PAYMENTS SYSTEMS IN INDIA

        PAYMENTS SYSTEMS IN INDIA

     Want  to know the payments    systems in india !!!!!!!

So here are the top 10 popular payments systems in india

1. BANKING CARDS

 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/creditorprepaid 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 transactions, etc

2.USSD

USSD basically stands for Unstructured supplementary service data. 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. USSD is a type of digital payment method which can be used to carry out mobile transactions without downloading any app. This facility is backed by the USSD along with the National Payments Corporation of India NPCI. To use the service we have to dial start *99# in dialler pad then it redrives to customer  support. The only condition is that your mobile number should be link with bank account.

3. AEPS

AEPS Stands for  Aadhaar Enabled Payment System, AEPS, can be used for all banking transactions such as balance enquiry, 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.

4. UPI

UPI generally stands for UNIFIED PAYMENT INTERFACE which is a money transfer platform through anyone can send and receive money. 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

5. MOBILE WALLET

A mobile wallet is a type of virtual wallet service that can be used by downloading an app.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

    

  

6.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.

         

7.PoS

it is usually a hand held device that reads banking cards.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

8. INTERNET BANKING

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. 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.

9. Mobile Banking

Mobile banking is referred to 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. 

10. Bharat Interface for Money (BHIM) 

BHIM 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.

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