India currently has around 85 million unique active mobile users and this number will keep swelling in the coming days. The statement speaks volumes about the current scenario in digital payments and mobile banking and also predicts the future when our country will become a truly cashless economy.
The measure of Demonetization has propelled many people and businesses to go cashless. A cashless economy is making way for digital payments and payment apps that are making life easier through cashless transactions. Some of the features of these payment apps include:
• UPI (Unified Payments Interface)- It is a payment platform introduced by NPCI (National Payments Corporation of India) which directly sends money from one bank account to another without the need to go to the bank and stand in ques. The interface is used by over 50 banks, taking care of all your banking needs.
• Comes in several languages- The good thing about these payment apps is that you can access it in your native language. There is no language problem, and people can easily understand the instructions and steps on how to make a transfer or payment.
• QR Code-You can also pay or transfer cash through QR Code if you don’t have the UPI interface installed in your phone. Also, you can pay through IFSC (Indian Fiscal System Code). Payment Apps like BHIM and Google Tez use this technology.
• Cash Mode/Offline transactions- Many of the payment apps give the option of cash payments as monetary transactions are still very much in vogue. Apps like Google Tez use sound capture technology where you pair your smartphone with another Tez user to directly send money into their account without sharing your bank account details.
• Transactions- You can send up to Rs 10,000 per transactions and up to Rs 20,000 a day. For all transactions through the UPI interface, there is a limit of Rs 1,00,000 lakh per day across 20 transfers a day.
• Payment Option- Other than money transfers from bank to bank, these apps also offer payment options to shoppers and consumers. You don’t need to carry around your cash or your credit or debit card anymore. You can make your grocery purchase or shop through the payment options.
• Easy to Use- These mobile payment apps have been designed in such a way that they are very user- friendly and streamlined. The apps are very easy to use and hassle-free.
Although digital payments and mobile banking are in their nascent stages in India, they have great potential to make everyone take notice and jump on the bandwagon of cashless payments.
The measure of Demonetization has propelled many people and businesses to go cashless. A cashless economy is making way for digital payments and payment apps that are making life easier through cashless transactions. Some of the features of these payment apps include:
• UPI (Unified Payments Interface)- It is a payment platform introduced by NPCI (National Payments Corporation of India) which directly sends money from one bank account to another without the need to go to the bank and stand in ques. The interface is used by over 50 banks, taking care of all your banking needs.
• Comes in several languages- The good thing about these payment apps is that you can access it in your native language. There is no language problem, and people can easily understand the instructions and steps on how to make a transfer or payment.
• QR Code-You can also pay or transfer cash through QR Code if you don’t have the UPI interface installed in your phone. Also, you can pay through IFSC (Indian Fiscal System Code). Payment Apps like BHIM and Google Tez use this technology.
• Cash Mode/Offline transactions- Many of the payment apps give the option of cash payments as monetary transactions are still very much in vogue. Apps like Google Tez use sound capture technology where you pair your smartphone with another Tez user to directly send money into their account without sharing your bank account details.
• Transactions- You can send up to Rs 10,000 per transactions and up to Rs 20,000 a day. For all transactions through the UPI interface, there is a limit of Rs 1,00,000 lakh per day across 20 transfers a day.
• Payment Option- Other than money transfers from bank to bank, these apps also offer payment options to shoppers and consumers. You don’t need to carry around your cash or your credit or debit card anymore. You can make your grocery purchase or shop through the payment options.
• Easy to Use- These mobile payment apps have been designed in such a way that they are very user- friendly and streamlined. The apps are very easy to use and hassle-free.
Although digital payments and mobile banking are in their nascent stages in India, they have great potential to make everyone take notice and jump on the bandwagon of cashless payments.
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