PowerPoint Presentation

SYMPOSIUMONDIGISHALAFrom Cash to Less-Cash Society

MBA IV SEMESTERDEPARTMENT OF MANAGEMENT STUDIESJIET GROUP OF INSTITUTIONS

Current Population of India..

1.3 Billion

www.statista.com

Smart Phone users in India..340.2 Million

www.statista.com

Indian Consumers with bank account..1440 Million

www.statista.com

Card Holders in India..Debit Card-661.8 MillionCredit Card-24.5 Million

Debit CardCredit Cardwww.statista.com

Digital wallet users in India..100 Million

www.statista.com

ModesofCashlessTransaction

NationalElectronicFundTransfer

NEFTNational Electronic Funds Transfer (NEFT) is a nation-wide payment system.

One-to-one funds transfer.

Electronically transfer funds from any bank branch to any individual having an account with any other bank branch in the country.

Requirements for NEFTBoth the bank branches of sender and beneficiary must be part of NEFT network.

Amount to be transferred/remitted.

Account number to be debited/withdrawn.

Account number and name to be credited ie., beneficiary account name, number.

Bank Name, IFSC code of beneficiary bank branch.

Transaction ChargesNEFTAmounts upto Rs 10,000Rs 2.50 + Service TaxAmounts above Rs 10,000 and upto Rs 1 lakhRs 5 + Service TaxAmounts above Rs 1 lakh and upto Rs 2 lakhRs 15 + Service TaxAmounts above Rs 2 lakh and upto Rs5 lakhRs 25 + Service TaxAmounts above Rs 5 lakh and upto Rs10 lakhRs25 + Service Tax

What are the transaction or service charges for NEFT transactions?

What are the NEFT Transaction timings ?Transaction TimingsNEFTMonday to Saturday(Except 2nd and 4th Saturday)8:00 AM to 6:30 PM

NEFT

Real

Time

Gross

Settlement

Requirements for RTGSBoth the bank branches of sender and beneficiary must be part of RTGS network.

Amount to be transferred/remitted.

Account number to be debited/withdrawn.

Account number and name to be credited ie., beneficiary account name, number.

Bank Name, IFSC code of beneficiary bank branch.

RTGSThe acronym 'RTGS' stands for Real Time Gross Settlement, which can be defined as the continuous (real-time) settlement of funds individually on an order by order basis

'Real Time' means the processing of instructions at the time they are received

'Gross Settlement' means the settlement of funds transfer instructions occurs individually

Minimum amount of transfer required for RTGS isRs. 2 lakh. There is no upper limit, though.

RTGS TransactionTransaction ChargesAmount above Rs 2 lakh upto Rs 5 lakhRs 25 + Service TaxAmount above Rs 5 lakh Rs 50 + Service Tax

What are the transaction or service charges for RTGS transactions?

What are the RTGS Transaction timings ?Transaction TimingsRTGSOn Week DaysTwelve Settlements from 8 am to 7 pmOn SaturdaySix Settlements from 8 am to 1 pm on Saturdays.

RTGS

National Electronic Fund TransferReal Time Gross SettlementReal Time SettlementDiffered net settlement basis Fund transfer at the time they are receivedTransfer after a cut of timeSettlement of funds transfer instructions occurs individuallyOperates in hourly batchesProcessed continuously through out the business hours.Eleven settlement from 9 am to 7 pm on weekdays.Meant for Rs. 2 Lakhs and AboveFive settlement from 9 am to 1 pm on Saturdays9:00 to 16:30 on weekdays.9:00 to 16:30 hours on Saturdays.After this you have to wait till the next designated time.V/S

IMPSIMMEDIATEPAYMENTSERVICE

IMPSImmediate Payment Service (IMPS) is an instant interbank electronic fundtransfer service available 24x7, throughout the year including Sundays and any bank holiday.

Customers cantransferand receive funds viaIMPSusing their registered Mobile number and Mobile Money Identifier (MMID) or Account number and IFSC code.

Use IMPS service to transfer funds anytime, fromanywhere using:Internet banking, mobile.

The beneficiary account is credited immediately when a fund transfer request is made from your side.

Requirements for IMPSBoth the sender and beneficiary must be registered for IMPS

MMID is 7 digit number. First 4 digits allotted by NPCI and last 3 digits are member mobile network

The combination of MMID and mobile number represents the bank account

You can also register Aadhaar Number and use if for transfer

Mobile PIN password (MPIN)

IMPS TransactionTransaction ChargesUpto 1000FreeAmounts above Rs 10,00 and upto Rs 1 lakhRs 5 + Service TaxAmounts above Rs 1 lakh and upto Rs 2 lakhRs 15 + Service Tax

What are the transaction or service charges for IMPS transactions?

IMPS

Advantages of NEFT - RTGS - IMPS

Less fraud and physical instrument misusageConfirmation of transaction by SMS or e-mailAnywhere access and usage from home, office, travel

Almost real time transfer and quick transactionsNo physical cheques or demand drafts

Does not need physical presence of individual

Cheque

Demand Draft (DD)

Internet Banking

The internet Banking refers to the banking services provided by the banks over the internet , Some of these services include paying of bills , the funds transfer , viewing account statement .

Internet BankingInternet banking portal provides personal banking services that gives you complete control over all your banking demands online.

Do we need to get registered for this facility ??? You need to have an account at a branch. You also need to register for the Internet banking service with the branch. Branch will provide you a Pre Printed Kit (PPK) containing username and password for first login.

Transfer funds to own and third party accounts.A suite of completely online deposit products (Fixed, Recurring, Flexi, Tax Saving etc.)Airline, Rail, Bus and hotel ticket bookingOnline Shopping and instant recharge features. IMPS Funds TransferCredit beneficiary accounts using RTGS/NEFT featureGenerate account statementsSetup Standing Instructions and Scheduling paymentsConfigure profile settingsE- Tax for online tax paymentE - Pay for automatic bill paymentsAvail DEMAT and IPO servicesOther Value added Services FACILITIES OF SBI INTERNET BANKING

LETS HAVE A LOOK HOW IT WORKS.. How to login or access your Internet banking services.

How you can transfer funds within bank accounts.

Point of Sales System

POSA point of sale (POS) is the place where sales are made.

Retailers consider a POS to be the area where a customer completes a transaction, such as a checkout counter. It is also known as a point of purchase.

Retailers use a wide variety of tools to process point-of-sale transactions.

Includes cash registers, electronic card readers and barcode scanners.

Difference between a Cash register and a POS?Cash register - process sales. At the end of the day, it can also tell you what has been sold and how much you have taken. This data is then manually transferred into accounts or stock lists.POS- much more advanced. These are set up with software that can link to other networks. They can therefore store endless data about stock and clients - instantly and electronically.

POS Advantages Improved Efficiency

Stock Management

Accurate Reports

Employee Tracking

Price Consistency

MobileWallet

Mobile paymentgenerally refer to payment services operated underfinancial regulationand performed from or via amobile device.

Instead of paying with cash, cheque (or check), or credit cards, a consumer can use a mobile phone to pay for a wide range of services and digital or hard goods

It can hold other than payments like bank account detail, credit cards, gift coupon, Gift coupons and reward certificates, Loyalty cards Offers.

Mobile Wallet

Consumer Download the APP on SmartphoneSignup using mobileLoad money using Dr. & Cr. CardsStart using wallet to make paymentConsumer Wallet Limits: Rs.20,000/month for all. Rs.1 lakh/month with KYC

Shopkeepers/Service Provider Download the APPSignup using mobileSelf Declare itself as a MerchantStart accepting paymentMerchant Wallet Limits: Rs.50,000/month with Self Declaration. Rs.1 lakh/month with KYC

AdvantagesEase of Use

Ease of Access

No issue of Change

Instant Service

Everything under one roof

DisadvantagesMobile Network Connectivity

Security Issue

Exclusively for Smartphone

Competition between

Various Types of Digital/Mobile Wallets Available

Unified PaymentInterface

UPIUPI is a system that powers multiple bank accounts into a single mobile application.

Immediate money transfer through mobile device round the clock 24*7 and 365 days.

Merchant Payment with Single Application or In-App Payments.

Requirements for Using UPI App Smartphone

Internet

Bank Account details (only for registration )

UPI Registration Process

DOWNLOAD ANY BANKS APP OR 3RD PARTY APP

CHOOSE YOUR UNIQUE ID (AADHAR, MOBILE NO.) AS VIRTUAL PAYMENT ADDRESS (VPA)

SELECT YOUR BANK

GIVE ACCOUNT DETAILS FOR FIRST TIME

SET M-PIN FOR VALIDATING TRANSACTIONS

REGISTRATION COMPLETED

Collecting Money (raise a demand) on UPI

CHOOSE COLLECT MONEY

ENTER PAYERS VIRTUAL PAYMENT ADDRESS

ENTER AMOUNT

ENTER WHEN DO YOU WANT TO COLLECT

WRITE REMARKS FOR TRANSACTION

HIT CONFIRM

AdvantageNo Transaction Cost

Single Application for accessing different bank accounts

Use of Virtual ID is more secure, no credential sharing

Single click authentication

Raise Complaint from Mobile App directly

DisadvantageNo credit option

Require Smartphone with Internet

*99#Unstructured Supplementary Service Data

Works without Internet Uses voice connectivity.

Round the clock availability (works even on holidays).

Accessible through a common code *99# across all TSPs.

Works across all GSM service providers and mobile handsets.

Additional channel for banking and key catalyst for financial inclusion.

Service also offered through BC Micro ATMs to serve the rural populace.USSD

Requirements for USSDAccount in a bank

Any Mobile Phone

Registered mobile number

Registration Process

Transaction Process

Aadhar Enable Payment System

AEPS

AEPS allows bank-to-bank transaction at PoS (MicroATM) with the help of Bank Card.

Only Aadhar needed

Aadhar enabled Services

Balance Enquiry Cash Withdrawal Cash Deposit Aadhar to Aadhar Funds Transfer

Seed your account with your Aadhar number at bank or with the help of banking correspondent

Now you can do many transactions at any AEPS point without any pin or password (AEPS points Micro ATMs)

You can do:

Account balance Aadhar to Aadhar fund transfer Cash withdrawal Cash deposit Purchase at Fair Price Shops with AEPS

Transaction Process

PROCESS COMPLETEDON SUCCESSFUL TRANSACTION, TAKE THE PRINT SLIPPROVIDE FINGER PRINT ON SCANNERCHOOSE WHICH TRANSACTION TO DOPROVIDE YOUR BANK NAME AND AADHAARGO TO A MICROATM OR BANKING CORRESPONDENT

AEPS Machine

-