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Banking digital payments fintech Hybrid payment gateway payment gateway

Security feature: UPI vs Wallets vs Digital Cards

How secure is your payment ecosystem?

The other day I was chatting with a villager on my trip to Rajasthan. He was the owner of a large oilseeds field. Unfortunately, he faced a crop failure due to a delay in rains. Luckily, the crop insurance scheme was his savior.

“What mode do you use for insurance payment?” I asked inquisitively.

“I prefer the UPI Madam. It is so convenient. Direct bank to bank transfer. It has made our lives easier. Previously, I made use of wallets. But, loading money gets hectic sometimes. Also, the security is minimal. How can we be assured that our money is in safe hands?” he replied.

It was amazing to see the outreach of the UPI payment system to the deep pockets of the rural regions of India. Interestingly, the security features of the UPI payment mode left me in awe.

Security Feature of UPI vs Cards vs Wallets
Security features of UPI vs Cards vs Wallets

UPI boasts of a superior payment mode as compared to wallets and digital cards. With UPI 2.0, the signed intent & QR and Invoice in the inbox security features are added.

In the course of this blog, let us compare the security features of UPI vis a vis Digital Cards and Wallets.

Security Features of UPI

UPI Security feature 1: Binding with mobile number

This is a significant feature of UPI that brings in the first layer of security. UPI verification of the user happens during the initial login and registration. The UPI app binds with your mobile number to verify your identity. In case, you change the phone or the number, you need to verify your identity again. This option ensures that your credentials stay safe in case of a mobile threat or identity threat.

UPI Security feature 2: Two-factor authentication

The second security feature comes into effect during the transaction process. While registering on UPI, users are given an option to set an MPIN (Mobile PIN). It is a 4 or 6 digit number set up while registering on the UPI app. You can generate it by clicking on create/generate MPIN tab and entering the debit card details (last six digits and card expiry details). In the course of transactions, this MPIN is used to authenticate a transaction. You can also change the MPIN if you forget it, using the same create/generate MPIN tab.  

UPI Security feature 3: Signed intent and QR

With a quick response code (QR) and signed intent option, users can check the authenticity of the merchants. Users have the option to check if the merchants are UPI verified or not. In case the merchant is not UPI verified, users get information via notifications. This security feature ensures that QR code tampering frauds remain low. Hence, signed intent and QR features bring in secure and tamper-proof transactions.

UPI Security feature 4: Invoice in the inbox

This is a noteworthy and secure feature addition to the UPI. Before initiating your payment to the merchant, it is possible to view the generated invoice. This brings in security by verifying the credentials of the transacting merchant. In other words, this feature safeguards you from fraudulent transactions.

 

Security Feature of Digital Card

Comparatively, Digital card offers different security features. Nevertheless, it is unique and robust in itself.

For example, Digital cards have an option of confirming the transaction either using password or an OTP (one time password). Also, some banks require you to not repeat the previous three used passwords. Further, SMS cum Email alert is sent for each transaction.

 

Security Feature of Wallet

As compared to UPI, wallets offer a lesser level of security. For example, many wallets do not offer two-factor authentication. But on the other hand, the QR code feature of wallets minimizes the payment data.

Nevertheless, there is a chance of security compromise in the case of wallets due to the indirect involvement of the bank. It is basically a wallet to wallet money transfer.

Summary

  • UPI offers security via 2 factor authentication, QR & Signed Intent and Invoice in Inbox
  • Digital Card security is via password or OTP
  • Wallet security follows a 1 factor authentication

References:

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Banking digital payments fintech payment gateway

5 Ways How UPI is Changing the Payments Ecosystem in India

UPI has touched almost all sectors of India

Last week, I was at a new tea shop near my house. The tea cost me a meager ten rupees. But, upon checking my wallet, I was shocked to find it empty. The shop owner read my situation and told me, “Madam you can pay via GooglePay. Look at the code scanner, just scan and pay.” Then came the live-action of the UPI payments ecosystem in India.

I was in for another shock when my Google pay account was temporarily down. I saw the customer queue increasing. Immediately, I downloaded Phonepay into my mobile. Phonepay is a prominent app which supports UPI transaction. The payment took place within no time. This is the outreach of the UPI across the payments ecosystem in India.

UPI Payments Ecosystem in India

Why has UPI captured the payments space within four years of its inception? What makes it stand out from wallets or digital cards? UPI offers an immediate payment service with the help of either a VPA, mobile number or Aadhaar number. It makes the transaction channel secure and hassle-free.

UPI has made its mark felt in the different sectors of the Indian economy like Education, Health, Social Sector Schemes, etc. In the course of this blog, let us explore the outreach of the UPI payments ecosystem in India.

Payments Ecosystem 1: Government Schemes

Government of India’s flagship program Digital India aims to make India a digitally empowered society. Launched in the year 2015, Digital India relies on advanced technological infrastructure to serve the needs of the customer. Of this, digital payment forms an important cum core part.

In tune with its Digital India initiative, the government launched the BHIM UPI (Bharat Interface for Money). It makes use of the UPI platform for immediate bank to bank money transfer. Transfer validation happens either using a VPA (Virtual Payment Address) or a mobile number.

Key government schemes like Jan Dhan Yojana and Direct Benefits Transfer (DBT) have started using the UPI payments interface, transitioning from the RTGS or the NEFT based platform. It brings in ease and security to the payment transactions since the user does not have to remember complex details like the account number, bank name, etc.

Payments Ecosystem 2: Education

The education sector is witnessing rapid stride in the use of the UPI Platform. Payment platforms like Razorpay, Instamojo, SabPaisa, etc. have enabled it on their platform. For example, SabPaisa is the world’s first hybrid payment platform. It offers numerous payment modes ranging from UPI to Cards to Netbanking to Cash to NEFT. UPI is one of the focal product that helps in seamless payment transmission while paying college admission fees or paying the late fine.

Payments Ecosystem 3: Health

Health schemes in India are transitioning to the use of digital payments like UPI. Further, to promote the use of UPI, the government provides a number of incentives.

The major health schemes in India are Universal Health Insurance Scheme (UHIS), Ayushman Bharat, Aam Aadmi Bima Yojana (AABY), Rashtriya Swasthiya Bima Yojana (RSBY), etc. As part of the schemes, patients can pay through various digital modes like UPI, BHIM, credit/debit cards and wallets. The Ministry of Health and Family has issued advisories to all government and private hospitals to facilitate digital payments for ease of transactions.

Payments Ecosystem 4: Business

The business sector is witnessing new opportunities with the rapid advancements in UPI. For example, Fintech companies in India are being flooded with requests at an international level for UPI customization. Further, NPCI has relaxed the rules for small companies by increasing their monthly limit of Rs. 50,000. Also, the merchant onboarded under this category does not have to pay anything to the acquirer.

Payments Ecosystem 5: Miscellaneous

UPI has pervaded every aspect of our life. In addition to Tier I cities, Tier II and Tier III have seen an increased use of UPI. For example, if a user in a Tier III city wants to do a DTH recharge, he has to simply open the UPI app on his mobile and scan the code on the TV screen to kickstart the payment process. Similarly, UPI is used to buy on-demand movies in a seamless manner with the click of a button.

On the whole, UPI is the ripe technology of the future which continues to make notable advancements in a rapid manner. From education to the business sector, UPI has touched upon all the major sectors of the Indian Economy. In commensuration with Artificial Intelligence and Machine Learning, UPI holds significant promise for the future.

References:

For more blogs, visit SabPaisa Blog

YOU ARE READING THE ARTICLE COURTESY: SabPaisa (SRS Live Technologies) – headquartered in New Delhi with eight regional offices including Mumbai, Bangalore & Kolkata – is a rapidly growing Fintech company having developed one of India’s most advanced AI-driven recurring payments platform bolstered by another of SabPaisa’s unique products: world’s first hybrid payment platform which has all the payment modes in a single checkout page, online and offline, from UPI to Cards to e-NEFT to e-Cash. Businesses that take SabPaisa’s payment gateway get real-time reconciliation and consolidated reports for all payments, recurring or one-time, online or offline, in a single dashboard, whether the payer is an 18-year-old in Kashmir paying through UPI or a 70 year paying through Cash in Kanyakumari. SabPaisa’s payments and collection application suite have already processed more than INR 12 Billion to date.

Learn more about SabPaisa here: https://sabpaisa.in

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Banking digital payments fintech payment gateway

Top Five UPI Platforms to Lessen your Payment Headache

Know the UPI Platforms that is best for you

When was the last time you did a digital payment? How pleasant or nasty was the process? What was the major challenge that you faced? Was it a Net connectivity issue or a wallet loading issue? Did you try using the UPI platforms?

UPI is rapidly taking over the payments space in India. Did you know that UPI platforms will dominate the payments space with 59% payment transactions in the near future? Mind-boggling isn’t it?

UPI Platforms - UPI Apps
UPI Platforms – UPI Apps

UPI or Unified Payments Interface is a next-generation instant payment platform built by NPCI (National Payments Corporation of India). With a simple account to account transfer process using the VPA (Virtual Payment Address), UPI is the favorite of Indians running across different classes. Interestingly, UPI crossed the landmark 1 billion mark in October 2019.

There are a number of UPI platforms that are both App as well as non-App based. Each of them offers a unique user interface based on the different user requirements. But, how to select the best UPI platform?

In the course of this blog, I will give you a tour of the top UPI platforms. Hope this helps you in both your personal and professional endeavor.

1. UPI Platforms 1: GooglePay

UPI Platforms - Google Pay
UPI Platforms – Google Pay

Google Pay is one of the popular payment apps from Google. Unlike BHIM App, Google Pay does not call for Aadhaar verification. There is a direct linkage of bank account using details like name, account number, IFSC Code, etc. Also, Google Pay (Tez) has a unique feature of AudioQR sharing directly from one mobile to another. Further, like BHIM UPI App, the amount is transferred from a bank account to another, thereby reducing the need for an intermediary wallet.

Going ahead, Google Pay is also expected to support Credit Cards, Debit Cards, and e-wallets. 

2. PhonePe

UPI Platforms - Phonepe
UPI Platforms – PhonePe

PhonePe is a popular payment app with the option of UPI connectivity. The most important feature is the option of an additional wallet link and non-necessity of initial login. There is no option of mandatory login using the Phonepe App. One can directly login to the site using the website URL. Also, Phonepe gives access to popular linked wallets like JioMoney, Airtel Money, Freecharge, etc.

Going ahead, Phonepe has an innovative feature of navigating between over 50 apps. This is possible without downloading the app on your mobile or updating the same.

3. UPI Platforms 2: BHIM UPI

UPI Platforms - BHIM UPI
UPI Platforms – BHIM UPI

BHIM App is the most popular UPI payment App. It has an interesting feature of making UPI transactions from different banks on a single platform. Interestingly, BHIM App at present is available in 13 languages.

In addition to, Send Money, Receive Money and Scan & Pay option, you can also check your pending transactions via BHIM App. There is also an option of raising complaints about the declined transactions.

Further, the built-in security feature allows you to block users who put forth illicit money requests. Also, the user privacy feature enables you to disable your first UPI Id in case of the generation of a secondary UPI Id.

Going ahead, you don’t have to worry about payment reminders or splitting bills. There is an option to set a payment reminder as well as split bill with multiple UPI users in an instant.

4. Paytm

UPI Platforms – Paytm

Recently, Paytm has enabled BHIM UPI on its payment platform. It follows a simple setup process with the selection of the ‘UPI App’ option from the Paytm App. Once the bank account and mobile number are verified, you can set the MPIN to start the transactions. The UPI Id follows the format [email protected]

Further, on changing the mobile, the verification of the new mobile number is mandatory to use BHIM UPI on Paytm.

5. SabPaisa

UPI Platforms - SabPaisa UPI
UPI Platforms – SabPaisa UPI

SabPaisa is the next generation payment platform that offers a hybrid payment gateway model ( e-offline + e-online ). It is the only hybrid (online+offline) payment platform in the world that provides businesses and organizations a single unified dashboard for collecting payments from their customers/members through any and all channels, online or offline, from UPI to Cash.

Once a customer chooses to make payment through the SabPaisa platform, he/she is guided to the checkout page with UPI as one of the prominent options for payment. In the next step, the customer has to enter the Virtual Payment Address (VPA) to initiate the transaction.

On the whole, UPI continues to rule the roost with its simple yet innovative features. From direct bank to bank transactions to AudioQR based payments (in Google Tez), UPI gives you the option of performing hassle-free payments. Further, with UPI platforms like SabPaisa, you can realize the potential of online cum offline payments.

References:

For more blogs, visit SabPaisa Blog

YOU ARE READING THE ARTICLE COURTESY: SabPaisa (SRS Live Technologies) – headquartered in New Delhi with eight regional offices including Mumbai, Bangalore & Kolkata – is a rapidly growing Fintech company having developed one of India’s most advanced AI-driven recurring payments platform bolstered by another of SabPaisa’s unique products: world’s first hybrid payment platform which has all the payment modes in a single checkout page, online and offline, from UPI to Cards to e-NEFT to e-Cash. Businesses that take SabPaisa’s payment gateway get real-time reconciliation and consolidated reports for all payments, recurring or one-time, online or offline, in a single dashboard, whether the payer is an 18-year-old in Kashmir paying through UPI or a 70 year paying through Cash in Kanyakumari. SabPaisa’s payments and collection application suite have already processed more than INR 12 Billion to date. Learn more about SabPaisa here: https://sabpaisa.in

 

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digital payments fintech payment gateway

If you love UPI, you must love these 4 institutions more

Know these institutions to learn more about UPI

Introduced in the year 2016, UPI has positively altered the payments ecosystem in the country by bringing in a wave of digitization. UPI simplifies transactions by making use of the VPA (virtual payment address). It avoids the complex credential entry while making card transactions. Secondly, with the launch of UPI 2.0, features like QR & Signed Intent and Invoice in the inbox has scaled up the UPI security. Behind the success of UPI lies the efforts of numerous UPI institutions like NPCI, RBI (Central Bank), other banks, etc who manage the seamless functioning of the UPI system.

UPI institution

In the course of the blog, let us learn more about the UPI institutions that ensure a safe and secure transfer of your money.

UPI Institution 1: NPCI (National Payments Corporation of India)

National Payments Corporation of India is an organization dealing with retail payments and settlements in India. It is an initiative of the RBI and the Indian Banks’ Association, set up in 2008. The  State Bank of India, Punjab National Bank, Canara Bank, Bank of Baroda, Union Bank of India, Bank of India, ICICI Bank, HDFC Bank, and Citibank are the ten core promoter banks of NPCI.

The core payment products offered by NPCI are:

  • Rupay
  • Bhim
  • UPI
  • NACH
  • Immediate Payment Service
  • AEPS
  • Bharat Bill Payment System
  • BharatQR

UPI is one of the flagship product developed by NPCI. Introduced in 2016, UPI is a safe and secure medium for payment transfers. With UPI 2.0, new security features like Invoice in the inbox and Signed Intent & QR has enhanced the outreach of UPI.

UPI Institution 2: RBI

RBI is the apex bank of India supervising all the public, private, rural and cooperative banks in India. In other words, RBI sets the monetary policy in India in commensuration with the fiscal policy. 

Established under the RBI Act, 1964, RBI has its headquarters at Mumbai. The regional centers spread across the four zones are North in New Delhi, West in Mumbai, South in Chennai and East in Kolkata.

The Central Board of Directors is the major decision making of the RBI. The Board is headed by a Governor and not more than four Deputy Governors.

UPI Institution 3: UIDAI

The Unique Identification Authority of India is a statutory body responsible for the implementation of the Aadhaar based payments system in the country. It was established under the provisions of the Aadhaar (Targeted Delivery of Financial and Other Subsidies, Benefits and Services) Act, 2016.

UIDAI issues the Adhaar number to all the residents of the country. Aadhaar number is a 12 digit unique identification number for the Indian residents.

Aadhaar is a multi-purpose card used as an ID card to avail voter’s Id, mobile connection, driving license, etc.

UPI Institution 4: UPI App Service Provider

There are many service providers who have enabled UPI on their app. For example, some of the famous service providers are GooglePay, Phonepe, Paytm, etc. Each service provider offers unique and customized UI features to use UPI services.

On the whole, the successful UPI transaction depends on the successful collaboration and interoperability between all the above-mentioned organizations. 

References:

For more blogs, visit SabPaisa Blog

YOU ARE READING THE ARTICLE COURTESY: SabPaisa (SRS Live Technologies) – headquartered in New Delhi with eight regional offices including Mumbai, Bangalore & Kolkata – is a rapidly growing Fintech company having developed one of India’s most advanced AI-driven recurring payments platform bolstered by another of SabPaisa’s unique products: world’s first hybrid payment platform which has all the payment modes in a single checkout page, online and offline, from UPI to Cards to e-NEFT to e-Cash. Businesses that take SabPaisa’s payment gateway get real-time reconciliation and consolidated reports for all payments, recurring or one-time, online or offline, in a single dashboard, whether the payer is an 18-year-old in Kashmir paying through UPI or a 70 year paying through Cash in Kanyakumari. SabPaisa’s payments and collection application suite have already processed more than INR 12 Billion to date. Learn more about SabPaisa here:https://sabpaisa.in

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Top 12 UPI-IMPS difference that you should not miss

Choose the best payment mode to grow your business

Did you know that the Asia Pacific region is one of the strongest growing markets worldwide? Expert prediction of the compound annual growth rate of 35.2% justifies this fact. Interestingly, nations like India and China is pioneering market growth via online payment modes. Of the numerous payment modes available in India, it is important to know the UPI-IMPS difference.

In a fast-paced world, the payment ecosystem is constantly evolving based on the consumer’s needs and behavior. Be it e-commerce, retail or startup sector, customers prefer faster purchases and instant payment settlement. Hence, to cater to these needs, digital payment modes have grown by leaps and bounds in India. In addition to the banking cards and prepaid cards, UPI and IMPS are the sought after medium for instant payments in India.

UPI-IMPS

UPI (Unified Payments Interface), developed by NPCI is a popular instant payment settlement system regulated by RBI. On the other hand, IMPS (Immediate Payment Service) brings in interbank electronics transfer in an instant manner. Though, performing similar functions, UPI and IMPS differ in terms of transfer time, card details, security, etc.

In this blog, let us learn the basic differences between UPI and IMPS.

1. UPI-IMPS Difference 1: Ease of transaction

For making an IMPS transaction, you need to enter a lengthy and complex data ranging from Name, Bank Account, IFSC code, etc. This creates inconvenience to a user. On the other hand, the UPI transaction is a simple process of solely inserting the Virtual payment address (VPA) of the payee.

2. UPI-IMPS Difference 2: App compatibility

To make an IMPS transfer, one needs to have the particular app of the debiting account. On the other hand, UPI gives a flexible option of linking with multiple bank accounts from the same app. This reduces space issue upon downloading apps of different banks, in case of having multiple bank accounts.

3. UPI-IMPS Difference 3: Security

As compared to IMPS, UPI gives a secured medium of payment transfer. It is due to the fact that, unlike IMPS, minimal details are entered while making a transaction. But, in the case of IMPS, bank account details are entered, which is perilous on an unsecured network.

4. UPI-IMPS Difference 4: Transfer time

Though IMPS comes with the instant money transfer option, it is lengthier as compared to UPI. Money transfer happens after a new payee registration and a wait time of thirty minutes to make the money transfer to the new payee.

In comparison, UPI payment is done to a new payee without any payee registration or wait time.

5. UPI-IMPS Difference 5: Money Collector

UPI provides the unique option of requesting money collection. You can send the request money message to people who owe you money. This brings in financial credibility in the long run.

On the contrary, IMPS does not provide the option of request money. There is a sole option of money transfer to the registered payees.

6. UPI-IMPS Difference 6: Money transfer abroad

Using the IMPS method, you can transfer money abroad. But, at present, UPI does not have the option of transferring money abroad. UPI transactions are limited to within India, at present.

7. UPI-IMPS Difference 7: Need for smartphone

IMPS transactions require a smartphone along with the relevant app to make payment transfers. UPI followed a similar feature previously. But now, UPI transactions are available in USSD enabled mobiles. This flexibility allows you to access your money irrespective of a smartphone availability.

8. UPI-IMPS Difference 8: Bank account

In the case of IMPS, it is mandatory to have a bank account to send or receive money. It is a bank to bank transfer using IFSC code + Account number or MMID.

However, in the case of UPI, you can receive money even if you do not possess a bank account. You just need to install a payment app to receive money in your wallet.

9. UPI-IMPS Difference 9: Authentication details

UPI payment authentication takes the form of an MPIN number. MPIN is a 4 or 6 digit user-determined number to authorize a payment.

On the other hand, the IMPS transactions happen with an OTP (one-time-password) authentication. Once you confirm and authorize the payment, an OTP is sent to your mobile phone.

10. UPI-IMPS Difference 10: Beneficiary addition

IMPS comes with a lengthy beneficiary addition process. The details like payee name, payee bank account, IFSC code of payee bank, etc are mandatory before making the payment 30 minutes later.

On the other hand,  UPI payment solely requires the use of VPA(virtual payment address) of the payee to initiate the payment.

11. UPI-IMPS Difference 11: E-commerce transaction

Both UPI and IMPS supports e-commerce transactions. One can make B2B or B2C transactions using either UPI or IMPS.

12. UPI-IMPS Difference 12: Transaction charges

At present, both IMPS and UPI are chargeable beyond a certain limit ( generally above Rs.1000). For IMPS, there are different charges on a bank to bank basis. However, for UPI, RBI indicates the transaction charge to fall between Rs.0.50 to Rs. 1.00.

Reference:

 

For more blogs, visit https://blog.sabpaisa.in

YOU ARE READING THE ARTICLE COURTESY: SabPaisa (SRS Live Technologies) – headquartered in New Delhi with eight regional offices including Mumbai, Bangalore & Kolkata – is a rapidly growing fintech company having developed one of India’s most advanced AI-driven recurring payments platform bolstered by another of SabPaisa’s unique products: world’s first hybrid payment platform which has all the payment modes in a single checkout page, online and offline, from UPI to Cards to e-NEFT to e-Cash. Businesses that take SabPaisa’s payment gateway get real-time reconciliation and consolidated reports for all payments, recurring or one-time, online or offline, in a single dashboard, whether the payer is an 18-year-old in Kashmir paying through UPI or a 70 year paying through Cash in Kanyakumari. SabPaisa’s payments and collection application suite have already processed more than INR 12 Billion to date. Learn more about SabPaisa here:https://sabpaisa.in

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digital payments payment gateway

How to setup UPI with these simple three steps

Take your payment experience to the next level with UPI

Unified Payments Interface or UPI was launched in the year 2016 to anchor the digital payments in the country. Launched by NPCI (National Payments Corporation of India) post the demonetization, UPI is a real-time payment settlement system facilitating interbank transactions. The UPI setup process comes with simple steps of linking one’s bank account to the generation of the M-PIN number.

The popularity of UPI continues to grow, which can be gauged from the fact that UPI has crossed the 900 million mark in August, led by an increase in merchant adoption of the payment channel and improved smartphone penetration in certain states.

In the course of this blog, let us learn the simple, step by step process of UPI setup.

1. Step One: Download the UPI App

Each bank provides its own UPI App to facilitate UPI payment via its banking platform. Over 30 banks catering to different UPI Apps are available on Google Play Store. One can search for the preferred bank UPI App using the format “Bank Name UPI”.

In case, you are not able to find a specific bank app, you can still use non-bank UPI Apps like:

  • PhonePe
  • MobiKwik
  • Google Tez
  • Paytm
  • Bhim App
  • Axis Pay
  • SBI Pay
  • Uber
  • Airtel Payments Bank

2. Step Two: Register on the UPI App

Once you have downloaded an appropriate UPI app on your mobile, it is time to register to get started with your registration.

  • Select your preferred language from the list of languages that pop up on the language list. Currently, 13 languages are supported by the UPI App.
  • Verify your mobile number by selecting the SIM number which you want to verify. For example, SIM 1 and SIM 2 pops up if you have 2 mobile numbers. Select the appropriate number to link to your UPI account. Make sure that the number is linked to your preferred bank account. Once, the number is entered, 
  • Enter your personal details like Mobile Number, Name
  • Enter your bank account details like Bank Name, IFSC Code, Account number, type of account, etc to link your bank account to UPI.
  • Set UPI PIN by entering your debit card details and entering the expiry date of the debit card. After this, you will receive an OTP from the bank. Upon entering the OTP, you will be prompted to set a 4 digit or 6 digit M-PIN number.

3. Step Three: Start Transactions

  • Send Money: Click on the send or the start payment option to initiate the payment. The names of your contact list who are on UPI show up in the contacts tab. Else, you can initiate the payment by entering the mobile number or the virtual payment address of the payee. Once, you enter the amount, click the send tab. The app will prompt you to enter the MPIN. Upon entering the MPIN, the amount transfer occurs. Confirm the transfer by means of the confirmation message received from your bank.
  • Receive Money: To receive the amount, click on the receive option on the UPI app. Then, enter the mobile number or the virtual payment address of the payer. Upon doing so, the payer gets a notification with the amount to be paid and the associated remarks. It is the discretion of the payer to accept or reject the amount.
  • Transact using the QR Code: All UPI Apps come with an inbuilt QR code scanner. You can either scan the merchant QR code or transfer it to their mobile numbers. The merchant QR code is usually pasted on their bill counters. Not just merchants, even personal account transfer can be conveniently done with the QR code. To do so, you need to select the option collect/pay and click on QR code.
  • Miscellaneous: In addition to the above transfers, there are some additional benefits of UPI transfer. For example, while transferring or collecting payments, you can mark them as your favorite. This eases the scope of future transactions. Further, one can see all the transaction history done on UPI App just like one has on one’s passbook. 

On the whole, UPI has brought in a digital payment revolution in India. It has been one of the positive offset of demonetization in India. With faster and more secure payment transfers, it is a matter of time before it takes an esteemed place in every person’s pocket.

For more information refer:

 

For more blogs, visit https://blog.sabpaisa.in

YOU ARE READING THE ARTICLE COURTESY: SabPaisa (SRS Live Technologies) – headquartered in New Delhi with eight regional offices including Mumbai, Bangalore & Kolkata – is a rapidly growing fintech company having developed one of India’s most advanced AI-driven recurring payments platform bolstered by another of SabPaisa’s unique products: world’s first hybrid payment platform which has all the payment modes in a single checkout page, online and offline, from UPI to Cards to e-NEFT to e-Cash. Businesses that take SabPaisa’s payment gateway get real-time reconciliation and consolidated reports for all payments, recurring or one-time, online or offline, in a single dashboard, whether the payer is an 18-year-old in Kashmir paying through UPI or a 70 year paying through Cash in Kanyakumari. SabPaisa’s payments and collection application suite have already processed more than INR 12 Billion to date. Learn more about SabPaisa here:https://sabpaisa.in

 

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digital payments fintech payment gateway

Everything you ever wanted to know about United Payment Interface (UPI)

Get answers to the most commonly asked questions on Unified Payments Interface

 

Launched in the year 2016, Unified Payments Interface is an instant, real-time payment settlement system in India. In the last three years, UPI has been anchoring the government’s digital revolution in India.

 

Recently, UPI crossed 1 billion transactions and added 100 million users for the month of October 2019. On a year on year basis, UPI transactions have increased by 135%. With 141 banks on the UPI platform, it is one of the sought after payment settlement systems in India.

UPI for payments
UPI for payments

 

In the course of this blog, let us try to understand some of the frequently asked questions concerning UPI.

 

1. What is the difference between UPI and IMPS?

A unified payment interface is a simplified version of an instant payment settlement system as compared to IMPS. UPI enables a user to make an online money transfer with only a virtual payment address. Hence, the long process of entering bank account, IFSC code, etc for IMPS is done away with.

2. Is UPI transaction free?

UPI transaction was free before April 1, 2019, for all banks. From April 1, 2019, Kotak Mahindra Bank is charging for UPI transactions. Users are charged after 30 peer to peer transactions/month. However, UPI payments via ICICI, SBI and HDFC platform continue to remain free.

3. Is card or wallet necessary for a UPI transaction?

No. Only bank account details are needed for UPI transactions.

4. Is it possible to have 2 UPI Ids?

Yes. It is possible to have up to ten UPI Ids linked to the same bank account.

5. What is the 2-factor authentication system in UPI?

It is the basic security feature of the UPI system. The 2-factor authentication system consists of verification using the M-PIN and the UPI ID.

6. Is mobile banking mandatory for UPI?

No, mobile banking is not necessary for UPI. The important requirements for UPI are Android phone and mobile number linked bank account.

7. Can UPI Id be changed?

Yes, you can change the UPI Id. You can obtain 2 more UPI Ids from the bank.

8. Is the UPI Id the same for all the UPI apps?

UPI Id is mobile-specific. One can create multiple email Ids linked to multiple mobile numbers. Hence, UPI Id remains the same for the same mobile number irrespective of the multiple UPI apps.

9. Does money transfer take place through UPI only during the banking hours?

No, money transactions take place through UPI 24*7.

10. Does the beneficiary need to register with UPI for receiving funds?

No, it is not necessary for the beneficiary to register with UPI for receiving funds. On the other hand, the only requirement for the beneficiary to receive funds is a mobile linked bank account.

11. How much time does UPI transfer take?

UPI transfer takes place instantly. 

12. In case of a change of UPI app, re-registration is required or can I use the same virtual address?

Re-registration is required in case of a change of the UPI app. One needs to just do mobile verification. The virtual address remains the same.

13. What are the different channels for transferring funds using UPI?

  1. Transfer through VPA
  2. Account Number + IFSC
  3. Mobile Number + MMID
  4. Aadhaar Number
  5. Collect / Pull money basis VPA

14. What is the limit of funds transfer with UPI?

The limit of funds transfer with UPI is 1 lakh with an upper limit of 10 transactions per day.

15. What is UPI 2.0?

Launched in Aug 2018, UPI 2.0 is an upgrade to the UPI system. The salient features of UPI 2.0 are the option of linking an overdraft account, setting of mandates, receiving an invoice in the inbox and provision for signed intent and QR.

For more information, refer:

  1. https://www.npci.org.in/upi-faq-s
  2. http://vikaspedia.in/e-governance/digital-payment/unified-payment-interface/upi-faqs
  3. https://www.dbs.com/digibank/in/banking/payments/upi/faqs.page

 

 

 

 

For more blogs, visit https://blog.sabpaisa.in

YOU ARE READING THE ARTICLE COURTESY: SabPaisa (SRS Live Technologies) – headquartered in New Delhi with eight regional offices including Mumbai, Bangalore & Kolkata – is a rapidly growing fintech company having developed one of India’s most advanced AI-driven recurring payments platform bolstered by another of SabPaisa’s unique products: world’s first hybrid payment platform which has all the payment modes in a single checkout page, online and offline, from UPI to Cards to e-NEFT to e-Cash. Businesses that take SabPaisa’s payment gateway get real-time reconciliation and consolidated reports for all payments, recurring or one-time, online or offline, in a single dashboard, whether the payer is an 18-year-old in Kashmir paying through UPI or a 70 year paying through Cash in Kanyakumari. SabPaisa’s payments and collection application suite have already processed more than INR 12 Billion to date. Learn more about SabPaisa here:https://sabpaisa.in

 

 

Categories
Digital marketing marketing payment gateway Uncategorized

SEVEN BEST TOOLS FOR DIGITAL MARKETING

Tools to unleash the creativity in you

The gleaming sunshine, the twinkling stars, and the misty raindrops have intrigued human beings from time immemorial. How about taking the experience to the next level? How about immortalizing them in your creations? If you are into digital marketing, nature is the best place to look for inspiration. Further, how do you apply the inspirational idea to boost your business? Here comes the importance of marketing tools. The amazing tools available in the market gives wings to your ideas and makes it come alive.

Digital marketing tools
Seven digital marketing tools to boost your business

In the course of this blog, I will take you through a journey of the most sought after digital marketing tools.

1. CANVA FOR DIGITAL MARKETING

Canva is an evergreen companion of any digital marketer. It comes with an amazing collection of templates catering to different social media platforms. Be it Instagram, Facebook or Twitter, Canva provides the option to create customized posts with the appropriate dimensions. One can choose from a wide range of options such as business cards, flyers, posters, animated video, etc.

Canva for Digital Marketing
Digital marketing with Canva tool

Are you a company which recognizes employees’ efforts via certificates, Canva is your place to be. There is an ample range of certificate template to choose from. Or, if you are unemployed and looking for a job, choose from a range of resume templates.

2.  INVIDEO

How about automatic conversion of your blogs to videos? Invideo performs this functionality to perfection. In addition, there is an option to build a video from bare scratch. This brings in the flexibility of using the tools to give vent to our innovative spirit. Also, choose from a multitude of templates to suit the business environment and the niche clientele.

Invideo for Digital marketing

3. SNOVIO FOR DIGITAL MARKETING

Snovio is one of the sought after digital marketing tool for inbound email marketing. Being a very flexible platform, Snovio gives the option to create different email campaigns based on the customer base and business platform. Interestingly, there is a cap of 200 emails per day for smooth handling of email marketing.

Snovio for Digital Marketing
Snovio for Digital Marketing

4.  SOCIAMONIALS FOR SOCIAL MEDIA POSTING

Are you tired of posting five social media posts each day? Wished for an automated technique to achieve your goal? Here comes the role of the wonder tool Sociamonials. The scheduling of posts can be done on multiple social media platforms in a single go. You don’t have to worry about postings for months together. Moreover, one can analyze the performance of one’s posts via Sociamonials analytics tab. The graphical analytics result gives a three-sixty degrees view of your company’s posts performance.

Sociamonials for digital marketing

5.  DAREBOOST FOR DIGITAL MARKETING

How is the health of your website? Is your security at risk? Are you complying with the necessary SEO standards? The answer to these questions lies in the Dare boost tool. Dareboost analyses your website on 10 major parameters ranging from Quality, Data amount, SEO, Compliance, Accessibility, etc. For a healthy website, a Dareboost analysis once in 15 days is a must. With one email ID, you can have 5 free searches per month.

Dareboost for digital marketing

6.      FIVERR

Ever faced the issue of tracking down your potential clients? It is taxing to get together the precise contact details. At this juncture, Fiverr comes to your rescue. You will encounter diverse service providers of client information. The rate of services starts at a nominal rate of 5 dollars. If you are a startup, aspiring to expand your client base, Fiverr is the ideal tool for you.

7.  WEBTEXTTOOL FOR DIGITAL MARKETING

Blogging is an exemplary way to expand your base in the market domain. Further, blogging is the simplest way to promote your products and build a brand image. Nevertheless, putting across the right message in the right format plays a crucial role. The appropriate language, formatting, grammar, and word usage is pivotal for the success of any blog. Webtextool tool provides a minute and detailed analysis of your blog. The interesting fact about webtexttool is that it is used to draft interview content. Herein, the gender biasedness in the blog is suitably filtered out.

Webtexttool for digital marketing

 

For more blogs, visit http://blog.sabpaisa.in

YOU ARE READING THE ARTICLE COURTESY: SabPaisa (SRS Live Technologies) – headquartered in New Delhi with eight regional offices including Mumbai, Bangalore & Kolkata – is a rapidly growing fintech company having developed one of India’s most advanced AI-driven recurring payments platform bolstered by another of SabPaisa’s unique products: world’s first hybrid payment platform which has all the payment modes in a single checkout page, online and offline, from UPI to Cards to e-NEFT to e-Cash. Businesses that take SabPaisa’s payment gateway get real-time reconciliation and consolidated reports for all payments, recurring or one-time, online or offline, in a single dashboard, whether the payer is an 18-year-old in Kashmir paying through UPI or a 70 year paying through Cash in Kanyakumari. SabPaisa’s payments and collection application suite have already processed more than INR 12 Billion to date. Learn more about SabPaisa here:https://sabpaisa.in

Categories
Banking digital payments Financial intermediary payment gateway Uncategorized

Banking in India explained

Service your needs through the banking institutions

Confused with the choice of a banking institution for your business? Right kind of funding is important for the health of any business. In other words, funding at the appropriate time gives more freedom for creativity and innovation. A well-funded business has more leverage for expansion and growth.

In India, we have a number of banks catering to different customers. Also, we have a mix of public and private sector banks servicing a variety of needs.

Banking institutions
Banking institutions in India to service your needs

In the course of this blog, I will walk you through the different types of banking institutions in India.

BROAD CLASSIFICATION OF BANKS

1. SCHEDULED BANKS

Scheduled banks are included in the second schedule of RBI Act,1934. By being a scheduled bank, one acquires membership of the clearinghouse. Also, the banks can get loans from RBI at the bank rate. Any bank with a capital of more than 5 lakh qualifies as a scheduled bank. Further, scheduled banks keep a cash reserve ratio with the RBI.

2. NON-SCHEDULED BANKS

Non-scheduled banks are not part of the second schedule of RBI Act,1934. The capital requirement of a non-scheduled bank is less than 5 lakhs. Non-scheduled banks are not members of the clearinghouse. Also, they do not have access to loans from RBI at the bank rate. Unlike scheduled banks, non-scheduled banks do not keep a cash reserve ratio with the RBI.

Non-scheduled banks are also called as local area banks in India. Coastal Local Area Bank Ltd, Capital Local Area Bank Ltd, Krishna Bhima Samruddhi Local Area Bank Ltd, Subhadra Local Area Bank Ltd are some of the examples.

TYPES OF SCHEDULED BANKS

1. COMMERCIAL BANKS

A commercial bank provides banking services with a profit motive. They ensure adequate credit creation and stability in a nation’s economy.

  • PUBLIC SECTOR BANKS: Public sector banks have the government as the major shareholder(more than 50%). Over 75% of the banking sector business comes under the purview of the Public sector banks. There are 12 major PSBs in India such as SBI, Bank of India, Bank of Baroda, Central Bank of India, etc. On the whole, there are 27 PSBs in India.
  • PRIVATE SECTOR BANKS: In private sector banks, non-government entities form the major shareholders. There are 22 private sector banks in India. Private sector banks provide a slightly less interest rate as compared to PSBs. Similarly, Private sector banks constitute over 15% market share in the country. Some major private sector banks in India are ICICI, HDFC, Axis, IDFC, etc.
  • FOREIGN BANKS: Foreign banks cater to the jurisdictional laws of both the parent and destination country. 1% of branch network in India constitutes foreign banks. Also, foreign banks have a Priority Sector Lending of 40% and a minimum capital requirement of 5 billion.
  • REGIONAL RURAL BANKS: Regional Rural Banks caters to the funding needs of the rural communities in India. It draws its operating and functional powers from the Regional Rural Banks Act, 1976. In addition, RRBs also cater to payments in government schemes like MGNNEGA and government pension programs. RRB has a joint shareholding of Central government(50%), State government(15%) and Sponsor Bank(35%).
  • PAYMENT BANKS: It is a new category of banks with limited functionality of a bank. For example, payments banks do not issue loans. The deposit limit is 1 lakh per customer maximum. Further, payments banks have a minimum capital of 100 crores.
  • SMALL FINANCE BANKS: Small finance banks service the needs of the small and marginal entities like small farmers, traders, businesses, etc. Small finance bank has 100 crores paid-up capital and a priority sector lending of 75%. Further, they do not lend to big corporates or groups.

2. COOPERATIVE BANKS

Cooperative banks function on the basis of cooperative principles. The ownership of cooperative banks lies with the customers. In India, cooperative bank categorization takes place on the basis of Short term and Long term lending options. Short term lending takes the form of Primary Agricultural Cooperative Societies (PACCS) at the village level, District Central Cooperative Banks at the District level and State Cooperative Bank at the State level. The long term lending is a two-tier structure with Primary Agriculture and Rural Development Banks (PARDBs) at the village level and State Agriculture and Rural Development Banks.

  • URBAN COOPERATIVE BANKS: Urban cooperative banks finances the needs of urban areas, registered under the cooperative societies act. They largely cater to small businesses in urban areas like small traders, low and middle-income groups, etc. UCB regulation happens via both the State Government and the Central bank. State government laws cater to the UCB’s administration while the central bank laws apply in case of regulation.
  • RURAL COOPERATIVE BANKS: Rural cooperative banks finances the needs of rural areas. It caters to agriculture, livestock, rural employment sector, etc.

For more blogs, visit http://blog.sabpaisa.in

YOU ARE READING THE ARTICLE COURTESY: SabPaisa (SRS Live Technologies) – headquartered in New Delhi with eight regional offices including Mumbai, Bangalore & Kolkata – is a rapidly growing fintech company having developed one of India’s most advanced AI-driven recurring payments platform bolstered by another of SabPaisa’s unique products: world’s first hybrid payment platform which has all the payment modes in a single checkout page, online and offline, from UPI to Cards to e-NEFT to e-Cash. Businesses that take SabPaisa’s payment gateway get real-time reconciliation and consolidated reports for all payments, recurring or one-time, online or offline, in a single dashboard, whether the payer is an 18-year-old in Kashmir paying through UPI or a 70 year paying through Cash in Kanyakumari. SabPaisa’s payments and collection application suite have already processed more than INR 12 Billion to date. Learn more about SabPaisa here:https://sabpaisa.in

 

Categories
Entrepreneur Entrepreneurship fintech payment gateway startup Uncategorized

Innovative techniques for business growth

Tips and tricks to build your business with less investment

Started your own business but lost hopes on not seeing any growth? Capital investment, technology up-gradation, marketing, etc not paying any dividend? If so, you are missing out on some nitty-gritty of business growth.

Successful businesses try to replicate the good practices of their peers. They get the most simple thing right. For example, they make their websites more optimized and appealing. They have more community interaction and peer alliances.

Grow your business
Grow Your Business with these simple tips

In the course of this blog, I will walk you through some simple and inexpensive tips to grow your business. Some tips are very simple that it is often overlooked.

1. Social media visibility for business growth

Social media
Social media for business growth

Top companies have dedicated account on the prominent social media platforms like Facebook, LinkedIn, Twitter, etc. An appealing profile pic and header along with a concise bio provides you with more visitors. The more the number of clicks on your page, the more the chances of visibility of your business.

Secondly, regular posting of well-curated content works wonders. It acts as a credible portfolio for your business. The knowledgeable content on your platform gets the attention of top influencers in your field. This is the quick way to grow your business by leaps and bounds.

2. Regular blogs

Blogs for business growth
Blogs for business growth

Blogging is a significant yet powerful way to outreach your niche customers. It is an inexpensive way to get ranked on the Google SEO results. The regular the blogs, the more the chances of getting noticed on the web. In this way, the probability of your business content being shared increases.

Hence, the next time you get down to blog, think of the huge growth prospects that your words bring to the company.

3. Collaboration for business growth

Collaboration for business growth
Collaboration for business growth

Have you ever shied away from business alliances? Frightened of competition and plagiarism? It’s time to shed your inhibitions.

Successful businesses have learned and grown together. Joint business festivals and workshops help a long way in knowledge sharing. It brings in exposure to good practices. Also, it is a good opportunity to get noticed by successful peers in the industry. As they say, a good opportunity knocks your door unexpectedly.

4. Mobile-friendly website

Mobile friendly website for business growth
Mobile friendly website for business growth

How do you feel when a website takes a too long time to load? Frustrating isn’t it? Now, imagine yourself in the shoes of your customer. A customer will not wait for a long time to make an emergency payment. In these scenarios, it is necessary to have a mobile-friendly website that loads easily with minimal glitches. It is the last thing you want your customer to give negative feedback publicly.

5. Live chat facility

Live chat facility
Live chat facility for business growth

The growth of any business depends on customer satisfaction in the long run. In other words, a prompt and quick response is the best way to win the hearts of your customers. A live chat facility can work wonders. A real-time solution to their problems will bring in more satisfaction resulting in good brand image for your business. A positive review on a platform like Google will make your business high-ranked.

6. Inbound email marketing

Inbound email marketing
Inbound email marketing for business growth

It refers to the process of finding the right customers for your business through a focussed marketing strategy. It involves the scheduling and forwarding of emails customized for different categories of customers. In doing so, you can ensure the outreach to the right customers in your niche domain. It is one of the easiest ways for small businesses to grow online.

7. Community interaction for business growth

Community interaction
Community interaction for business growth

Businesses need new ideas to enhance their growth path. Being a part of a business community brings in value-addition to your business. As a business, you can learn from the plethora of questions posted online. Further, interaction with peer businesses online is a great way to build long-lasting relationships online. For example, Small Business Forum.net, Business Advice Forum, StartupNation Community, etc are some communities for small businesses online.

8. Event participation

Event participation
Event participation for business growth

How frequently do you participate in business events? Business events provide you with the opportunity to showcase your unique products to the business community. Further, it’s the best platform to interact with top-notch business magnates and get your business recognized. Probably, one of them will end up as an investor in your prospective startup.

9. Product innovation for business growth

Product innovation
Product innovation for business growth

It is one of the best ways to stand out in the business market. A unique and compelling product that stands out in the market will naturally have more takers. Further, it will also attract the best brains to your company. Hence, make sure that you continuously innovate to grow your business.

For more blogs, visit http://blog.sabpaisa.in

YOU ARE READING THE ARTICLE COURTESY: SabPaisa (SRS Live Technologies) – headquartered in New Delhi with eight regional offices including Mumbai, Bangalore & Kolkata – is a rapidly growing fintech company having developed one of India’s most advanced AI-driven recurring payments platform bolstered by another of SabPaisa’s unique products: world’s first hybrid payment platform which has all the payment modes in a single checkout page, online and offline, from UPI to Cards to e-NEFT to e-Cash. Businesses that take SabPaisa’s payment gateway get real-time reconciliation and consolidated reports for all payments, recurring or one-time, online or offline, in a single dashboard, whether the payer is an 18-year-old in Kashmir paying through UPI or a 70 year paying through Cash in Kanyakumari. SabPaisa’s payments and collection application suite have already processed more than INR 12 Billion to date. Learn more about SabPaisa here:https://sabpaisa.in