Digital Financial Tools

Admin-DM January 04, 2021

Digital Financial Tools-

The digital financial tools helps you to make online transaction anytime and if you availed this kind of facility so there is no need to visit any bank, fill the form, stand in queue, and needs to wait for the results. Some important tools are-

OTP (One Time Password)-

OTP is also known as One Time Pin. It is a password that is valid for only one login session or transaction, on a computer system or other digital device. OTP avoid number of shortcomings that are associated with static password based authentication. Generally OTP's become invalid within a minute, which prevents attackers from obtaining the secret codes and reusing them.

QR (Quick Response) Code-   

QR code is a two-dimensional matrix barcode first designed in Japan in 1994. It is a machine readable optical label that contains information about the item to which it is attached. QR codes often contain data for locator, identifier or tracker that points to a website or application. The QR code become popular due to its fast readability and greater storage capacity compare to normal barcode. Nowadays it is used in product tracking, item identification, time tracking, Online transaction etc.

UPI (Unified Payment Interface)- 

UPI is a system that powers multiple banks accounts into a single mobile application platform, merging several bank features, seamless fund routing and merchant payments into one platform. It is a instant real-time payment system developed by NPCI (National Payment Corporation of India) of India facilitate inter-bank transactions. The UPI system is regulated by RBI and works by instantly transfer funds 24*7 into 365 between two bank accounts on a mobile platform. It introduced in India in 11 Apr 2016.

AEPS (Aadhar Enabled Payment System)-

AEPS is a new payment service developed by the National Payment Corporation of India to banks, financial institutions using Aadhar. This System is a bank led model which allows online financial transaction at point of Sale/ Micro ATM through the business correspondent/ Bank Mitra of any bank using the Aadhar authentication. Through this service you can avail the following banking facilities-
  • Cash Deposit & Withdrawal
  • Balance enquiry & Mini Statement
  • Aadhar to Aadhar fund transfer

USSD (Unstructured Supplementary Services Data)-

This payment service *99# works on USSD channel. This service allows mobile banking transactions using basic feature mobile phone, and there is no need to have mobile internet data facility for the USSD based mobile banking. The *99# service has been launched to take banking services to every common man across the country. Banking customers can avail this service on registered mobile number by dialing *99# across all telecom service providers on their mobile phone and do banking like fund transfer, mini statement, balance enquiry etc. The fund transfer limit through USSD is minimum 5000/day and up to 50000/year.

Card (Credit/Debit)- 

Credit card and debit card typically look identical, with 16-digit card numbers, card validity, cvv number and pin numbers. A credit card allow the consumers to borrow money from the card issuer up to certain limit in order to purchase items or withdraw cash and debit card allow bank customers to spend money by drawing funds they have deposited in bank account.

eWallet-

A eWallet sometimes called digital wallet, is a secure place that contains one or more currency purses. Your shoppers can fund a eWallet in many ways. Once funded, shoppers can use eWallets online to buy goods and services. To use eWallet shoppers must register with the providers and may have to complete full KYC process before they allow to use eWallet. Popular eWallet services are-
  • Paytm
  • Mobikwik
  • Oxigen Wallet
  • Citrus Wallet
  • ItzCash
  • ICICI Pockets
  • SBI Buddy
  • HDFC PayZapp

Point of Sale (PoS)-

A PoS (Point of Sale) is the time and place where a retail transaction is completed. It is the point at which a customers make a payment to the merchant in exchange for goods or after provision of a service. At the point of sale, after receiving the payment from customers the merchant normally issue a receipt for the transaction. The basic component required for PoS system are-
  • Monitor/Tablet
  • Barcode Scanner
  • Card reader
  • Receipt printer

    

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