BANKING CARDS (DEBIT / CREDIT

/ CASH / TRAVEL / OTHERS)

Banking cards offer consumers more security, convenience, and
control than any other payment method. The wide variety of cards
available – including credit, debit and prepaid – offers enormous
flexibility, as well. These cards provide 2 factor authentication for
secure payments e.g secure PIN and OTP. RuPay, Visa, MasterCard
are some of the example of card payment systems. Payment cards give
people the power to purchase items in stores, on the Internet, through
mail-order catalogues and over the telephone. They save both
customers and merchants’ time and money, and thus enable them for
ease of transaction.
How to get it:
• Provide KYC (Know Your Customer) information to open a
new account

• Apply for Card with option of Debit / Credit Card

• Get a PIN

Service Activation:
• Visit an ATM to activate PIN

• May take about 3-7 days

What is required for Transaction:

• PoS terminal or online payment gateway
 • Present Card physically or card details for online transaction

• Provide PIN

• Provide OTP (One Time Password) received on registered

mobile to complete online transaction for merchant website.

• Self-service and/or Assisted mode

Transaction Cost:
• NIL to customer for merchant transactions.

• Annual fee and limits on ATM transaction by banks

discretion.

• 0.50% to 2.25% paid by merchant

• Cash-out charged to customer in case of credit cards @ 1%

to 3.5% of transaction value.

Disclaimer: The transaction costs are based on available information

and may vary based on banks.
Services Offered:
• These cards can be used at PoS (Point of Sale) machines,
ATMs, microATMs, Shops, wallets, online transactions, and
for e-commerce websites.

• International cards can be used across globe for multiple

currencies

Funds Transfer limit:

• User can set up transaction limit based on card.
 • Based on credit ratings

Disclaimer: The funds transfer limits are based on available

information and may vary based on banks.
Service Available from no. of operators:
• 751 banks (Source: NPCI)
• Interoperable

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AADHAAR ENABLED PAYMENT SYSTEM (AEPS)

AEPS is a bank led model which allows online interoperable financial

transaction at PoS (Point of Sale / Micro ATM) through the Business
Correspondent (BC)/Bank Mitra of any bank using the Aadhaar
authentication.
How to get it:
• Provide KYC (Know Your Customer) information to open a
new account

• Aadhaar Number should be linked with bank a/c

Service Activation:
• None

• 1-2 minutes post Aadhaar seeding

What is required for Transaction:
• MicroATM

• Remember Aadhaar

• Give Bank name

• Present self (Aadhaar holder) with Bio-metrics (Finger and/or

IRIS)

• Assisted mode

Transaction Cost:
• NIL to customer

• Merchant or BC may get charged or paid based on bank‘s

discretion

Disclaimer: The transaction costs are based on available information

and may vary based on banks.
Services Offered:
• Balance Enquiry

• Cash Withdrawal

• Cash Deposit

• Aadhaar to Aadhaar funds transfer

• Payment Transactions (C2B, C2G Transactions)

Funds Transfer limit:

• Banks define limit. No limit for RBI.
Disclaimer: The funds transfer limits are based on available
information and may vary based on banks.
Service Available from no. of operators:
• 118 banks

• Interoperable

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UNIFIED PAYMENTS INTERFACE (UPI)

Unified Payments Interface (UPI) is a system that powers multiple bank

accounts into a single mobile application (of any participating bank),
merging 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).
How to get it:
• Bank a/c

• Mobile number should be linked with bank a/c

• Smart Phone with internet facility

• Debit Card for re-setting MPIN.

Service Activation:
• Download the App for UPI

• Do registration online on the App with a/c details

• Create a virtual ID

• Set MPIN

• 5-7 minutes

What is required for Transaction:

• Smartphone with internet facility

• Registered device only

• Use registered MPIN

• Self Service Mode

Transaction Cost:
• NIL to customer by most Banks

• Customer pays for data charges

Disclaimer: The transaction costs are based on available information

and may vary based on banks.
Services Offered:
• Balance Enquiry

• Transaction History

• Send / Pay Money

• Virtual Address
 • A/c no. & IFSC code

• Mobile no. and MMID

• Aadhaar (to be made functional)

• Collect Money

• Virtual Address

• Add bank account

• Change / Set MPIN

• Notifications

• A/c Management

Funds Transfer limit:

• 1 lakh / transaction

Disclaimer: The funds transfer limits are based on available

information and may vary based on banks.
Service Available from no. of operators:
• 30 banks List of Banks providing UPI Services as on
30.11.2016
• Interoperable

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MOBILE WALLETS

A mobile wallet is a way to carry cash in digital format. You can link
your credit card or debit card information in mobile device to mobile
wallet application or you can transfer money online to mobile wallet.
Instead of using your physical plastic card to make purchases, you can
pay with your smartphone, tablet, or smart watch. An individual's
account is required to be linked to the digital wallet to load money in
it. Most banks have their e-wallets and some private companies.
e.g. Paytm, Freecharge, Mobikwik, Oxigen, mRuppee, Airtel
Money, Jio Money, SBI Buddy, itz Cash, Citrus Pay, Vodafone M-
Pesa, Axis Bank Lime, ICICI Pockets, SpeedPay etc.
How to get it:
• Option to open Zero KYC or Full KYC wallet

• Option of Consumer vs. Merchant wallet

• Mobile Number

• An App to be downloaded in smart phone

Service Activation:
• Load money (subject to regulatory limits) using internet
banking or merchant locations

• Bank A/c

• All Cards

• Cash-In
What is required for Transaction:
• Smartphone or internet

• Use MPIN

• Self-service and/or Assisted mode

Transaction Cost:
• Customer pays for remittances to bank a/c @ 0.5%-2.5% of
fixed fee.

• May pay for data charges in self-service mode.

Disclaimer: The transaction costs are based on available information

and may vary based on banks.
Services Offered:
• Balance Enquiry

• Passbook/ Transaction history

• Add money

• Bank A/c

• All Cards

• Cash-In

• Accept Money

• Pay money

• Another wallet (mobile no.) with same provider

• Pay merchant
 • Bar Code reader

• Manage Profile

• Notifications

Funds Transfer limit:

• For Users

• No KYC - Rs 20,000/ month (revised from Rs

10,000 to current till 30th Dec. 2016)

• Full KYC – Rs 1,00,000/- month

• For Merchants

• Self-Declared - Rs 50,000/ month

• With KYC – Rs 1,00,000/- month

Disclaimer: The funds transfer limits are based on available

information and may vary based on banks.
Service Available from no. of operators:
• 40 companies

• No Cash-Out

• Non-interoperable

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BANKS PRE-PAID CARDS

How to get it:

• Provide full KYC (Know Your Customer) information to
open new account

• Apply for Wallet/ Pre-paid Card

• Get a MPIN / PIN

Service Activation:
• Load money (subject to regulatory limits) using branch, or
internet banking

• Bank A/c

• All Cards

• 1-2 days for card

• 5-7 minutes for wallet

What is required for Transaction:

• Smartphone or internet

• Use MPIN

• Self-service and/or Assisted mode

Transaction Cost:
• On loading the pre-paid card, Customer may pay service
charges for transaction or fixed fee, upfront + each
transaction.
 • Loading wallets is mostly free.

• Merchant is charged fee 0.50% to 2.50 %

• Cash out is charged to customer as fixed fee or 1% to 2.5%

of value of transaction. Only from Cards

Disclaimer: The transaction costs are based on available information

and may vary based on banks.
Services Offered:
• Balance Enquiry

• Passbook/ Transaction history

• Add money

• Bank A/c

• All Cards

• Accept Money

• Pay money

• Another wallet (mobile no.) with same provider

• Pay merchant

• Bar Code reader

• Cash-Out (Cash withdrawal)

• Touch and Pay

• Manage Profile

• Notifications
Funds Transfer limit:
• For Users

• Rs 1,00,000/- for Users

• For Merchants

• Self-Declared - Rs 50,000/ month

• With KYC – Rs 1,00,000/- month

Disclaimer: The funds transfer limits are based on available

information and may vary based on banks.
Service Available from no. of operators:
• All leading Banks

• Non-operable

• Cash-out with limits only for VISA/Mastercard linked

wallets/ cards

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POINT OF SALE

A point of sale (PoS) is the place where sales are made. On a macro
level, a PoS may be a mall, a market or a city. On a micro level, retailers
consider a PoS to be the area where a customer completes a transaction,
such as a checkout counter. It is also known as a point of purchase.
Physical PoS

Necessary conditions for service initiation:

• Handheld Device with card and /or bio-metric reader

• Merchant Bank a/c

• Internet connectivity GPRS/ Landline

Service Activation:
• Paper work with Bank for merchant bank a/c

• Deposit certain amount

• Collect device

• Configuration and training to operator

What is required for Transaction:

• Any Card

• Resident for bio-metric authentication (AEPS)

• Assisted Mode

Funds Transfer limit:

• No limit for regulator

• Merchant’s Bank and payee Bank may set limit based on its
own discretion

Disclaimer: The transaction costs are based on available information

and may vary based on banks.
Service Available from no. of operators:
• Source RBI – Aug’16

14.62 lakh

• Interoperable

Mobile PoS

Necessary conditions for service initiation:

• Smartphone

• App from bank

• Integrated or external card and /or bio-metric reader

• Reader connects using jack or bluetooth

• Internet connectivity 2G/3G/4G, or Wi-Fi

• QR code and Bar code reader

Service Activation:
• Merchant Bank a/c

• Download App

• Register device and/or mobile with merchant bank a/c and

bank

• May require training or readable instructions

What is required for Transaction:

• Any Card

• Resident for bio-metric auth (AEPS) for registered devices

 • Wallet account

• Scanner for reading QR Code and Bar Code

• Self-service and/or Assisted mode

Funds Transfer limit:

• No limit for regulator

• Merchant’s Bank and payee Bank may set limit based on its
own discretion

Disclaimer: The transaction costs are based on available information

and may vary based on banks.

Virtual PoS

Necessary conditions for service initiation:

• Smartphone and /or Web browser

• Internet connectivity 2G/3G/4G, or Wi-Fi or landline

• E-payment gateway

• Virtual A/c for transactions

• May need QR code

Service Activation:
• Merchant Bank a/c with some merchant credentials

• In case of QR code for pull transactions

• May require ability to identify or authenticate user for service

delivery
What is required for Transaction:
• Any Card

• Wallet Account

• Scanner for reading QR Code and Bar Code

Funds Transfer limit:

• No limit for regulator

• Merchant’s Bank and payee Bank may set limit based on its
own discretion

Disclaimer: The transaction costs are based on available information

and may vary based on banks.
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INTERNET BANKING

Internet banking, also known as online banking, e-banking or virtual

banking, is an electronic payment system that enables customers of a
bank or other financial institution to conduct a range of financial
transactions through the financial institution's website.

Different types of online financial transactions are:

National Electronic Fund Transfer (NEFT)

National Electronic Funds Transfer (NEFT) is a nation-wide payment
system facilitating one-to-one funds transfer. Under this Scheme,
individuals, firms and corporates can electronically transfer funds from
any bank branch to any individual, firm or corporate having an account
with any other bank branch in the country participating in the Scheme.
Individuals, firms or corporates maintaining accounts with a bank
branch can transfer funds using NEFT. Even such individuals who do
not have a bank account (walk-in customers) can also deposit cash at
the NEFT-enabled branches with instructions to transfer funds using
NEFT. However, such cash remittances will be restricted to a
maximum of Rs.50,000/- per transaction. NEFT, thus, facilitates
originators or remitters to initiate funds transfer transactions even
without having a bank account. Presently, NEFT operates in hourly
batches - there are twelve settlements from 8 am to 7 pm on week days
(Monday through Friday) and six settlements from 8 am to 1 pm on
Saturdays.
Real Time Gross Settlement (RTGS)
RTGS is defined as the continuous (real-time) settlement of funds
transfers individually on an order by order basis (without netting). 'Real
Time' means the processing of instructions at the time they are received
rather than at some later time; 'Gross Settlement' means the settlement
of funds transfer instructions occurs individually (on an instruction by
instruction basis). Considering that the funds settlement takes place in
the books of the Reserve Bank of India, the payments are final and
irrevocable. The RTGS system is primarily meant for large value
transactions. The minimum amount to be remitted through RTGS is 2
lakh. There is no upper ceiling for RTGS transactions. The RTGS
service for customer's transactions is available to banks from 9.00 hours
to 16.30 hours on week days and from 9.00 hours to 14:00 hours on
Saturdays for settlement at the RBI end. However, the timings that the
banks follow may vary depending on the customer timings of the bank
branches.
Electronic Clearing System (ECS)
ECS is an alternative method for effecting payment transactions in
respect of the utility-bill-payments such as telephone bills, electricity
bills, insurance premia, card payments and loan repayments, etc., which
would obviate the need for issuing and handling paper instruments and
thereby facilitate improved customer service by banks / companies /
corporations / government departments, etc., collecting / receiving the
payments.
Immediate Payment Service (IMPS)
IMPS offers an instant, 24X7, interbank electronic fund transfer service
through mobile phones. IMPS is an emphatic tool to transfer money
instantly within banks across India through mobile, internet and ATM
which is not only safe but also economical both in financial and non-
financial perspectives.
Objectives of IMPS:
• To enable bank customers to use mobile instruments as a
channel for accessing their banks accounts and remit funds

• Making payment simpler just with the mobile number of the

beneficiary
 • To sub-serve the goal of Reserve Bank of India (RBI) in
electronification of retail payments

• To facilitate mobile payment systems already introduced in

India with the Reserve Bank of India Mobile Payment
Guidelines 2008 to be inter-operable across banks and mobile
operators in a safe and secured manner

• To build the foundation for a full range of mobile based

Banking services.

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MOBILE BANKING

Mobile banking is a service provided by a bank or other financial

institution that allows its customers to conduct different types of
financial transactions remotely using a mobile device such as a mobile
phone or tablet. It uses software, usually called an app, provided by the
banks or financial institution for the purpose. Each Bank provides its
own mobile banking App for Android, Windows and iOS mobile
platform(s).
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MICRO ATMS

Micro ATM meant to be a device that is used by a million

Business Correspondents (BC) to deliver basic banking

services. The platform will enable Business Correspondents

(who could be a local kirana shop owner and will act as ‘micro

ATM’) to conduct instant transactions.

The micro platform will enable function through low cost

devices (micro ATMs) that will be connected to banks across

the country. This would enable a person to instantly deposit

or withdraw funds regardless of the bank associated with a

particular BC. This device will be based on a mobile phone

connection and would be made available at every BC.

Customers would just have to get their identity authenticated

and withdraw or put money into their bank accounts. This

money will come from the cash drawer of the BC. Essentially,

BCs will act as bank for the customers and all they need to do

is verify the authenticity of customer using customers’ UID.

The basic transaction types, to be supported by micro ATM,

are Deposit, Withdrawal, Fund transfer and Balance enquiry.

UNSTRUCTURED SUPPLEMENTARY SERVICE DATA
(USSD)

The innovative payment service *99# works on Unstructured

Supplementary Service Data (USSD) channel. This service

allows mobile banking transactions using basic feature

mobile phone, there is no need to have mobile internet data

facility for using USSD based mobile banking. It is envisioned

to provide financial deepening and inclusion of underbanked

society in the mainstream banking services.

*99# service has been launched to take the banking services

to every common man across the country. Banking

customers can avail this service by dialling *99#, a “Common

number across all Telecom Service Providers (TSPs)” on their

mobile phone and transact through an interactive menu

displayed on the mobile screen. Key services offered under

*99# service include, interbank account to account fund

transfer, balance enquiry, mini statement besides host of

other services. *99# service is currently offered by 51 leading

banks & all GSM service providers and can be accessed in 12

different languages including Hindi & English as on

30.11.2016 (Source: NPCI). *99# service is a unique

interoperable direct to consumer service that brings together

the diverse ecosystem partners such as Banks & TSPs

(Telecom Service Providers).

How to get it:

• Provide KYC (Know Your Customer) information to

open a new account

• Mobile no. should be linked with bank a/c

• Register for USSD/Mobile Banking

• Get MMID (Mobile Money Identifier)

• Get MPIN (Mobile PIN)

Service Activation:

• None

• 1-2 minutes

What is required for Transaction:

• Remember MMID

• Remember MPIN

• Dial *99#
 • Registered mobile number with any phone (feature

or smart)

• Self Service mode

Transaction Cost:

• NIL by system

• Rs. 0.50 charged to customer

Disclaimer: The transaction costs are based on available

information and may vary based on banks.

Services Offered:

• Balance enquiry

• Mini Statement

• Funds transfer

• MMID

• A/c no.

• Aadhaar

• Know MMID

• Change M-PIN

• Generate OTP
Funds Transfer limit:

• Rs 5,000/day

• Rs 50,000/annum

Disclaimer: The funds transfer limits are based on available

information and may vary based on banks.

Service Available from no. of operators:

• 51 banks List of Banks providing USSD Mobile

Banking Service as on 30.11.2016

• Interoperable