PayZapp: Take advantage of instant and convenient online payments

HDFC Bank which is the best private sector lender launched additional payment platforms for is POS (Point-of-sale) terminals which can be used to perform transactions. One such popular payment app through which one can carry out transactions is the PayZapp application.

HDFC Bank has a staggering network of around 3 lakh merchants and 4 lakh POS machines all set to be converted to DigiPOS. Presently, HDFC accounts for 3/4th of the total transactions made through various POS terminals, which implies that every third monetary transaction is done by using an HDFC card or HDFC payment options. 14 crore transactions are done every month through HDFC Bank. PayZapp acts as customer acquisition strategy for the company and easy way of handling finances for the public. Moreover, HDFC is a very trusted bank, so this new app is a safe and efficient way of carrying out your finances.

PayZapp combines features of hundreds of e-commerce platforms as well as characteristics of a bank. It ensures the protection of a customer wallet and personal details and makes sure that HDFC retains its dominance over the retail segment. Customers who have an account in HDFC Bank no longer need to separately download apps from other companies like Expedia, Goibibo, MakeMyTrip, Cleartrip, BookMyShow, BigBasket and Flipkart. All these important apps will just be one click away if you download PayZapp. It also compares prices and shows you the best deals which suit your pocket and desires. It facilitates all the monetary transactions of thousands of merchants across the country. With loads of bright minds sitting in Silicon Valley and working hard to give us the best experience, physical banking is soon going to be obsolete. There is no need of standing in long queues outside the bank, your work can be done with just a click of a button.

Indian banking has reached its crossroads with apps like PayZapp shaking the behemoths of two hundred years of traditional banking. The best part about this app is that it is free and just a working internet plan on your phone is enough to help you with all your transactions. The PayZapp app will allow you to book airline tickets, movie tickets, do grocery shopping, book hotels, pay bills easily, recharge your phone and send money.  Within PayZapp, HDFC offers Smart Buy which is basically a virtual marketplace to suit all your needs. You can buy whatever you want at a discount; this will increase your savings at least 10% to 15% a month.  PayZapp is the future of internet banking as HDFC Bank ranks number one among all the private banks if we consider mobile payment apps.

What is the future for UPI 2.0?

The Unified Payment Interface or UPI came into existence in April, 2016. Ever since, millions of Indians have used this system for making and receiving payments. It is essentially an electronic mode of payment, which can be used to transfer funds straight from your bank account without the need to type out your debit card details or your net banking password.

However, in light of the success of the UPI, the government of India is now planning to launch the second version of the same, dubbed UPI 2.0. This version will include all the features of the previous one, but will also include one additional feature. This feature will allow the user the ability for a one-time authentication for repeat payments to beneficiaries, similar to the way post-dated cheques work. This new feature is known as eMandate.

Let’s take a look at what the introduction of eMandate can mean for you and what the future of UPI 2.0 looks like.

Easy EMI and loan payments

Since the eMandate feature allows for a one-time authentication procedure for repeat transactions, you would not have to keep authenticating the EMI payments each month. You can simply authenticate the transaction the first time and sit back. All of the other payments will be made each month automatically.

This will reduce the friction significantly and streamline the loan repayment procedure. The same applies for any repeat payments that you have to make. For instance, the house rent can also be authenticated once in a similar manner.

Collection costs for small loans will decrease

Currently, the collection costs for small loans are cumbersome, as they can increase the total expenditure. The loan repayment process includes either electronic clearance service (ECS) or post-dated cheques (PDC), both of which involves quite a bit of hassle. With the introduction of the eMandate through UPI payments, the collections costs will most likely go down.

Greater savings and insurance purchase

With the introduction of the UPI 2.0, there is a high chance that people will start saving more. This is because it will become simpler for people to sign up for saving products in the market. For the same reason, people are likely to purchase insurances as well. This will boost the financial growth of the entire country.

Therefore, it seems as if the UPI 2.0 introduction will shake up the Indian market. The eMandate will mostly have a positive effect on the economy as well as on the individuals. However, only the future will show how the new UPI affects people.

What are the features of private banking?

The concept of private banking goes beyond the concept of day to day banking transactions in order to address a person’s financial condition. It is a complete amalgamation of providing financial solutions, retirement planning and ways to pass on wealth to the future generation. The idea of private baking has been gaining ground in the recent times owing to the benefits provided to high-end consumers.

What is private banking?

Private banking can be defined as personalized banking and financial services, meted out to the bank’s HNWI (High Net worth Individual) clients. HNWIs are people who have potentially secured more wealth than the average person. Thus, they have in plenty of what is needed to make alternative and conventional investments. In such cases, private banks make an attempt to provide individuals with the most suitable types of investments.

Private Banking Personalised Services

1. Customers availing private banking services are entitled to highly personalised services. Each customer is assigned a relationship manager or an account to adopt a customised approach to asset management. Therefore, in case the need arises, the customer can directly communicate with the management.

2. Any private bank in India lends out discounted services to the HNWIs on the grounds of the substantial assets that they hold. For example, there might be a reduction in the foreign exchange rate for customers who are into export businesses.

3. These banks often provide investment returns that surpass the benchmark indices. HNWIs can easily influence the investments by using extensive resources in their possession. For example, an HNWI might gain access to a hedge fund that is performing par excellence in the market, via an affiliation with a private bank.

4. There is a large section of private banks that do not carry FDIC insurance. Therefore, an aggressive approach towards the management can usually prove to be quite beneficial for the investors. It can also lead to a great deal of profit for fund managers.

Almost every private bank in India is known to follow an open product platform, through which they claim their services to be unbiased. They firmly believe that the client is provided with the best of what they can avail in the field. Since the concept of a private bank revolves solely around understanding the needs of the clients and providing a relevant solution for the same, only a few banks define their proposition value as required.

Reason why investing in bike insurance will benefit you

A motor insurance policy is a part of general insurance products in India. Nevertheless, there are a number of motorbike consumers who are not aware of the benefits of a two-wheeler insurance plan. Bike insurance covers a bike owner against unforeseen damages to the automobile or any unfortunate accident.

More than a necessity, the Indian government has made it mandatory for every consumer to have a legal two wheeler policy. Almost every standard insurance plan provides coverage for both natural and man-made calamities.

Personal accident cover

A personal accident cover is the most important part of a two-wheeler insurance plan. In this case, apart from the vehicle, the owner or the individual is also covered against any injury sustained during dismounting, mounting or travelling. If you have an additional cover, you get coverage for your co-passenger as well. The maximum amount covered for a rider within the age limit of 18 to 65 years is Rs.1 lakh. With the current progress in technology, you can even spare yourself from the hassle and apply for bike insurance online.

A list of important benefits that you can avail by investing in bike insurance will include:

Protection against natural disasters- Surprising as it may be getting bike insurance online or otherwise saves you a great deal of expense due to damage caused by natural disasters - earthquakes, fires, storms etc. In such cases, the policy bears the entire repairing cost.

Coverage for human-made calamities – A two wheeler insurance policy covers damages caused due to acts of burglary, theft, war or strike. As per the demands of the situation, the policy covers replacement charges or service costs.

Safeguard of legal interest – As per the Motor Vehicle Act, 1961, third party insurance is mandatory. This ensures the fact that the concerned vehicle is free from any kind of third party liability in case the insured vehicle is party to an accident in the future.

A sense of security – At the end of it all, you have a sense of security every time you or any of your family members hit the road. In fact, these plans often save you from imposed traffic fines: not wearing a helmet.

Two wheeler insurance is a worthwhile investment of your savings. The legal necessity of the same has made the Indian streets a more secure place in the event of accidents. You can seek for relevant assistance while buying or renewing a bike insurance plan.

Personal Loan Repayment: How repayment can affect your tenure

When it comes to taking a loan, banks provide you with a number of options to choose from. However, taking a personal loan is the easiest way as it can help you get a number of things done without much hassle. From a vacation that you have been dreaming of to dealing with an urgent financial crisis, a personal loan can come to your rescue at any given time. But personal loans generally have a higher interest rate than any other loan. You also need to be fully aware of certain factors which determine how much you pay back and within what timeline, before taking a loan.

Taking a personal loan is as easy as it can get. However, repayment of this loan can be quite strenuous if you do not make the right choice. You need to be ready to pay a higher interest amount than any other loan when it comes to personal loans. For instance, you should be careful about picking your plan. Certain plans can help you repay comfortably, with lesser EMI amounts but with higher interest which will eventually make you pay more. On the other hand, there are various other plans which are high on the EMI amount but will have you pay a reasonable amount as the interest and that too, within a shorter period of time. These plans are often advised as the payment will be over soon and you will not have to pay a huge amount of interest. In order to get over the mental and financial stress, plans which have a high EMI amount are often advised. However, if you are dealing with a serious financial crisis, then applying for a personal loan with a lower EMI rate can be more comfortable, given the situation.

Personal loans can be quite helpful when you are in an urgent need of financial support and have nowhere to go. You can easily apply for a personal loan and get it approved within no time. Make sure to check various plans before choosing the one most suitable for you. Your payment, therefore, depends on the tenure you want to take up. A longer tenure means you have to pay a higher amount overall but in a longer period of time, more comfortably. But with a short tenure, you can get away with a lesser amount to pay, but with a higher EMI amount.

Why should health insurance be on your list of financial priorities?

Penning down a list of things that you want from life is easy, not just for you but for many. But you find yourself in a fix when asked to prioritize them. With limited income and a never-ending list of expenses, the investible surplus left behind is minuscule. As you try to distribute this available amount, investing on your health should not be missed out. For all you know, your necessary hospital bills can leave a deep hole in your savings pocket!

Speaking of health insurance, the first question that pops up on your mind is, “Why do I need one?”.  Well, a simple answer to this is it covers a part or almost the entire expense of a person that he/she may incur when faced with a medical emergency.

Why should you invest in health insurance?

Due to abrupt inflation, the best of healthcare has turned into an expensive affair. Prolonged hospitalizations usually require lakhs of rupees that can prove to be quite a deal for a person earning a moderate living. It is here that health insurances come in handy.

A health insurance plan is a yearly insurance policy which means it is renewed every year. The policy covers hospitalisation due to accidental injury, and sickness, though in certain cases there are waiting for periods and exclusions, which are mentioned specifically in the policy plan. There are two ways to claim health insurance:

• Reimbursement
• Cashless

The benefits of a health insurance

Apart from covering the important medical cost, your insurance offers several other benefits as well:

Get rid of hospitalization charges – You can always avail cashless health insurance at hospitals in the network of the insurance company. The insurance company takes care of the costs incurred, relieving you from the burden of having to arrange for money immediately.

Cover for critical illness – As a pre-defined benefit, insurance companies allow a specific amount for critical illnesses like kidney failure, cancer, stroke etc. Irrespective of the medical bills, a major portion of it is settled through his/her health insurance plan.

Avail tax benefits – You can take care of unplanned medical expenses without having to dig into your savings. By paying health insurance premiums, you can avail several tax benefits in the long run.

Benefit during the period of recovery – Certain health insurances provide daily allowances during one’s hospitalisation period. In other cases, you are given a lump sum amount if the stay exceeds a few days.

Relevant awareness about health insurance policies is on the rise in urban India. With people becoming more aware of its necessities, it has moved on to become a priority in the financial plans of an individual.

Travel Insurance: Investing in pocket friendly financial protection

Almost all of us dream about travelling to exotic places, witnessing breathtaking views and gorging on the best dishes that are available there. People tend to meticulously plan their vacation to the last minute detail. They book the best flight tickets, book rooms in the hotel that provides the most captivating views and even plan what they are going to eat when they visit a place.

They generally want to live a dream. But there is no guarantee that there would not be any roadblocks while you are trying to live the dream. This is where travel insurance becomes so very important. Such an insurance policy helps to make travelling easier and hassle-free. A travel insurance policy is such a policy that generally covers the medical expenses, lost luggage, any accident that may occur during conveyance, any cancellations and any other loss that a person may incur during travelling.

The benefits of investing in a travel insurance online are:

• You are safeguarded against a range of complex and different issues that may cause you to face while you are travelling to an unknown place. A good travel insurance policy provides ample support in situations when you have lost your passport or have encountered any medical emergency.

• A travel insurance policy will make sure that you do not have to spend from your own pocket if you are hospitalized or if you have to visit a doctor or if you have to purchase any medications that you may have to take. It is important for a person to get to know the details of the insurance policy that he/she is purchasing. This will help them to take advantage of the different provisions of the policy.

•  Travel insurance will also pay for the monetary loss that a person will experience if the trip gets cancelled or if there is any problem with the hotel, train or flight reservation. Such an insurance policy will help to compensate for some of the losses that a person may experience due to these misfortunes.

• A situation may arise where your baggage may get misplaced during conveyance or the baggage may not arrive on time. A person may need to spend his/her own money to purchase the necessary things till he/she receives the baggage. Travel insurance will cover these expenses and make sure that you do not have to overspend.

Some of the travel insurance policies may also cover any unexpected additional expenses and also cover the emergency medical expenses of your travelling companion. A travelling companion may fall ill or he/she may have met with some unforeseen circumstances that require immediate financial assistance. You can purchase travel insurance online which will ensure that a person who has suffered from a permanent disability will continue to receive a payment for a period of 12 months after he/she returns from the trip.