Due to #demonetization in India - its time for Paperless Cash Transactions to maintain true transparency across all transactions and increase Country's income. The Prime Minister of India Shri Narendra Modi called people to use more eCash than the Cash. Its possible, many of the banks has introduced a various ways of ePayments, eTransfers, eBanking etc.
Here 5 ways to Transact using Paperless Cash
1. UPI - Unified Payments Interface
Its as simple as sending an sms via Whatsapp. Only thing you need to register your unique UPI and send it to your counter part who wants to transact with you. The process was explained when it was introduced by RBI recently here.
Steps to Transact with UPI :
- Download UPI from Playstore/Appstore (its either a separate app from your Bank or already integrated into your existing Bank app - for example in case of ICICI - its an integrated app inside iMobile app or Pockets)
- Register your mobile number (if not already registered!)
- Create an Unique ID and Set a PIN for one time process. Example UPI looks like 'somename@somebank'
- Done - share your UPI when next time someone wants to transfer to you. Its done.
Note : here IFSC code, Bank A/C Name, A/C Number, A/C Branch - etc details Not Needed.
Simple isn't it - Go and Create your UPI Now!
2. Mobile Wallets
One of the effective ways to transact these days is - Mobile Wallets. Most of the banks offers Mobile Wallets (for example: ICICI offers mobile wallet via - Pockets; HDFC offers mobile wallet via PayZapp, SBI - Buddy etc) and here not only the Banks but many other third party companies also offering the Mobile Wallets like PayTm, Mobikwik, Freecharge etc - but these apps have limit of 20k (due to demonetization RBI increased the Mobile Wallet's limit to 20k) and many coupons, gifts, cash back offers for these kind of applications. You can convert your Payback points to Cash as well - to know how read this . Most of the Apps have the feature to scan the IR code to pay virtually. So no need of entering amount etc. Its almost within fraction of seconds transaction will be completed.
3. Cards, PoS
Various type of cards are available in the market - Debit/Credit/Rupay etc cards. These are issued by the respective banks and you can set your pin and swipe at any PoS (Point of Sale) machines and transact. Remember to do not share your pin with anyone.
4. Aadhar Enabled Payment System
Its one of the new ways to Banking - if you have Aadhar and registered with your respective Bank Account - you can transact with it.
3. Cards, PoS
Various type of cards are available in the market - Debit/Credit/Rupay etc cards. These are issued by the respective banks and you can set your pin and swipe at any PoS (Point of Sale) machines and transact. Remember to do not share your pin with anyone.
4. Aadhar Enabled Payment System
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Its one of the new ways to Banking - if you have Aadhar and registered with your respective Bank Account - you can transact with it.
5. USSD - Unstructured Supplementry Service Data)
Are you worried of not having a Smart Phone to follow all of the above steps - then there is a way for such people as well. Its as simple as checking their mobile balance. Steps to follow mentioned in the image.
This one we published earlier in our blog
Apart from these - there some specific banks supports other innovative ways like you transact / get details via Direct Message in Twitter, some other offers features like via email service as well.
Here the images has been reused from the GoI issued via +Narendra Modi Twitter account to illustrate the audience and giving the genuine information. If anyone has issues please escalate to the below given address - we will remove as soon as possible. Requesting audience to contact your respective bank officials for more details or any kind of issues. Thank you.
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