Other ‘Al­ter­na­tive’ Pay­ment Sys­tems through Bank Ac­counts

Consumer Voice - - Mobile Wallet -

Salient Fea­tures and Lim­i­ta­tions Fea­tures — You have to open a PayPal ac­count in In­dia. — You can use your debit card to make pay­ments. — Mass pay­ments can be ef­fected through PayPal. Lim­i­ta­tions — An In­dian PayPal user can’t send or re­ceive money from another In­dian PayPal

user. — You can’t use PayPal money di­rectly for online trans­ac­tions. Fea­tures — This is an in­stant in­ter­bank elec­tronic mo­bile money trans­fer ser­vice through

mo­bile phones in In­dia. — This ser­vice works un­der NEFT mech­a­nism un­der Na­tional Pay­ments Cor­po­ra­tion

of In­dia (NPCI). — It is avail­able 24 x 7 and is cost-ef­fec­tive and is chan­nel-in­de­pen­dent (can be

ini­ti­ated from mo­bile/In­ter­net/ATM chan­nels). — It ef­fects re­tail pay­ments from per­son to mer­chant and from per­son to per­son. Lim­i­ta­tions — NEFT pay­ments are pro­cessed and set­tled in batches; hence they are not real-time. — Trans­ac­tions can be done only dur­ing work­ing hours of the RTGS. Fea­tures — This is In­dia’s first dig­i­tal bank on a mo­bile phone. — Any in­di­vid­ual (not nec­es­sar­ily an ac­coun­tholder of the bank) can down­load it

from Google Play Store and in­stantly ac­ti­vate an e-wal­let. — The wal­let can send/re­quest money to/from any email id, mo­bile num­ber, or bank

ac­count — Users can pay bills, recharge mo­biles, book movie tick­ets, or­der for food, send

phys­i­cal and e-gifts, split and share ex­penses with friends, etc. Lim­i­ta­tions — An An­droid mo­bile phone with In­ter­net con­nec­tion is a pre­req­ui­site. — The min­i­mum time taken to crys­tal­ize trans­ac­tions un­der this app is three days. — Max­i­mum trans­ac­tions for a month is capped at Rs 10,000. Fea­tures — It is In­dia’s first non-banked wal­let car­ried out through au­tho­rized busi­ness

cor­re­spon­dent agents and the ser­vice is ap­proved by RBI. — It will make in­stant money trans­fers to any bank 24 x 7. — It can be ac­cessed online/through mo­bile app or with a sim­ple SMS. — A mi­grant worker or a col­lege stu­dent away from home can send or re­ceive money

in a jiffy. Lim­i­ta­tions — Presently only Rs 5,000 per trans­ac­tion and a max­i­mum of Rs 25,000 per sender are

al­lowed. — The ben­e­fi­ciary needs to in­stall the app within seven days of fund trans­fer to re­ceive

the money in his ac­count; oth­er­wise the fund trans­fer bounces back to the sender. — In spite of strict se­cu­rity fea­tures, there is al­ways the pos­si­bil­ity of hack­ing.

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