W W W . S S B T E C H C O M P U T E R . B L O G S P O T . C O M
Digital Tools & Application
Digital
tools are programs, websites or online resources that can make tasks easier to
complete. A lot of these can be accessed in web browsers without needing to be
downloaded, and you can access them both at home and in work.
DTP( Digital Transaction Platform)—
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.
Debit/Credit Card payment—
You can pay
any type of payment with your cards on mobile apps and as well as websites.
Steps are—
- Enter your shipping Address.
- Choose debit/Credit card as your payment method.
- Enter your card details such as CVV no., User's name, Expiry date of card.
- Verify the OTP.
Credit Card--A credit card is a payment card
issued to users to enable the cardholder to pay a merchant for goods and
services based on the cardholder's promise to the card issuer to pay them for
the amounts plus the other agreed charges
Advantage of Credit Card--
- Purchasing Power
- You can use it when you need money(Doesn't matter your account has balance or not)
- Rewards
- Tracable Accounts activity
Debit Card--A debit card is a plastic payment
card that can be used instead of cash when making purchases. It is similar to a
credit card, but unlike a credit card, the money is immediately transferred
directly from the cardholder's bank account to pay for the transaction.
Advantage of Debit Card--
- Easy to use
- Easy to get from bank
- Safety
Difference between Debit & Credit
Card-
Debit cards
allow you to spend money by drawing on funds you have deposited at the bank.
Credit cards allow you to borrow money from the card issuer up to a certain
limit in order to purchase items or withdraw cash.
Internet Banking--
Online
banking, also known as internet banking or web banking, is an electronic
payment system that enables customers of a bank or other financial institution
to conduct a range of financial transactions through the financial
institution's website.
Steps are—
- Go to SBI (Bank Server) official net-banking website.
- Click on 'New User Registration/Activation'
- Enter all the required details.
- Enter the OTP received on your registered mobile number.
- Submit and Activate.
Digital Payments Apps—
With UPI
making payments seamless, mobile wallets and digital payment apps have been
surpassing credit card usage and are slowly beginning to replace the traditional
payment methods.
Some Payments Apps are—
- Google Pay (formerly known as Tez) ...
- PhonePe (earlier part of Flipkart) ...
- Dhani. ...
- BHIM Axis Pay. ...
- PayTM. ...
- Mobikwik. ...
- Yono by SBI. ...
- ICICI Pockets
UPI(Unified Payment Interface)--
UPI is a
banking system for money transfers on payment apps. ... Your UPI ID is an
address that identifies you on UPI (typically yourname@bankname).
Full Form of
UPI is Unified Payment Interface
Steps are--
- Open the App
- Choose the payment type
- Fill the UPI Id OR scan the code
- Fill the amount
- Enter your UPI PIN (4 digits)
- Click on checkbox
- Proceed to pay
- Your Payment Will be done.
USSD(Unstructured Supplementary Service Data)--
Sometimes
known as "quick codes" or "feature codes". It is an
extra-UI protocol, which allows people to access hidden features. Unstructured
Supplementary Service Data (USSD) allows users without a smartphone or
data/internet connection to use mobile banking through the *99# code.
USSD-based mobile banking can be used for fund transfers, checking account
balance, generating bank statements, among other uses.
AEPS(Aadhar Enabled payment system)
It is a bank
led model which allows online interoperable financial inclusion transaction at
PoS (MicroATM) through the Business correspondent of any bank using the Aadhaar
authentication. AePS allows you to do six types of transactions.
Features & Benefits of AEPS
- Easy to use.
- Safe and secure payment method.
- Interoperable across various banks.
- All bank account holders will be able to access their bank accounts through Aadhaar authentication.
- People do not have to furnish their debit/credit card for making transactions.
- Fingerprint is needed in it that makes it so secure.
E-wallet--
E-Wallet
allows you to store multiple credit card and bank account numbers in a secure
environment, and eliminates the need to enter in account information when making
your payment. Once you have registered and created E-Wallet profiles, you can
make payments faster and with less typing.
Features & Benefits of E-Wallet—
- Easy to use
- You can access number of cards.
- More secure
- Better Convenience
- Quick Transfer of funds
Disadvantage of E-Wallet—
- Not fully available over worldwide.
- Device Issue
- Lack of Security
ATM—
ATM stands
for Auto Teller machine. ATMs enable individuals to make banking transactions
without the help of an actual teller. Also, customers can avail of banking
services without having to visit a bank branch. Most ATM transactions can be
availed with the use of a debit or credit card.
RTGS—
The term
real-time gross settlement (RTGS) refers to a funds transfer system that allows
for the instantaneous transfer of money and/or securities. RTGS is the
continuous process of settling payments on an individual order basis without
netting debits with credits across the books of a central bank.RTGS is not a
24*7 service. It is available in banks from 8am to 4:30 pm on working days
according to RBI. The minimum amount to the remitted through RTGS is 2 lakhs
& the maximum limit is 10 lakhs.
IMPS--
Immediate
Payment Service is an instant payment inter-bank electronic funds transfer
system in India. IMPS offers an inter-bank electronic fund transfer service
through mobile phones. The service is available 24x7 throughout the year
including bank holidays. NEFT was also made available 24x7 from December
2019. The minimum limit is Rs.1 & the max is 2 lakhs
NEFT-
National
Electronic Funds Transfer is an electronic funds transfer system maintained by
the Reserve Bank of India. Started in November 2005, the setup was established
and maintained by Institute for Development and Research in Banking Technology. The minimum limit is Rs.1 & the max is 10 lakhs
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