What Is Cashless Economy | Plan Of PM Modi Explained in Detail

 

How It Is Going To Benefit?

Why cashless Economy




1.Aadhar Enabled Payment System

Aadhar enabled payment system Explained

In order to further speed track Financial Inclusion in the country, Two Working Group were constituted by RBI on MicroATM standards and Central Infrastructure & Connectivity for Aadhaar based financial inclusion transactions with members representing RBI, Unique Identification Authority of India, NPCI, Institute for Development and Research in Banking Technology and some special invitees representing banks and research institutions.

The four Aadhaar enabled basic types of banking transactions are as follows:-

Balance Enquiry

  • Cash Withdrawal
  • Cash Deposit
  • Aadhaar to Aadhaar Funds Transfer

Cards,Pos

What is card,pos

From this Feature You Can Make Basic Payments At most Of the Places With Your Prepaid,Debit Or Credit Card.

  • Swipe Your Card
  • Put In Your Pin
  • Get a receipt

It’s Done!

UPI ( United Payments Interface)

Upi united payment interface

It’s As Easy As Sending a message from your phone! Every Bank Has its Own Mobile app -so it’s Now Possible to transact  on your Smartphone.

Your Just Need To do-

  • Register your mobile at Bank/ATM
  • Download The UPI App on your Mobile
  • Make Your Unique ID
  • Set Up Your Pin

You Can NowTransect from Anywhere!

USSD (Unstructured Supplementary Service Data)

What is ussd

It is an easy as checking your prepaid balance from your phone it is possible to transact even on a normal mobile phone

  • Link your mobile number to your bank
  • Dial *99# from your phone.
  • Fill in the first three letters of your bank against short name
  • Choose “fund transfer-MMID” option
  • Enter payee’s mobile number and MMID
  • Enter the amount and your MPIN

You have just transferred money

E-Wallet

E wallet payment

Send money through E-WALLET Easily

  • Many E-Wallets are available in the market
  • Download a wallet like SBI buddy
  • Register with Your mobile number
  • Link this with debit or credit card or through net banking

Your phone is Now on Wallet


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