PAYMENT METHODS IN INDIA

PAYMENT 

Payment it is a method of money transfer for exchange of goods or services provided between two parties

generally 1 who pay the money called payer and one who receive the money called payee.

Payments can be effected in a number of ways,

for example:

• via money, cheque, or debit, credit or bank transfers.
• via transfer of anything of value, such as stock, or using barter, the exchange of one good or service for another.

 Major categories of payment in India are: 

• Cash related payments 
• Online payments 
• Bank payments 
• Other transfer payments

Digital Payments

The Government of India has been taking several measures to promote and encourage digital payments in the country. As part of the ‘Digital India’ campaign, the government aims to create a ‘digitally empowered’ economy that is ‘Faceless, Paperless, Cashless’. There are various types and modes of digital payments. Some of these include the use of debit/credit cards, internet banking, mobile wallets, digital payment apps, Unified Payments Interface (UPI) service, Unstructured Supplementary Service Data (USSD), Bank prepaid cards, mobile banking, etc.

UPI

Unified Payments Interface (UPI) is an instant real-time payment system developed by National Payments Corporation of India facilitating inter-bank transactions..An UPI ID and PIN are adequate to send and receive money. Ongoing bank-to-bank installments can be made using a versatile number or virtual installment address (UPI ID).

An UPI ID is a proof for a bank account that can be utilized to send and get cash reserves. UPI PIN is a 4-digit individual recognizable proof number that must be entered to approve the exchange of money through UPI. The PIN can be chosen by the record holder.

India has made a significant stride towards accomplishing a cashless economy with the coming of the Unified Payment Interface (UPI). The new installment model permits you to use your cell phones as a virtual plastic card. It has likewise made conceivable the sending and accepting of money moment. The idea of QR code has wiped out the utilization of advanced wallets altogether.

Are UPI payments really secure in India?

Yes, it is completely safe…read the points below to why is it safe:-

• UPI takes advantage of that and links itself with your mobile number for identification.
• hen you sign up for a UPI app, your phone sends a push SMS for verification purposes. (This ensures that nobody can copy the OTP from another device. Using push SMS binds your device to your mobile number and needs to be redone every time you change your device)
• UPI adds an extra layer of security by requiring you to create a PIN for your transactions.
• To create a PIN, you’ll need to input your card details and verify an OTP sent by your bank to your registered mobile number. Every transaction needs you to key in your PIN for authorization. Physical access to your phone will not be enough to make a transaction. Which basically means that even if your phone is stolen, your PIN will still be needed to make transactions, and the money in your account stays safe.

PAYTM

Paytm is a digital wallet or Mobile Wallets refers to an electronic device that allows an individual to make online/offline transactions.

It serves as a place to hold some of your money online. You make payments using the money stored in your wallet instead of using a credit card, debit card or net banking, which means your card/bank account doesn’t need to be accessed.

Benefits of using Paytm wallet

• It is fast & safe,
• No need to carry debit or credit card means fewer chances for being fraud,
• Easily return money to the same bank when you need,
• Transfer money from Paytm to bank account as low as 2.04%,
• Get Cashback on most of the store using Paytm wallet (but it’s promotional, can be removed such offer any time),
• Less documentation at your home to Upgrade paytm wallet limit (Now available for all cities)
• Good wallet limit for KYC customer (25k) & Non-KYC customer (20k) both.
• Easy & automatical refund to Paytm wallet in case of product cancellation at partners store.
• Transfer money to the bank at any time at nominal charges (currently 2.04%)

GOOGLE PAY

 Google Pay (stylized as G Pay; formerly Pay with Google and Android Pay) is a digital wallet platform and online payment system developed by Google to power in-app and tap-to-pay purchases on mobile devices, enabling users to make payments with Android phones, tablets or watches. In addition to this, the service also supports passes such as coupons, boarding passes, student ID cards, event tickets, movie tickets, public transportation tickets, store cards, and loyalty cards.

As of January 8, 2018, the old Android Pay and Google Wallet have unified into a single pay system called Google Pay. Android Pay was re-branded and renamed as Google Pay. It also took over the branding of Google Chrome's auto-fill feature. Google Pay adopts the features of both Android Pay and Google Wallet through its in-store, peer-to-peer, and online payments services.

ADVANTAGES:

• By the time I heard about the app, it was already a few months popular among my friends, who always used to have animated discussions about how much they earned from the cards. They also tried to convince me several times to install the app for referral awards, which at that time was 51rs.
• At that point of time though, people used to transfer money just for the rewards and not much for actual transactions. Paytm was still the most preferred payment method, but it still had a separate wallet.
• With the growing user base, Google pay started becoming the perfect choice for transferring money among people, since it was a direct transfer of money between accounts.
• Take a moment to imagine that. All the hassles of adding a beneficiary in your account and waiting for the beneficiary to get added gone.
• Just as simple as texting the other person.
• For several months during demonetization, I and my friends paid our rent through this which was a stress-free way for both, us and the owner.
• And like Paytm, Google pay started getting added as a mode of payment at shops and many popular apps.
• Currently, the rewards may not be as it used to previously, but now it is being used for actual transactions and payments more and not just for the reward cards.
• There are other apps which utilize UPI, such as BHIM, Whatsapp etc. But while few had no offers to offer, few jumped into the game a bit late and it was always going to be a game of catch up from that point onwards.

PHONE PE 

PhonePe is a digital payment company headquartered in Bangalore, India. PhonePe was founded in December 2015, by Sameer Nigam, Rahul Chari and Burzin Engineer. The PhonePe app, based on the Unified Payments Interface (UPI), went live in August 2016.

The PhonePe app is available in over 11 Indian languages. Using PhonePe, users can send and receive money, recharge mobile, DTH, data cards, make utility payments, pay at shops, invest in tax saving funds, liquid Funds, buy insurance and mutual funds and gold. In addition PhonePe also allows users to book Ola rides, pay for Redbus tickets, order food on Freshmenu, eaf, fit and avail Goibibo Flight and Hotel services through Switch platform.

• One app for all things money.
• Pay bills, recharge, send money, buy gold, invest and shop at your favourite stores.
• Pay whenever you like, wherever you like.
• Choose from options like BHIM UPI, the PhonePe wallet or your Debit and Credit Card.
• Find all your favourite apps on PhonePe Switch.
• Book flights, order food or buy groceries. Use all your favourite apps without downloading them.

BHIM UPI

BHIM is an application based on UPI which was developed by NPCI. BHIM UPI lets you make simple, easy and quick transactions on the UPI interface. It was the demonetization drive that made me install the UPI based apps on my phone. Over these 2 years, I have tried few UPI apps from many different banks but it was BHIM Vijaya UPI from Vijaya Bank that I use at the moment; simple in terms of app navigation and the payment can be done with ease.

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