 to 4 days.

• Or Pay through Draft

• After demonetization and government’s drive for digital , there is a huge jump in the digital transactions. Digital Payments

What is UPI?

1. UPI stands for Unified Payments Interface 2. Developed by the National Payments Corporation of India and is currently being handled by the RBI and IBA ( Association). 3. Real-time that allows you to transfer money instantly from one person’s to another. 4. Complete process can be done via a mobile application, 5. It is effortless when it comes to funding transfer. 6. Multiple bank accounts can be managed via a single mobile application on any UPI client app. 7. It is secure and based on 2 Factor Authentication and transaction executed in a highly encrypted format Digital Payments

Key Features of Unified Payments Interface

 Bill sharing facility  For each payment, one needs to provide MPIN ( Personal Identification Number)  Swift fund transfer via IMPS (Immediate Payment Service), which is considerably faster than NEFT.  UPI can be used 24 hours and even on all public holidays.  The bank offers a unique ID called a Virtual Payment Address.  A great for utility bill payments, merchant payments, OTC payments( Over the Counter ), in-app payments, and even Barcode based payments.  A complaint can also be filed directly from the mobile UPI payment application. Digital Payments

Disadvantages of UPI:

1. There’s a pre-set transaction limit, which can vary from bank to bank, which makes it less useful in big payments.

2. For UPI transactions you should necessarily have a smartphone and an active connection.

3. Difficult to convince people to use UPI as everything is done with the help of the internet and people are afraid of fraud. 7 Best Payment Apps (Wallets)

1. 2. 3. PhonePe 4. Mobikwik 5. BHIM SBI 6. Kotak 811 7. Airtel 7 Best Payment Apps (Wallets) Paytm 1. Paytm with over 300 million downloads, is India's most popular payments & recharge app!. Started in 2010 by Vijay Shekhar Sharma in Delhi currently has a user base of 140 Million.

2. Make payments, send money or receive money in any linked bank account on Paytm.

3. Send money to any phone number +91 xxxxxxxxxx or scan QR codes at stores from app & pay directly from bank account

Make online payments from Paytm at all popular online stores & apps, UPI payments, mobile recharge, Bank to Bank Money Transfer

4. Just enter your phone number > Signup > Link bank accounts > Create a UPI ID > Start to pay (पे) directly through a bank account. Wallet KYC is not mandatory. PayTm 5.Pay Online & Offline Stores Link bank account via UPI or add money to Paytm wallet, scan QR codes & make fast payments. Pay (पे) by phone directly through Wallet or UPI by using QR code scanner at stores, restaurants, petrol pumps etc.

6.UPI App, Check Bank Balance Instantly Link bank account to create UPI ID for quick money transfer or open a with

7.Mobile Recharge & Bill Payments Recharge your phone with the most preferred mobile recharge app. Make online recharge & pay bills for Airtel, BSNL, Idea, Vodafone, Jio.

8.Entertainment: Movies, Amusement Parks & Events Tickets Book tickets online for upcoming or latest movies & get amazing offers

9.Deals & Discount Vouchers Buy deals & discount vouchers on brands & save money on your payment PayTm 10. Water, Gas, Electricity Bill Payments & More Paying bills was never this easy. Make utility bill payments on your phone like Water, Gas bills & Electricity Bills, card bill payments, challan payment, fee payment & more

11.DTH Recharge Recharge online your DTH( Direct to Home) account on Paytm. Pay through Wallet or make UPI Payment for fast DTH recharge

12.Book Tickets for Train, Bus & Flight & Hotels Spot any train, get live train running status on your phone & offers on flight, train & bus tickets to save money on ticket payments

13 LIC Premium Payment Pay premiums online & make LIC online premium payment easily

14. Metro Card Recharge Pay by phone on your metro card recharge for Delhi Metro, , Mumbai Metro Google Pay

1. Google pay is a digital payment app. 2. Previously it is known as Google Tej 3. Simple way to send and receive money to anyone using a mobile app. Money payment will take place from the sender’s account number.

1. It is a zero fee affair. 2. you can do , mobile recharge and a lot of other stuff. 3. This app works with all that support BHIM UPI.

Rewards Google Pay also offers rewards and cashback benefits with scratch cards

Loan offer Google Pay has recently tied up with ICICI Bank, HDFC Bank and Kotak Bank for offering on the move. If you are eligible you will directly receive loan offer on the app. Google Pay

How to use Google Pay Using Google Pay is very easy. Follow the steps given below for getting started.

 Download Google Pay from Store.  After installation first step is setting up screen lock. You can use your existing lock pattern or PIN.  Click on Add Bank Account and select bank from the list. If your bank account is linked with current mobile number linkage is easy without passing much information else you need to provide your Bank account number, IFSC code etc.  Once your bank account is linked you can tap on to send and receive money. Google Pay

Benefits of GooglePay Payment App are

 Quick and Easy way to send and receive money.  Multiple cashback and rewards benefits.  Encryption and multiple layers of by Google to secure transaction.  Pay Utility bills, recharge your mobile and do online shopping using this app.  No additional cost of usage.  This app can also be used for business purpose. Integration is very easy by API and no fee is involved. compare Paytm & Google Pay

1.KYC Compliance

2.Cashback and Rewards

3.Ease of doing a transaction

4.Direct from a bank account

5.Pay through

6.Multi-Lingual support compare Paytm & Google Pay

Cashback and Rewards

• Both the app are giving cash back for doing transactions through their app

• But Google Pay is giving a higher amount of cash back and rewards as compare to Paytm.

• It is the marketing strategy of the Google Pay to promote the app and gaining maximum subscriber base. compare Paytm & Google Pay

Ease of doing a transaction

• For making any bill payment like water via Paytm, you need to enter the Board and the CAN Number ( Connection Number) First time.

• So you need to enter/select Board & CAN Number all the time. Now Paytm also stores the previous payment history. So no need to enter again

• While for doing same with Google Pay, you just have to link the above details once. The app will link the account numbers for that service provider and next time when you want to pay it will fetch the details of the new bill while showing the old payments made compare Paytm & Google Pay

Pay through Credit Card

• Well here Paytm has an advantage over Google Pay.

• It allows you to pay your bills and mobile recharge via credit card.

• For Google Pay, you don’t have an option to pay through credit cards.

• So if you are running out of cash and your bill is due, you can pay the same via Paytm using a credit card.

• So Paytm can be a life saver especially when you don’t have cash in your bank account. compare Paytm & Google Pay

Multi-Lingual support

Google Pay comes with the major Indian languages like English, Hindi, Bengali, Gujarati, Kannada, Marathi, Tamil, Telugu.

This will help the users to understand the app in their native language. It is obvious that this will give it more hits.

Now Paytm supports 11 Indian Languages compare Paytm & Google Pay Direct from a bank account

• It is not storing your money on its app under any wallet.

• Any transaction you do through Google Pay is directly from your bank account. So you don’t have to store money into any kind of wallet.

• This way your money is secure in your bank account and you will gain an interest on that money.

• Initially Paytm was only wallet. • You need to first transfer the money into its wallet and then you can transfer that to someone else.

• Now Paytm gives you both options i.e using like a wallet & also Direct debit from your linked bank account NEFT

1. NEFT (National Electronic Funds Transfer) 2. With NEFT, you can transfer any amount to the recipient’s account in a one-on-one transfer basis. 3. Funds are transferred in batches that are settled in half-hourly time slots. 4. The fund transfers are processed in 12 batches between 8 a.m. to 6:30 p.m. on weekdays and 6 batches between 8 a.m. to 1 p.m. on Now latest it allows 24 hour transfer( batches of 30 Minutes) from Dec 2019

Procedure 1. Log in to your net banking portal 2. add the recipient as a beneficiary. Enter details like their name, account number, account type and IFSC code, Transfer limit under the Add New Payee section. 3. Activate the Beneficiary 4. Transfer and enter the amount to be transferred, enter OTP recd 5. Fund transfer will be completed. RTGS

RTGS (Real Time Gross Settlement) Business owners can use RTGS when they need to transfer large amounts instantly. One advantage that RTGS has over the other methods is the transaction speed, since the entire amount is transferred in real time. Minimum Amount to be transferred is 2 Lakhs

To get an RTGS-enabled account,

• contact your bank or check your eligibility status in your online banking portal. • Make sure that both you and the recipient have RTGS enabled accounts.

• Procedure for RTGS transaction is as explained In previous slide(NEFT) IMPS

IMPS (Immediate Payment Service)I 24 • Is available ⁄7 and you can avail the service even on bank holidays. You can transfer comparatively lower amounts, up to Rs. 2 lakhs, instantly. • Fund transfer mode that has the best features of both RTGS and NEFT. You can transfer amounts as low as you want, any time you want, with instant results. • A few banks offer SMS services. • The IMPS service is offered by the National Payments Corporation of India (NPCI). • Allow customers to transfer funds through both banks and Prepaid Payment Instrument (PPI) issuers.

• PPIs are instruments that allow you to purchase goods and services or initiate fund transfers using value that is stored in the PPI. • Some examples of PPIs include smart cards, magnetic cards, digital wallets, and vouchers. Individuals without bank accounts can transfer funds by IMPS using PPI. IMPS Procedure to transfer funds via IMPS

Register for the mobile banking service of the concerned bank and generate a Mobile Money Identifier (MMID) and MPIN from the bank.

You should make sure that your beneficiary or recipient has the MMID and MPIN too.

Log in to your net banking portal and select IMPS as the preferred mode of transfer.

Fill in details like the recipient’s mobile number, the recipient’s MMID, the amount to be transferred, and your MPIN. Once this is done, you will receive a confirmation message via SMS. Differences between RTGS, NEFT, IMPS

Transfer Timing Transaction Limit Remarks Type NEFT 24 Hours Upto 2 Lakhs RTGS 7AM to 6PM Minimum Closed on 2nd& 2 Lakhs 4th Sat, Sundays Maximum 10 Lakhs & Bank Holidays IMPS 24/7 Rs 1 to 10,000( for Remarks (Mobile Number+MMMID)

Rs1 to 2 Lakhs(for Account No+ISFC) Transaction Charges RTGS, NEFT, IMPS

Now Government has waived the NEFT Charges and it is free Tips for safe online payments 1.Search the Internet carefully. Use Internet security software like Kaspersky  Poisoned Search When you are looking for product reviews or price comparisons on a search engine, you run the risk of unintentionally clicking on a ‘poisoned’ search result that can lead you to malware instead of your intended destination.  Poisoned search results are created by cyber criminals who use search engine optimization tricks—called Black SEO—to manipulate search results to insert malicious links.  Tools such as Kaspersky’s URL Advisor or third-party Tools such as Kaspersky’s URL Advisor or third-party browser add-ons such as Web of Trust can help you avoid poisoned links and malicious websites.

2.Type, don't click  Type the URL in the address bar instead of clicking a  It may take a little more effort, but this simple action can help avoid visiting fake and malicious websites.  Ensure that the link starts with 'https'. The 's' symbolises a secure site.  Make sure there is a padlock symbol in the browser window frame whenever you visit a payment site. Tips for safe online shopping

3.Get a temporary credit card

 Some credit card companies issue temporary credit card numbers for their customers. These temporary numbers are meant for one-time purchases.  Even if the information is stolen, it is of no use.  However, you cannot use them for purchases that require regular payments and auto-renewal. In that case, use a credit card that has a low limit.

4. Use a dedicated computer

 You can keep a computer solely for financial transactions.  Install Google Chrome also a trusted anti-virus program.  Keep the dedicated computer clean: don't use it for casual surfing or social networking. Tips for safe online Payments 5. Use a password manager

 Use difficult passwords with Lower & Upper case letters, numbers, special charectors( Minimum password length 10 digits)  A password manager can help you deal with multiple accounts. A manager encrypts passwords which would otherwise be in plain text.

 A manager will also help you avoid a common mistake—keeping one password for all your accounts.

 Some antivirus and Internet security products include password management and password security features.

6.Avoid public Wi-Fi/computers

 Never do financial transactions on a public Wi-Fi.  Hackers can intrude easily into a public WI-Fi network and steal your login details.  If you need to make a financial transaction when you are out, use your own mobile phone network. Tips for safe online payments

7.Use a dedicated email address

 Create an email address only for online shopping.  This can help you reduce the risk of opening potentially malicious email or spam messages which are disguised as various kinds of notifications or sales promotion.

8. Keep your data to yourself

 Don't save your bank and personal details in a browser or a payment site. Type the information whenever you make a transaction.  Don't forget to log out every time you login. Tips for safe online shopping

9. Avoid apps that you can’t trust

 Often, smartphone apps carry malware.  If you are not sure of an app, don’t download it instantly. Spend a little time reading about it, going through its terms and conditions and knowing what current users say about it.  Only download apps from the official app store.

10. Buy from a reputed merchant

 Before making payments online, make sure your merchant is reputed and trusted.  Websites of many small merchants are not secure enough to prevent data theft.  If you think the merchant is not trustworthy, don't pay online. Opt for cash on delivery.