B.V.V.

Sangha’s
Basaveshwar Engineering College
(Autonomous)
Bagalkot-587103
Department of Electronics And
Communication Engineering
NAME: CHETAN
WADAGANVI USN :
2BA19EC030 SEMESTER: 6
ACTIVITY NAME: DIGITAL TRANSACIONS AND
DIGITAL INDIA
FACULTY: DR . M. J. SATARADDI
INTRODUCTION
Digital transactions are defined as transactions in which the customer
authorizes the transfer of money through electronic means, and the funds flow
directly from one account to another. These accounts could be held in banks,
or with entities/ providers. These transfers could be done through means of
cards (debit/credit), mobile wallets, mobile apps, net banking, Electronic
Clearing Service (ECS), National Electronic Fund Transfer (NEFT), Immediate
Payment Service (IMPS), pre-paid instruments or other similar means.

The Union Cabinet has given its approval for introduction of steps for
promotion of payments through cards and digital means. The move aims at
reducing cash transactions. Several short term (to be implemented within one
year) and medium term measures (to be implemented within two years) have
been approved for implementation by the Government Ministries/
Departments/ Organisations. The Guidelines are as follows.

Objectives:
Improve the ease of conducting card/digital transactions for an individual.
Reduce the risks and costs of handling cash at the individual level.
Reduce costs of managing cash in the economy.
Build a transactions history to enable improved credit access and financial
inclusion.
Reduce tax avoidance.
Reduce the impact of counterfeit money.

Scope:
Provide access to financial payment services to every citizen along with ability
to conduct card / digital transactions.
Digitalize Government collections by equipping each collection point with a
method to accept card/ digital payments.

Migrate payment transactions from cash dominated to non-cash through

incentivization of card digital transactions and disincentivization of cash
based transactions.

Enhance acceptance infrastructure in the country to promote digital

transactions.

Encourage corporate, institutions and merchant, establishments to facilitate

card / digital payments.
Goal:
The goal of the proposed policy changes is to provide the
necessary incentives to use digital financial transactions to replace the use of
cash-either in government transactions, or in regular commerce over a period
of time through policy intervention.

TRANSFER OF AMOUNT FROM ONE ACCOUNT TO OTHER

USING PHONE :-
Digital transactions have increased sharply after demonetisation. The trend
has been helped by the plethora of options available today for online transfer
of funds. But there is a flip side to this too. The sheer number of options makes
it difficult to people to decide which one is best for them.

So, we did a comparative analysis of the various methods for transferring

money online if you have a bank account, based on factors such as cost,
transfer limits, etc, to help you make the right choice.
 The NEFT way

The National Electronic Fund Transfer, or NEFT, is one of the most

commonlyused ways of transferring money online from one bank account to
another. The system is based on a deferred settlement basis. This means the
money is transferred in batches. At present, there are 12 settlements between
8am and 7pm on weekdays and six settlements between 8am and 1pm on
Saturdays.

There is no cap on the amount of money that can be transferred. However,

individual banks may set a limit. State Bank of India, for example, has capped
the NEFT transfer amount under retail banking at Rs 10 lakh.

The Process
1. Your bank branch has to be NEFT-enabled. You can check on the Reserve Bank
of India's (RBI's) website if it is so.
2. Get a net banking login id and password. Also, register your mobile
number with the bank.
3. Add the details of the beneficiary to whom you want to transfer money. For
this, you need the name of the person, his or her account number and 11-digit
alpha-numeric IFS (Indian Financial System) code for the bank branch. The
IFSC is printed on the cheque leaf. It is also available on the RBI website.
4. After adding the beneficiary, you may have to wait for some time before
you can transfer money.
5. Log in to your net banking account, go to 'Transfer Funds', select the
beneficiary (you can add multiple beneficiaries) and transfer money by
entering the one-time password that you will get on your mobile
phone.
6. The money will be transferred to the beneficiary's account when the
next settlement is scheduled.

The Cost Factor

The cost ranges between Rs 2.50 and Rs 25, plus service tax, depending upon
the amount.
The Limitations
''The transfer is not instantaneous. Also, the facility is available only on bank
working days, and that excludes weekends and bank holidays."

The RTGS Option

The Real Time Gross Settlement, or RTGS, is for high-value transactions. The
minimum amount is Rs 2 lakh. There is no cap. The transfer happens on a
realtime basis throughout the RTGS business hours. The bank of the person to
whom the money is transferred gets 30 minutes to credit it to his or her
account.

The RTGS window is open from 9am to 4.30pm on weekdays and 9am to 2pm
on Saturdays.

TheProcess
You have to make sure that your as well as the beneficiary's branch is
RTGSenabled. The rest of the process is the same as NEFT's.

TheCostFactor
The RTGS costs more than the NEFT. The charges may differ from bank to
bank but can't exceed Rs 30 for transfers of Rs 2-5 lakh and Rs 55 for
transfers above Rs 5 lakh.

TheLimitations
The branches of both the account holder and the beneficiary have to be
RTGSenabled. You can't use the facility on Sundays and holidays.

The Immediate Service

(The immediate payment service, or IMPS ):
The immediate payment service, or IMPS, is an instant fund transfer service. It
is a 24x7 facility. You can use it anytime during 365 days of the year. It was
launched by National Payments Corporation of India in 2010. Just like NEFT
and RTGS, it can be used through mobile as well as internet banking.
If you have the net banking facility, you don't have to register separately for
IMPS. Once you initiate the transaction, you are given different options such as
NEFT, RTGS and IMPS. You can just click on IMPS.

For using IMPS through internet banking, you need the beneficiary's account
number and the IFS code of the bank branch for registering him or her. In case
of mobile transfer, you have to know the beneficiary's account number as well
as the MMID (Mobile Money Identifier) code, a seven-digit number issued by
the bank if the person is using mobile banking as a beneficiary. In case of IMPS
through mobile, there is no need to register the beneficiary.

GooglePay(AndroidPay)
Google Pay is a digital wallet and payment platform from Google. It enables
users to pay for transactions with Android devices in-store and on supported
websites, mobile apps and Google services, like the Google Play Store.

Users link credit or debit cards to their Google Pay account, which is used for
making the transactions for in-store or online purchases. On Android devices,
Google Pay uses near field communication (NFC) to interact with payment
terminals. When signed in to one’s Google account in the Chrome browser,
users can conduct transitions with Google Pay on sites that support the
service.

History of Google Pay

Google Wallet was the company’s first mobile payment system, developed for
Android devices in 2011. In 2015, it was renamed Android Pay, with Google
Wallet refocused to strictly peer-to-peer (P2P) payments.

In 2018, Google announced that Google Wallet would join the other payment
offerings under the Google Pay branding. Google Wallet was then renamed
Google Pay Send.

Google Pay is available for contactless payments on Android devices. The

peer-to-peer functions and account access are available on iOS. However,
when using an iPhone or Apple Watch for NFC payments, only Apple Pay is
eligible for this use case.
Using Google Pay
The Google Pay service works with hundreds of banks and payment providers.
Specifically, cards from Visa, MasterCard, Discovery and American Express are
called out for support. Users should check with their individual bank if they
are unsure about its compatibility with Google Pay. Additionally, the Google
Pay user website maintains a list of supported banks by country.

There is also a Google support site list of featured stores and transiS

Google Pay generates a unique, encrypted number instead of your actual

credit card number when registering the transaction. Additionally, this virtual
account number is removed if screen lock is disabled on the user’s device.
If a device is lost, Google’s Find My Device service can be used to remotely
wipe sensitive information, if necessary. Users can also sign into their Google
Pay account from another device and remove any cards or bank accounts they
have attached.

Google Pay Send

Google Pay Send is the peer-to-peer payment function of Google Pay.

Individuals can use the service to send money to friends or other contacts by
inputting their email address or phone number into the application. mobile
payment regulations are enough? Why or why not?

Whoever receives the money must link the phone number or email address to
a bank account. Or if they have an existing Google Pay account, funds will post
directly to that account. Payments can be sent without fees through the app
for Android, iOS or through one’s Google Pay account on the web. PhonePay
Phonepay is a payments app that allows you to use BHIM UPI, your credit card
and debit card or wallet to recharge your mobile phone, pay all your utility
bills and also make instant payments at your favourite offline and online
stores.
 Link your bank account on the PhonePe app and transfer money with BHIM
UPI instantly. The PhonePe app is safe and secure, meets all your payment and
banking needs, and is much better than Internet banking. No need to
remember IFSC codes, account numbers, or other details. Make instant bank
transfers with BHIM UPI by just using a mobile number or a unique payment
identity – your Virtual Payment Address (VPA).

How To Generate Bharat QR Code

1. First, make sure that you have a bank account.
2. Link your bank account with BHIM App.
3. Generate your unique Bharat QR Code from BHIM App.

4. Print the QR code and stick it to the wall of payment counter.

5. That’s it. Customers can easily pay money by scanning your QR code.

How to make payment using Bharat QR Code

Currently, Bharat QR is integrated into ICICI Bank’s Pockets app and HDFC
Bank’s PayZapp with more banks expected to update their apps with support
for the same. For making payment, you will need your bank app or BHIM app
installed in your phone. At the store of the merchant, you have to open the app
and tap on Scan QR Code or Scan & Pay (the options may differ from bank to
bank) and scan the Bharat QR Code.
Once the code is scanned, the amount that has to be paid needs to be entered
along with a remark and a four-digit passcode. As soon as the authentication
gets completed, the money will get transferred to the merchant’s bank
account.

Benefits of Bharat QR Code

Bharat QR Code will allow all the merchants to receive digital payments
without the use of Point-of-Sale (POS) swiping machine. It will allow the
customers of any bank to use their smartphone app to make payment using
their debit card.
BHIM app
BHIM (Bharat Interface for Money) is a UPI enabled initiative to facilitate safe,
easy & instant digital payments through your mobile phone.

Requirements:
Before you register on the app, please ensure the following:

You have linked your Mobile Number with your Bank Account and the same is
used for accessing BHIM.

Your phone should have an active SIM linked to your Bank Account.

In case of Dual SIM, kindly ensure that you’ve selected the SIM card linked to
your Bank Account.

You have a valid Debit Card for your Bank Account. This is required to
generate UPI PIN.

Supported Banks:
Visit our website https://www.bhimupi.org.in/our-partners to find out if your
bank is live on BHIM

More about BHIM:-

• Transaction limit is Rs. 40,000 per transaction and per day

(Please note that your Bank’s Transaction Limit may vary from BHIM’s limit.)

• BHIM app is compatible with Android 5.0 and above.

Terms & Conditions:- https://www.bhimupi.org.in/terms-conditions

For more information, visit https://www.bhimupi.org.in/

Stop. Think. Act. You will never be asked for a pin to receive money. Use UPI
PIN only if you want to pay or check account balance. Enjoy your BHIM APP
safely.
Advantages of Online Banking
For Consumers:
• The privacy of customers.
• Online services are available for consumers 24 hours daily during
the whole week.
• Customers might save time and efforts of doing their
finance transactions.
• It will be easy for them to view all information they need clearly and
simply.
• Searching of any branch of a bank will be accessibly by online users.