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Category : Banking

BHARAT BILL PAYMENT SYSTEM (BBPS)

 

Bharat Bill Payment System (BBPS) is an integrated bill payment system which will offer interoperable bill payment service to customers online as well as through a network of agents on the ground. The system will provide multiple payment modes and instant confirmation of payment.

  • With a need of bill payments system, various organizations decided to provide a single platform to make all these payments. So an integrated bill payment system called BBPS was proposed for which the policy guidelines were issued by the Reserve Bank of India on November 28, 2014.
  • National Payment Corporation (NPCI) is identified to act as Bharat Bill Payment Central Unit (BBPCU) which will be a single authorized entity for operating the BBPS.
  • The biggest advantage is that the bill can be paid anywhere and anytime. The system will provide multiple payment modes and instant confirmation of payment. Payments may be made through the BBPS using cash, transfer cheques, and electronic modes. The BBPS outlets would include banks, ATMs, business   correspondents, kiosks etc.

 

Aadhaar Enabled Payment System

 

AEPS is to further speed track Financial Inclusion in the country; it is a bank led model which allows online interoperable financial inclusion transaction at POS (Micro ATM) through the Business correspondent of any bank using the Aadhaar authentication. The Aadhaar enabled basic types of banking transactions are as follows:-

  • Balance Enquiry
  • Cash Withdrawal
  • Cash Deposit

 

Aadhaar to Aadhaar Funds Transfer

 

The only inputs required for a customer to do a transaction under this scenario are:-

  • IIN (Identifying the Bank to which the customer is associated)
  • Aadhaar Number
  • Fingerprint captured  during  their enrolment

 

Unified Payment Interface

Unified Payment Interface was officially launched by National Payments Corporation of India (NPCI), under RBI for instant inter-bank real time transactions using android apps.

 

UPI is a payment system that allows money transfer between any two bank accounts by using a smartphone.

UPI allows a customer to pay directly from a bank account to different merchants, both online and offline, without the hassle of typing credit card details, IFSC code, or net banking/wallet passwords.

 

 

Banks Live on UPI (App Name)

Non-Bank UPI App

1. Andhra Bank (Andhra Bank One)

2. ICICI Bank (Pockets- ICICI Bank)

 

3. Allahabad Bank (Allahabad Bank UPI)

4. IDBI Bank

  • Nupay

5. Axis Bank (Axis Pay)

6. IDFC Bank (IDFC Bank UPI App)

  • Alphapay

7. Bank of Maharashtra (MAHAUPI)

8. Induslnd Bank (Indus Pay)

  • Finmo

9. Bank of Bardoda (Baroda Mpay)

10. TJSB Sahakari Bank

  • Jugnoo Pay

11. Bhartiya Mahila Bank

12. Oriental Bank of Commerce (OBCUPI PSP)

  • Mypoolin

13. Canara Bank (Empow- er)

14. Karnataka Bank (KBL Smartz)

  • Paysay

15. Central Bank of India

16. Kodak Mahindra Bank (Kay Pay)

  • PhonePe

17. Catholic Syrian Bank (CSB UPI)

18. RBP Bank Ltd

  • Splitkart

19. DCB Bank

20. UCO Bank (UCO UPI)

  • Trupay

21. Federal Bank (Lotza)

22. Union Bank of India (Union Bank UPI)

 

23. HDFC Bank (HDFC Bank) Mobile Banking

24. United Bank of India (United UPI)

 

25. HSBC Bank

26. Punjab National Bank (PNB UPI)

 

27. South Indian Bank (SIB M-Pay (UPI Pay)

28. Standard Chartered Bank

 

29. State Bank of India (SBI Pay)

30. Vijaya Bank (Vijaya UPI App)

 

31. Yes Bank (Yes Pay)

32. Dena Bank

 

 

National Payments Corporation of India

National Payments Corporation of India is an organisation for all retail payment systems in India which aims to allow all Indian citizens to have unrestricted access to e-payment services. It is owned by a consortium of major banks and has been promoted by Reserve Bank of India. Its recent work of developing Unified Payments Interface aims to move India to a cashless society with only digital transactions.

It has successfully completed the development of a domestic card payment network called RuPay, reducing the dependency on international card schemes. The RuPay card is now accepted at all the ATMs, Point-of-Sale terminals and most of the online merchants in the country. More than 300 cooperative banks and the Regional Rural Banks (RRBs) in the country have also issued RuPay ATM cards.

 

Bharat Interface for Money

BHIM (Bharat Interface for Money – Bhim App) is a Mobile App developed by National Payments Corporation of India (NPCI), based on the Unified Payment Interface (UPI) to facilitate e-payments directly through banks and as part of the 2016 Indian bank note demonetisation and drive towards cashless transactions.

This UPI app supports all Indian banks which use that platform, which is built over the Immediate Payment Service infrastructure and allows the user to instantly transfer money between the bank accounts of any two parties. It can be used on all mobile devices.

 

Mobile Wallet or Digital Wallet or e-Wallet

Mobile Wallet or Digital Wallet or e-Wallet apps allow us to pay electricity bills, mobile recharge, get movie tickets and do a lot more right from your mobile. By linking the Credit or Debit Cards or Bank accounts with these e-Wallet apps, we can easily make a payment using the mobile.

One can generally load money into these digital wallets via Internet banking or via your Credit or Debit Card. On most of these e-Wallets, there is a limit of Rs 20,000 for users who have not submitted their KYC documents. On submission of these documents, the limit is raised to Rs. 1.00 lakh. Below are a few Mobile wallets to make online payments -

  1. Paytm

Paytm is one of the best digital wallets to make payments. It allows you to add your Credit/ Debit cards and link our bank account to it by use of QR code to send and receive payments easily. PayTM mobile wallet allows us to buy movie tickets, online mobile recharge, pay electricity bills and more from the mobile. It is available for Android, iOS, and Windows Mobile Phone.

 

  1. Mobikwik

Mobikwik is another versatile and secured app that allows you to pay or transfer money using the mobile number. It facilitates to make payments for mobile bills, shopping bills and other payments in seconds. It is available for Android, iOS and Windows Phone.

 

  1. Free Charge

Free Charge e-Wallet allows you to add credit and debit cards which make it easy to make payments. It is the fastest growing digital payment platform allowing you to pay electricity bills, mobile and DTH recharge and more. It helps make online and digital payments securely using mobiles.  Free Charge is available for Android, iOS and Windows Phone.

 

  1. State Bank Buddy

State Bank Buddy by State Bank of India is the first Indian mobile wallet available in 13 Indian languages. Using this sending money, asking reminders to clear dues, instant bill payments and more from your mobile is possible. State Bank Buddy mobile wallet helps to do so by linking your credit or debit cards to it. It allows you to load amount into your wallet and make payments to your contacts on phone book. It is available for Android and iOS.

 

  1. HDFC PayZapp

PayZapp from HDFC bank is available to customers of all banks and allows them to make payments with just a single click. You can make payments easily by adding credit or debit card details. Here your card details are safe with the bank and there is no need to worry about that. PayZapp mobile wallet does three security checks for every transaction. It is available for Android and iOS.

 

  1. ICICI Pockets

Pockets app is the first mobile wallet app in India that allows you to bring UPI-based payments. ICICI developed this mobile wallet, and it helps make payments online. You can shop anywhere, pay anyone and bank with ease. It facilitates to transfer money, book tickets, do mobile recharge and more. With just a single click, sending and receiving payments to and from Pocket users is possible. It is available for Android and iOS.

 

  1. Lime

LIME is launched by Axis Bank providing payments/ banking, and shopping facilities. It is available to both account and non-account holders. Pay your shopping bills/ mobile recharge, buy movie tickets and more using LIME mobile e-wallet. With the credit or debit card details, one can make-payments through the mobile. It is available for Android.

 

  1. PhonePe

PhonePe from Flipkart Group Company works over Unified Payment Interface. It allows you to make all your payments securely. You can make bank to bank transfers using Virtual Payment Address. As it is a UPI app, there is no need to add details of the beneficiary account. You can top up your mobile wallet by linking it to your bank account that allows you to transact maximum up to 1 lakh rupees. It is available on Android phones.

 

  1. Airtel Money

Airtel Money wallet was launched by Airtel Payments Bank. Make payments, do mobile recharge and transfer money to any bank account using this mobile wallet. Banking and remittance services are supported by Airtel Money. It is available on Android, iOS and Windows Mobile Phone.

 

  1. Ola Money

Ola Money allows you to make payments for all your daily needs. Recharge Ola Money wallet using your credit/debit card or net banking. Keep track of your transactions by looking at transaction history. Paying for the Ola and other cabs also made easy using this mobile wallet. Ola Money mobile wallet helps you to transfer money. It is available on Android and iOS.

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