Online Payment Methods for INDIA

The blog is written according to current situations in India, by watching available payment methods.

As the percent of cash transactions are more according to the online or cashless transaction before demonetization, as after demonetization situation is not changed so much. The trend of card less payment properly starts when companies like PayTM, Freecharge enters in the market, for bills or transferring money, other than online payment are in use on large scale but not that much popular or not frequently used by public. We cannot say that in pressure of demonetization people started using other payment options, but yes at this moment government of India has done a good advertisement for cash less transactions because they only this option left with the government to force public to use their own money and Yes, there was a limit for cash withdrawals so here public use their deposited money by paying it by card or any other option other than that they can withdraw. I will say obviously it’s a good step at right moment, at right time.

We will talk later on demonetization and its effects but now the point is how many types of payment modes are available there in market and how easy are they?

I will divide all of these in 3 types:-

1.    Private modes

2.    Bank modes

3.    Government modes

Basically, all trusted mode are comes under government guidelines but here I am talking about ownership of that method.

Government modes:-

National Payment Corporation of India (NPCI) handles the retail payment system in India it is been setup with Reserve Bank of India (RBI) and Indian Banks Association (IBA).  The core objective was to consolidate and integrate the multiple systems with varying service levels into nation-wide uniform and standard business process for all retail payment systems. The other objective was to facilitate an affordable payment mechanism to benefit the common man across the country and help financial inclusion by Board for Regulation and Supervision of Payment and Settlement System (BPSS) which was setup by RBI in 2005.

 Products of NPCI :-

1.    BHIM- Bharat Interface for Money

2.    UPI- Unified Payments Interface

3.    IMPS- Immediate Payment Service

4.    *99#

5.    AEPS- Aadhaar Enabled Payment System

6.    RuPay

7.    BBPS- Bharat Bill Payment System

8.    Bharat QR

These are the applications or medium which are provided by the government. As I am giving the link to get more details. http://www.npci.org.in/

Bank modes:-

The modes given by banks are mostly used by the public and these are get more update and secured day by day. For example the modes like Net banking, ATM- money transfer, deposit, withdraw ( best example is SBI InTouch branch) and more option can get on the applications provided by the banks where you can see you passbook, transfer money, make any type of payment directly.

As all banks provide many options to their customer and consistently provide updates as well.

Private Mode/ Applications:-

Top Companies-

Freecharge

PayTm

MobiKwik

PhonePe

JioMoney

And many more…

These are the companies which provide most of the option for the customers like UPI, Direct payment by net banking, Debit card, credit card and many more.

Above In the blog I had given you the names which are mostly use by us and these are safe as well where as in Private mode or applications give us best offer and cash back as well on the other hand the modes given by the banks are provide more safe and smooth transaction experience as well.

Siddharth Parakh

05/03/2017