Taking a break from the clutter, we bring to you a few tips to survive this April!
After the historic move to demonetize the highest denomination of currency notes, the government of India is pushing towards a cashless economy. Prime Minister Narendra Modi has time and again in his numerous public addresses, stressed the importance of having cashless payment means, so as to smoothen the everyday hassles. There have been various endeavours put in place by the government to help the citizens tide over without any discomfort.
The PMO in his tweets has tweeted five alternative cashless services which can be used to make cashless payments. These include the service of Unified Payments Interface, which entirely eliminates the need for a pre-beneficiary. As every bank today has their own net banking services as well as mobile banking services, it is very convenient for individuals to carry out transactions among themselves, from any location. To register yourself, all you have to do is register your mobile number at your bank, download the UPI app and make your unique id and set up your UPI pin.
E-wallets have come to be the most popular of all, especially when it comes to making cashless payments. Using it is a simple process as well, all you have to do is choose any e-wallet service of your convenience and download its app. After you register your mobile, go ahead and link your credit card or debit card with this app. There are a number of options available from private players, to banks offering e-wallet services. You can do a lot from booking your train or flight tickets to recharging your phone balance with these.
Point-of-Sale cards are pretty commonly available in urban areas, this is basically the payment method through your debit or credit card. It is considered the easiest way to do cashless transactions, mainly because these cards come with every bank account. They have an automatic access to ATM withdrawals and deposits, nationally as well as internationally. You can also use these on online shopping networks.
Aadhar Enabled Payment System is where you can link your Aadhar Card to your bank account. All you have to do is remember your Aadhar card number and the name of the bank where you linked it. All of the transactions that you do with it, will be authenticated with the help of your biometric records of fingerprints. You can accomplish a number of things using this, like balance inquiry, withdrawals, and deposits, money transfers from one Aadhar card to another. The best part is you do not need to register anymore as your Aadhar card serves as an all-purpose device.
USSD or Unstructured Supplementary Service Data is a mobile interface, with the help of which you can allow fund transfers to take place. The best thing here is that you do not need to have a smartphone or even an internet connection. This works totally on the first three letters of your IFSC code and all you have to do is entire the mobile number of the person who you wish to transfer the amount to.
With so many options coming in the field of Financial Technology seems to be flourishing rapidly. This is why a number of finance aspirants are also looking to make a career out of it with professional training institutes like Imarticus Learning.