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RBI May Soon Close the Mobile Wallets


Reserve Bank of India (RBI) revised Know your customer guidelines (KYC) may close the digital wallets business in India.Earlier in the month of October, 2017, RBI had given the deadline of 28th Feb 2018 for completion of Full KYC in all the Digital Wallet accounts maintained by eWallet companies. In the revised guideline, RBI had clearly issued the warning stating ...

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Why Transfer of Funds Between Mobile eWallets Bad for Banks ?

ewallets transfer

RBI has allowed the transfer of funds facilities between different Mobile eWallets. Now any of the mobile ewallets users like PayTm, Mobikwik, Oxigen, Freecharge etc may transfer of money between themselves i.e. from PayTm to freecharge or Oxigen or Mobikwik or Jio Money.  Earlier it was restricted by RBI under Prepaid Instruments Guidelines or PPI’s. RBI has announced to open ...

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How To Transfer Fund Through IMPS, Syndicate Bank ?

Learn how to transfer and activate Syndicate Bank IMPS services. Syndicate Bank IMPS (Immediate Payment Services) instantly transfer fund up to Rs 50,000 to any bank account in India within second. This is the instant fund transfer facilities provided to customer of nationalized public sector Syndciate Bank. Now any account holder of Syndciate Bank i.e. Saving Account, Current Account , Staff account, Overdraft etc can make ...

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How To Activate IMPS Fund Transfer in Andhra Bank ?

Learn how to transfer and activate Andhra Bank IMPS services. Andhra Bank IMPS (Immediate Payment Services) instantly transfer fund up to Rs 50,000 to any bank account in India within second. This is the instant fund transfer facilities provided to customer of nationalized public sector Andhra Bank. Now any account holder of Andhra Bank i.e. Saving Account, Current Account , Staff ...

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How To Scan and Pay Using Bharat QR Code Apps ?

Bharat QR code apps

NPCI has launched the Bharat QR Code, A Quick Response (QR) code standard supporting Visa, MasterCard and Rupay cards transaction through mobile apps. This is the apps which is generally created keeping the merchant payment in priority. Bharat QR code enables merchants to accept electronic payments without the need for a EDC  or POS machine installed at their retail shop. ...

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How To Activate IMPS in Allahabad Bank ?

Allahabad Bank IMPS

Learn in few easy steps about activation of IMPS (Immediate Payment Systems) in Allahabad Bank. Customer of nationalized public sector Allahabad Bank can make transaction and payment through their mobile using NPCI services i.e. IMPS. Now customer can instantly transfer the money using their mobile where payment are instant. NPCI has fixed a limit to transfer the money with mobile ...

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What is Unified Payment Interface ?


Reserve Bank of India have just launched a Unified Payments Interface (UPI), a Mobile Application enabled payment system for making transaction online to any bank 24X7 without using the account number.Customer of any bank may transact through UPI apps any transaction below Rs 1 lakh,  even something as low as Rs 10.  Unified payment Interface, UPI services are currently launched by State Bank of India, Punjab National Bank, Canara Bank, Bank of Baroda, Union Bank of India, Bank of India, ICICI Bank, HDFC Bank, Citibank and HSBC Read : How Does RBI Rate Cut Impact EMI of Loan ? How Does Unified payments Interface (UPI) system work ? National Payments Corporation of India (NPCI) who is the controlling authority for Mobile Based Unified Payments Interface has provided the Rupay Based platform for making transaction.  It will be as like the existing Visa and MasterCard transaction application which will allows different  banks to interconnect and transfer funds through Mobile Banking. In order to send or receive the money through Unified payments Interface (UPI) one need not to have  the account number or any MICR or IFSC code. Even Aadhar enable is also not required.  Money will be send using the unique virtual ID. The virtual ID could be anything varies as per the requirement of different banks. Click : Bank EMI Calculator – Compare Loan Installment The common process of sending money through UPI, Unified Payments System will be as like below. 1. Download and Install Your Bank UPI Apps from Google Play Store or through Bank’s Specific sites 2. To send money to someone, you need to know only their UPI Virtual ID, Virtual ID will be created depends on any unique parameters like EMAIL, Registered Mobile Number. For an example if account number is 777555 and the bank is SBI then unique virtual ID would be 777555@sbi or ...

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How To Do IMPS Fund Transfer in SBI ?

How To Do IMPS Fund Transfer in SBI ? – IMPS i.e. Immediate Payment Service , a new initiative for transferring fund immediately to any bank account. The best feature of IMPS is that one can send and receive the money using mobile number also with the help of 7 digit MMID number. This facilities of IMPS is provided by ...

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