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「 Know How 」Digital Payments in India

 View:13654    Reply:9 | Posted at 20-12-2018 15:11:45 | Display all floors | Copy
Hello all My OPPO Friends
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Today we have something which is rapidly developing and changing the entire system recently in India. Yes, Digital Payment System.
As we are in the rapidly growing technology, we have reduced using physical things in real time. Many have changed in recent years like shopping, outing and games, and Money

Yes you heard me right, Money is now converting to digital, we hardly handle cash in all means, The new digital world has changed the entire money handling system into pocket-sized Smartphone using Apps


Let's See What's happening in India


Top Five Methods that are leading in Digital Payments are:

UPI Unified Payments Interface


UPI which gives them access to the user to transfer money from bank to another bank instantly is a breakthrough achievement which saved most of the Indians time, energy and money using (VPA) Virtual Payment Address the alias which is used to transfer money on UPI. Consumers find it cumbersome to log on their internet or mobile banking app to create the VPA. However, third-party providers who have built payment apps on top of UPI using open APIs (application program interface) have made this process convenient, almost invisible.

QR code Used for easy payments at shops and store:


QR CODE - Quick Response Code ) Usage of QR code simplified the users and merchants to send or receive payments at a blink of eye time ,using EDC - Electronic Data Capture  which is also used on various data transmitting technology like NFC - Near Feild Communication, These functions or feature does create a great impact on mobile technology to bring in these function into SMartphones for users simplified life / Task handling

Zero transaction fees : (all hardship is on technology with no extra fees)


Payments through debit cards, BHIM UPI, and Aadhaar-enabled payment systems (AePS) will now cost lower as customers need not pay any fees for transactions up to Rs. 2,000.

To boost digital payments, the Centre has decided to reimburse merchant discount rate (MDR) charges for these payments systems.


Cybersecurity ( these payments have the high-security interfaces)
SSL, 2-factor verification systems


Digital payments are likely to cost more if the National Democratic Alliance (NDA) government decides to impose a token 'security fee' or Cess on each online payment.
According to several media reports, the government is contemplating imposing a cybersecurity cess on e-payments companies. The Department of Financial Services (DFS), along with the Ministry of Electronics and Information Technology (MeitY) and the home ministry, are learned to be preparing such a proposal.

Payments space


In the last few years hundreds of new companies have entered Indian market to open digital payment space for users, even though larger corporates play the major role in this fields, still, these newer companies create rival to compete and increase its users' demand and mobility to infinity over the competition.

Technology and Money is a never-ending one but the system may change. we may even have IRIS Scanner in future simply to make a payment. Let's wait and watch the game


Did you Know?
The All-New R17 Pro comes with NFC ( Near field Communication ) Technology using which you could make payments by just bringing your phone near to the Payment terminal with your Figure Print.



Please follow me on @Influencer for such pieces of information.



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