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The growth of digital payment services is fueled by introduction of apps and services by the NPCI As India leaps toward a digital economy, the adoption of digital payment platforms is on the rise as well. Before the demonetisation drive, which started on November 8, 2016, there were a handful of digital wallet services -- PayTm, FreeCharge and MobiKwik. But, none of them offered comprehensive   digital payments   structure and had their own limitations. As the government shifts focus toward cashless society, it also pushed a bouquet of digital payment options in the form of apps and USSD services like BharatQR code, Unified Payments Interface (UPI), BHIM app, and National Unified USSD Platform. These services were introduced alongside existing banking services such as internet banking, mobile banking and immediate payment service (IMPS). Let’s take a look at these digital payment options and how they function: BharatQR code BharatQR code is a National Payments Corporat...

BHIM is biometric version of UPI, USSD and expected to minimise role of plastic cards, PoS machines Prime Minister   Narendra Modi   on Friday launched an Aadhaar-based mobile payment application called BHIM (Bharat Interface for Money). On day 50 of the window provided by the government to citizens to exchange or deposit old currency notes of Rs 500 and Rs 1,000 denominations, the Prime Minister at a 'Digi Dhan Mela' event in the capital, asked citizens to make at least five digital transactions, so as to understand the concept behind e-payments, and then use it extensively. "Download it on a smartphone or on a feature phone. It is not necessary to have the internet for this app. In the next two weeks, one more work is being done, which will increase the power of   BHIM   so much that you would be able to withdraw money even with your fingerprints," he said. BHIM is a biometric and rebranded version of UPI (Unified Payment Interface) and USSD (Unstructur...