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Overview of Digital Payment Systems in India

The document outlines various digital payment systems in India, including UPI, AEPS, USSD, E-Wallets, POS terminals, and BHIM. Each system offers unique features for facilitating transactions, such as instant money transfers, Aadhaar authentication, and card payments. Additionally, it specifies UPI transaction limits of ₹1,00,000 per transaction and daily, with a maximum of 20 transactions allowed per day.

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18 views1 page

Overview of Digital Payment Systems in India

The document outlines various digital payment systems in India, including UPI, AEPS, USSD, E-Wallets, POS terminals, and BHIM. Each system offers unique features for facilitating transactions, such as instant money transfers, Aadhaar authentication, and card payments. Additionally, it specifies UPI transaction limits of ₹1,00,000 per transaction and daily, with a maximum of 20 transactions allowed per day.

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1.

Unified Payment Interface (UPI)


➢ UPI is a real-time payment system developed by NPCI (National Payments Corporation of India).
➢ Allow us to send/receive money instantly using a mobile number or UPI ID, without needing bank
details.
➢ Linked directly to your bank account.
➢ Examples of UPI apps: PhonePe, Google Pay, Paytm, BHIM.
➢ No need to add beneficiaries or IFSC codes.

2. Aadhaar Enabled Payment System (AEPS)


➢ Allows bank transactions using Aadhaar number and fingerprint authentication.
➢ Mostly used in rural and semi-urban areas.
➢ Services include: cash withdrawal, balance inquiry, fund transfer, etc.
➢ No need for debit card or PIN.
➢ Requires Aadhaar to be linked with a bank account.

3. Unstructured Supplementary Service Data (USSD)


➢ Allows banking services using basic mobile phones (no internet needed).
➢ Dial *99# and follow menu to send money, check balance, etc.
➢ Useful for people in non-smartphone and low-connectivity areas.
➢ Works on any GSM phone.

4. E-Wallet (Electronic Wallet)


➢ A digital wallet that stores money digitally for future use.
➢ Can be loaded using credit/debit card, net banking, or UPI.
➢ Used for online shopping, mobile recharge, bill payment, etc.
➢ Examples: Paytm, PhonePe Wallet, Amazon Pay, Mobikwik.
➢ Acts like a prepaid wallet.

5. POS (Point of Sale) Terminal


➢ A machine used at shops to accept card-based payments.
➢ Reads debit/credit cards for bill payments via swipe, chip, or tap.
➢ Now also supports QR code scanning and UPI payments.
➢ Common in retail stores, malls, petrol pumps, etc.

6. BHIM (Bharat Interface for Money)


➢ A UPI-based app launched by NPCI under Digital India initiative.
➢ Easy-to-use and lightweight app for sending/receiving money.
➢ Works with all major Indian banks.
➢ Designed for promoting cashless economy.
➢ No need for third-party apps. Developed by the Government of India.

Standard UPI Transaction Limits


➢ Per Transaction Limit: ₹1,00,000
➢ Daily Limit: ₹1,00,000
➢ Transaction Count Limit: Up to 20 transactions per day

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