Prime Minister Narendra Modi in his first ‘Mann Ki Baat’ address after his government’s demonetisation announcement urged everyone – common man, youth, farmers, workers, small businessmen – to make India a cashless economy and move towards adopting the various systems that aid digital transactions. Separately, he tweeted, “Time has come for everyone, particularly my young friends, to embrace e-banking, mobile banking & more such technology.” After announcing that old Rs 500 and Rs 1000 would cease to be legal tender money, Modi government has been encouraging people to embrace mobile banking and various other transaction platforms such as debit and credit cards. PM Modi recently shared a five-point guide to help people understand how simple it is easy to make the transition to these digital platforms. We take a look at what he shared:
1. UPI (Unified Payment Interface)
It is 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 smart phones
1) Register your mobile number in the bank or ATM
2) Download the UPI app on your mobile
3) Make your unique ID
4) Set your UPI pin
You can now transact from anywhere!
2. USSD (Unstructured Supplementary Service Data)
It is as easy as checking your prepaid balance from your phone! It is possible to transact even on normal mobile phones
1) Link your mobile number to your bank account
2) Dial *99# from your phone
3) Fill in the first 3 letters of your bank against Short Name OR first four letters of IFSC
4) Choose “Fund-Transfer-MMID” option
5) Enter the payee’s mobile number and MMID
6) Enter the amount and your MPIN, leave a space and enter the last 4 digits of your account number
You just transferred your money!
It is as easy as sending photos through your phone! With mobile or computer:
1) Download a wallet like SBI Buddy
2) Register your mobile number
3) Link this with your debit card or credit card or through net banking
Your phone is now your wallet!
4. Cards, POS
Make basic payments at most places with your prepaid, debit or credit card
1) Swipe your card
2) Put in your pin
3) Get a receipt
It’s done! You can even transact with your card online!
5. Aadhaar Enabled Payment System
Why rely on your bank, when you can bank on Aadhaar! Aadhaar-enabled payment system – Now link your Aadhaar card with your bank account. You can then carry out:
Funds transfer, balance enquiry, cash deposit or withdrawal, inter-bank transactions. You can avail of this service at stores too