| |April 20189CIOReviewDigital wallets and mobile payments are rapidly evolving in order to enhance the experience for both customers and business owners the examples of smart card payment systems. These cards offer the people the power to purchase items from stores, Internet, through mail-order catalogues and over the tele-phone. They save both customers' and merchants time and money and thus enable them for ease of transaction. Smart Cards can be used widely through ATMs and also various Mobile Point of Sales (MPOS). The Mobile Point of Sales (MPOS) mechanism changed the dynamics of the e-commerce business in India. Using mobile-based GPRS connectivity to facilitate debit/credit card payments, it overcame the inherent risk of fraud, counterfeit, mutila-tion and theft that usually tend to increase the operational cost of a company in the Cash on Delivery (CoD) model.Further, to reduce the risks arising out of the use of credit/debit cards over internet / Interactive voice response (IVR), wherein transactions are carried out over the tele-phone, the RBI mandated that all Card Not Present (CNP) transactions should be additionally authenticated based on information not available on the card and an Online alert such as OTP should be sent to the cardholders for such transactions. Such authentication processes ensure smooth flow of money digitally, further encouraging Indian users to use Smart Card, who were once hesitant to use any pay-ment method apart from cash.Digital wallets and mobile payments are also steering us towards a cashless world where payments can be made quickly, conveniently, and securely with just the tap of a button. Digital wallets and mobile payments are rapidly evolving in order to enhance the experience for both cus-tomers and business owners. That means that they're going beyond simply transferring funds electronically or swiping your smart phone over a checkout terminal.Paytm recently introduced Payments Bank, India's only mobile-first bank with zero balance - zero digital transac-tion charge accounts. Payments Banks are a new set of dif-ferentiated banks introduced by the Reserve Bank of India with the aim of extending deposit and payments services to millions of unbanked and underbanked Indians.The new WhatsApp Payments feature allows users to send and receive money has already been rolled out widely. India is among the first markets to get the new service. The payment feature has been built using India's Unified Pay-ment Interface (UPI). Transactions through UPI have received a major stim-ulus from the Narendra Modi led government. UPI is a system that powers multiple bank accounts into a single mobile application (of any participating bank), merg-ing several banking features, seamless fund routing & merchant payments into one hood. It also caters to the "Peer to Peer" collect request which can be scheduled and paid as per requirement and convenience. Each bank provides its own UPI App for Android, Windows and iOS mobile platform(s).BHIM is a UPI based payment interface which allows real-time fund transfer using a single identity like your mobile number or name. BHIM is an application that lets you make easy and quick payment transactions using UPI. Google Tez uses UPI (Unified Payments Interface) and works with all major banks. With Tez, users can pay di-rectly from their bank account and there's no need to open a separate account or worry about reloading wallets.Over the last few years, the Government of India has taken copious pre-emptive measures to explain, establish and encourage the use of Smart Card payments in various sectors of the Indian economy. The launch of Digital India is a major thrust to the Indian economy. Truly, "Faceless, paperless and cashless". Yogesh Dhingra
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