Some cashless method of payment which are easy to use are as follows:-
BANKING CARDS (DEBIT / CREDIT / CASH / TRAVEL / OTHERS) Banking cards offer consumers more security, convenience, and control than any other payment method. The wide variety of cards available – including credit, debit and prepaid – offers enormous flexibility, as well. These cards provide 2 factor authentication for secure payments e.g secure PIN and OTP. RuPay, Visa, MasterCard are some of the example of card payment systems. Payment cards give people the power to purchase items in stores, on the Internet, through mail-order catalogues and over the telephone. They save both customers and merchants’ time and money, and thus enable them for ease of transaction.
How
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• Self-service and/or Assisted mode
Transaction Cost:
• NIL to customer for merchant transactions.
• Annual fee and limits on ATM transaction by banks discretion.
• 0.50% to 2.25% paid by merchant
• Cash-out charged to customer in case of credit cards @ 1% to 3.5% of transaction value.
Disclaimer: The transaction costs are based on available information and may vary based on banks.
Services Offered:
• These cards can be used at PoS (Point of Sale) machines, ATMs, microATMs, Shops, wallets, online transactions, and for e-commerce websites.
• International cards can be used across globe for multiple currencies
Funds Transfer limit:
• User can set up transaction limit based on card.
• Based on credit ratings
Disclaimer: The funds transfer limits are based on available information and may vary based on banks.
Service Available from no. of operators:
• 751 banks (Source: NPCI)
• Interoperable
MOBILE
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Banking customers can avail this service by dialling *99#, a “Common number across all Telecom Service Providers (TSPs)” on their mobile phone and transact through an interactive menu displayed on the mobile screen. Key services offered under *99# service include, interbank account to account fund transfer, balance enquiry, mini statement besides host of other services. *99# service is currently offered by 51 leading banks & all GSM service providers and can be accessed in 12 different languages including Hindi & English as on 30.11.2016 (Source: NPCI). *99# service is a unique interoperable direct to consumer service that brings together the diverse ecosystem partners such as Banks & TSPs (Telecom Service
Everywhere public place you go it is hard not to run in to the idea of the credit card. You will see credit card logos on the front of every business. Every department store you go in has it’s own version of a credit card from Target to Macy’s. The Diner’s Club Card that originally was only for businessmen to eat lunch at 27 different restaurants. Now it is accepted almost everywhere. And for everything else there’s Mastercard……(or Visa, Discover Card orAmerican Express.
American Express has been known as a commodity to most business travelers. In order to build its customer base, other consumers need to see the card as an indispensable convenience in their lives. American Express offers convenient methods to obtain account information, pay bills, find discounted products, and even make travel plans via the Internet. The Internet site offers these options, as well as other services, such as on- line help and assistance for small businesses. American Express realizes the need for many consumers to save time and money, but to still feel important and respected. The ingenuity and thought put into the services offered on the web site shows that American Express is genuinely concerned with the satisfaction of its customers.
As we can see now-a-days, there are many replacements to card payments such as MOBILE PAYMENT options like Apple and Samsung Pay. Recently, Apple has launched finger print (TOUCH ID) payment option in its new Mac-book Pro. Almost every application has its own wallet to pay. But still, as we know that technology is any day not secured. It might not be vulnerable today. But, we cannot predict its non-vulnerability because one day or the other, it becomes vulnerable to any type of attack.
credit or debit cards accessible in one easy location and it’s even got the extra security of the
To send $1,000 via Paypal from one account to another, the cost would be $29.30
Over the last ten years people in the United State and around the world have heavily relied more on their debit or credit cards to process transactions of their purchases. In the old days it used to be when you would get your paycheck on Friday and rush to the bank during your break or lunch in order to cash withdraw your funds or deposit them into your account. It used to be where you carry cash to buy groceries, pay bills, and go shopping. Now some people don’t even set foot inside their bank branch because they are paid using direct deposit or the funds are loaded into a debit card provided by their employer. Many employers from around the globe don’t even issue paper check anymore.
Digital wallets are quickly becoming mainstream mode of online payment. Shoppers are adopting digital wallets at an incredibly rapid pace, largely due to convenience and ease of use. Tech -savvy shoppers are increasingly demanding seamless, Omni-channel retail experiences and looking for solutions that deliver this. There’s no question 2017 will be a pivotal year as digital wallets gain more widespread acceptance.
countries and has about forty million customers for today. In most of these countries it supports bank withdrawal service
Digital money is undeniably convenient; anyone who has used a credit or debit card understands this. However, the era of digital money is only beginning; rapid technological advances will continue to make paper money a remnant of the past. Several innovations are already lessening the burden in your wallet. For instance, the seemingly innocuous mobile phone is actually playing an increasing role in facilitating monetary transactions, especially in Asia. Already, in Japan, large companies such as Coca-Cola have sanctioned vending machines that are not only compatible with common cell phones but also allow consumers to earn credits for using them (Kupetz). In this regard, the United States is strikingly behind the times when compared to other countries. Another new technology in the vein of mobile phones is no-contact cards. These innovative cards do not require a cashier to conduct a transaction; one simply holds a specia...
The use of credit and debit cards today are taking a tour in the sense that electronic cash is becoming more admissible as the world makes a switch towar...
· EFTPOS- Electronic Funds Transfer Point Of Sale (the same as EPOS with the capability to make transfers for customers to pay for goods via credit or debit cards. The checkout uses the ICC (integrated chip card which is very popular on the continent) or Magnetic strip on the card to request the information of the user to see whether or not they are eligible to make an EFT. The magnetic strip can only hold a limited amount of data such that an 11 or so digit code is sufficient to recall the same data from the bank servers. The ICC however can hold much more information and is much harder to copy or have data changed by criminals or hackers.
A cashless society will further improve the globalisation that characterise our present time. The computerised systems can be used to decrease the quantity of paper trail therefore substituting paper cash with cashless credits or electronic money transfers. However, in a cashless economy, this will change with certain crimes almost eradicated. It will also be faster to generate electronic payments than cash as Near Field Communications (NFC) chips make their way into more payments cards and mobile handsets as well providing protection not applicable to purchases made using cash. This technology is simple with low power wireless link evolved from radio-frequency identification (RFID) tech that can transfer small amounts of data between two devices identifying us and our bank account to a computer. Another benefit of drawing nearer to a cashless society is that other companies are providing pioneering cash-free solutions to the payment related problems we come across. For example, WisePay, a provider of e-payments services, is deploying technologies that ensure parents no longer have to worry about sending their children to school with cash to pay for meals, excursions and other fees that will eliminate the likelihood of being caught short for cash or children misplacing money. The Government also has valuable explanations why they may deem to turn away from cash. Due the main factor of printing and distributing cash, not to mention ensuring the economy is free from forgeries which are all costly endeavours estimating that the cost to society of using cash is between 0.5 and 1.5% of GDP annually. In addition, there are many technological innovations that propose there is a real enthusiasm for an alternative to cash with the upsurge...
The first online banking system was created in 1980 in New York, and was adopted by four main banks; Citibank, Chemical, Manufacturers Hanover and Chase Manhattan. The sector needed an innovation in banking systems because of growing consumer demand for service improvements as well as fear of losing market share. In the beginning, online banking was treated at private customers and small companies, to help customers have easier access to their bank accounts, however, now it achieves a global reach through the population. (Cronin 1997) In today’s world, electronic business (E-business) is very important especially for the banking system, plays a fundamental role in online banking (Nasri 2011). A true definition of online banking is difficult, because this system is connecting with different services which are constantly evolving. Access to online banking is possible through the internet, phone or even television. (Daniel, 1999; Mols, 1998). This ‘open system’ is available to the customers twenty four hours a day, seven days a week. This is a multi-level organized system, which helps people pay bills, check credit cards or even arrange mortgages without leave their houses. (Singer 2012)
It will also change prices of stock, update the store on special offers and what to do to promote the offers etc. Somerfield also use an Intranet to keep its staff informed about promotions, special deals, changes to policy etc. The supermarket chain uses EFTPOS (electronic funds transfer at point of sale) so that customers can use credit and debit cards. The store prefers this method of payment to cash because there is less need for security, and also most people today shop only with cards and don't
Moreover, Chandran (2014) also notes that the service does not require an Internet connection or smartphone to access the transactions, meaning customers can easily transfer funds, check account balance through a short message service (SMS) based method or call the financial service providers for 24 hours a day. Therefore, the service is not only convenient for the suburban population with regard to their ability to undertake various forms of financial transactions and utilize available services but also reduces expenses by making physical travelling to brick-and-mortar stores obsolete. Furthermore, whilst the majority of poor people in India work in the city whereas they are not likely to visit their families as frequently based on Chauhan (2015). There is evidence to suggest that the transfer of money at the bank might be complicated and costly to those who may not be familiar with formal financial sectors. As a consequence, mobile money can be a useful tool for them to transfer funds to family members in rural areas. Additionally, these services can be useful for senders and receivers since it is low cost, convenient, and offers security to users as stated by Kumar at el (2011). Hence, Chauhan (2015) also added the mobile money