What is payment actually? How peoples usually pay money in ancient times? How the evolution of mobile payment takes a major impact in the current world?
In the ancient times, people usually exchange their goods mutually and share the things they used to produce in the fields. As days passed they started to use golds, copper coins, and paper money. Now in the modern world, the huge exchange of currency happens through the secure platform through banks. But as days passed by the late 90’s the evolution of mobile payment become a key role in the today’s society.
What is mobile payment?
The payment means paying a certain amount of money to someone for buying something or for certain cause. Then what is mobile payment? It is nothing but the mode of payment happens through mobiles, instead of using traditional cash system or cheques or cards. A person can send money to buy goods just by tapping his fingers on his smartphone.
How is it applied in India?
In India, the mobile payment is mostly bank led which means the user needs to register his bank to provide to provide the service, mostly which is called as net-banking. Mobile Payment Forum of India(MPFI) is the umbrella organization which is responsible for deploying this mobile payment.
Growth of mobile phones in India
India is the second largest telecommunication market in India which it crosses more than a billion usages. The evolution of smartphones for past decade is increasing at a boom. It is quite easy to see the people in the villages to use smartphones and checking WhatsApp.
Introduction of mobile payment to India
On November 22, 2010, National Payment Corporation of India(NPCI) launched Immediate Payment Services(IMPS) to offer an instant 24-hour×7, interbank electronic fund transfer service through mobile phones. It offers the features of instant money transfer, 24×7, 365 days services, simple and easy to use and fast, inexpensive services. To use IMPS, there should be a bank account and the 10 digits mobile number. The mobile number should be registered in the particular bank to enable payment services.
What is the latest project of NPCI?
NPCI recently developed a mobile app named BHIM named after Bhim Rao Ambedkar. BHIM stands for Bharat Interface for Money which was launched by Narendra Modi, the Prime minister of India. It is initiated to facilitate e-payments directly through the bank by one’s smartphone as a part of 2016 Indian bank note demonetization.
BHIM – Unified Payment Interface
It is based on the Unified Payment Interface(UPI). This app supports all banks in India and it instantly helps to transfer money based on the Immediate Payment Service(IMPS) infrastructure and allows the user to instantly transfer money to any users.
Where is all this Bhim app acceptable?
1.Online Shopping websites(Flipkart, Paytm, Snapdeal etc.)
you can pay through BHIM app on Online shopping websites, in the payment section choose UPI option just insert your VPA address and click to payment process now open BHIM app in your mobile, accept payment inserting MPIN.
2. STORES OR SHOPS- You can pay in the stores and shops if an owner is accepting payment through UPI.
you can pay through QR code scan, mobile number, VPA address.
If you use UPI, OR BHIM app for payment then maybe you can win prizes under the government scheme Lucky Grahak yojana.