The AePS fees for Cash withdrawal at BC Points are around Rs.15. This bank-led model allows digital payments at PoS (Point of Sale / Micro ATM) via a Business Correspondent(also known as Bank Mitra) using Aadhaar authentication. As of February 2020, AEPS had crossed more than 205 million as per NPCI data.ĪEPS doesn’t require any physical activity like visiting a branch, using debit or credit cards or making a signature on a document. Under this system, customers can use their Aadhaar-linked accounts to transfer money between two Aadhaar linked Bank Accounts. #3: Aadhaar Enabled Payment System (AEPS)ĪEPS is a bank-led model for digital payments that was initiated to leverage the presence and reach of Aadhar. Around 51 leading banks offer USSD service in 12 different languages, including Hindi & English. This number is operational across all Telecom Service Providers (TSPs) and allows customers to avail of services including interbank account to account fund transfer, balance inquiry, and availing mini statements. Under USSD, mobile banking transactions are possible without an internet connection by simply dialing *99# on any essential feature phone. USSD was launched for those sections of India’s population which don’t have access to proper banking and internet facilities. #2: Unstructured Supplementary Service Data(USSD) Nowadays, many apps are being launched with the sole purpose of managing card transactions like Cred, Square, etc. This is the only mode of digital payment that is popular in online transactions and physical transactions alike. Andhra Bank launched the first credit card in India in 1981.Ĭards are preferred because of multiple reasons, including, but not limited to, convenience, portability, safety, and security. Indians widely use Banking cards, or debit/credit cards, or prepaid cards, as an alternative to cash payments. Some methods have been in use for more than a decade, some have become popular recently, and others are relatively new. Click To TweetĪlso Read: A day in the life of digital payments: How businesses grow with Razorpay Digital Payment Methods in IndiaĪfter the launch of Cashless India, we currently have ten methods of digital payment available in India. Similarly, if you purchase something from your local Kirana store and choose to pay via UPI instead of handing over cash, that also is a digital payment.Īccording to a report in ET, In India, 66.6 billion transactions worth $270.7 billion are expected to shift from cash to cards and digital payments by 2023. For example, if you buy something from Amazon and pay for it via UPI, it qualifies as a digital payment. Please note that digital payments can take place on the internet as well as on physical premises. There are various types and methods of digital payments. As part of the ‘ Digital India ’ campaign, the government has an aim to create a ‘digitally empowered’ economy that is ‘ Faceless, Paperless, Cashless ’. The Government of India has been undertaking several measures to promote and encourage digital payments in the country. This means that both parties, the payer and the payee, use electronic mediums to exchange money. ![]() Join India’s journey towards digital payments!ĭigital payments are transactions that take place via digital or online modes, with no physical exchange of money involved. ![]() Razorpay Payment Gateway: Your digital payment partner.What are the benefits of digital payments?.
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