Tag Archives: digital payments

The Futuristic Payment Solution – E-RUPI

e-RUPI
e-RUPI

The Futuristic Payment Solution - E-RUPI

Taking a step forward towards digitalized payment system, PM Modi launched the much-awaited e-RUPI payment solution on 2nd Aug. Contactless and cashless, the one-time payment system is designed to send government monetary benefits directly to the beneficiaries. The flexible framework is also good enough to be utilized by corporate and PSU’s for their relevant use cases.

E-RUPI has been developed by the National Payments Corporation of India on its UPI platform, in collaboration with the Department of Financial Services, Ministry of Health & Family Welfare, and National Health Authority. Representing India’s digital progress, e-RUPI is being viewed as a revolution towards making e-payment solutions easier for the common man.

What is e-RUPI?

It’s an electronic voucher that allows beneficiaries to redeem it when availing of specific services. The digital tokens are transferred on the mobile phones of beneficiaries in the form of QR codes or SMS.

Designed on the lines of an innovative digital payments framework, these vouchers are person, purpose, and service-specific. For instance, an e-RUPI voucher issued for a vaccine shot can be redeemed for that purpose only.

Currently, it is an initiative for Government welfare services coming under schemes meant for providing drugs, nutritional support, and more. However, given the potentials of this e-pay framework, it’s most likely to have a significant role in the payment landscape in the future.

How will e-RUPI work?

  • The voucher code is sent to the beneficiary’s phone as SMS or QR codes as per the instructions and funding scheme provided by the government/corporate.
  • The service provider scans the QR code or SMS string on the beneficiary’s phone.
  • The e-RUPI voucher issuer triggers an OTP to the beneficiary for validation.
  • This OTP is used by the service provider to complete the transaction and provide the service.

What are the benefits of e-RUPI?

  • A cashless and contactless mode of payment.
  • Can be redeemed without any card, payment app, or net banking access.
  • e-RUPI’s prepaid feature assures timely payment to the service provider without the involvement of any intermediary.
  • Transaction through e-RUPI is faster and reliable as the required amount is already stored in the voucher.
  • The beneficiary will not require sharing personal details while redeeming the voucher so privacy is maintained.
  • This will simplify the delivery of social welfare schemes and other payouts that are not recurring in nature and are for a specific purpose only.

The most distinguishing feature of e-RUPI that sets it apart from other current payment mechanisms is that it does not require the beneficiary to have a Smartphone with a digital payment app or access to mobile banking solutions. Bringing in the ease and simplicity of UPI, this payment instrument aims to drive down financial exclusions by serving the underprivileged and non-banking demographic sections.

Role of Mindgate with e-RUPI

Mindgate has been at the forefront of delivering E-RUPI solutions to its UPI customer base in India since its time of launch and it’s a pleasure to announce that customers powered by Mindgate solutions are enjoying a major market share of E-RUPI vouchers processed in the country.

Looking at the latest developments and prospects of the e-payment systems, Mindgate is all geared to collaborate and work with various industry stakeholders to leverage the E-RUPI framework and tailor solutions that ease out several real-life business problems.

E-wallets – A Consistently Popular Choice for Payment Solution for Businesses

E-wallets
E-wallets

The surge in mobile app technologies and easy availability of smart devices have disrupted the way people conduct payment transactions. The development of payment gateway solutions and exponential growth of the cashless industry in the past few years are the key derivatives of this technology penetration. Offering benefits of convenience and speedy transactions, the digitalized payment options are a growing trend, affecting every business and consumer.

E-Wallet has emerged as a convenient digital alternative to other payment methods such as credit/debit cards and virtual currencies. Simulating the regular wallet, replacing cash with digital money and physical cards with the card details, eWallet development is a significant breakthrough in the digital payment landscape. Billed as the future of the real-time payment industry, an e-wallet app makes money transfer and utility bill payments a lot easier.

Countering security concerns

Although e-wallets are gaining traction, some misconceptions regarding their security and practicality as a service have made retailers and consumers wary of using e-wallet payment solutions. However, all fears and doubts can be dispelled with correct information.

Encryption technology: E-wallet payment providers employ sophisticated encryption technology to fortify the mobile wallet security. The amount of time, computation cost, and patience to violate the advanced encryption algorithms make breaking the encryption without a key almost an impossible task.
This combined with robust security mechanisms can serve as double layered protection against hackers and other third parties.

Additional benefits of e-wallets

Accountability: It allows customers complete traceability of all of his/her transactions.
Instant payment: E-wallets allow quick and efficient transactions.
Limited risks: In case if the device lands in the wrong hands, the crook will only have access to the funds placed in the e-wallet account instead of to an entire bank account.

Win customers through advanced features of e-wallet mobile app

Based on customer-friendly technologies like UPI solutions, digital wallets too are making strides in the payment industry. For any business, it is a great idea to have their own eWallet app and gain through its advanced features. Be it triggering customer engagement, promoting brand content, or encouraging targeted messaging, e-wallets have tremendous potential.
Let’s take a look at some features of e-wallet that can help you propel your brand marketing:
• Promotion tools: Marketers can use profile data to optimize offer redemptions, and behavioral data to reward loyal customers with higher discounts/promotions for the products they purchase the most.
• Regular notifications: You can notify your customers about cash flows through the accounts and also apprise them of new changes or important announcements.
• Online receipt: You can offer receipts on payment of bills. This will improve your credibility in the eyes of the customer and help users to keep a track of their expenses.
• Customer support: Customer support features like chatbots add up to the convenience factors that play a role in boosting customer engagement.
• Billing options: You can offer different billing options for electricity, movie ticket, gas, etc with a single click and with linked payment options like credit card and debit payment, you are sure to ease out paying process for the consumers.
• Reminders: Sending reminders to the consumers about their due payments or unused reward points can be very convenient.
• Location-based services: You can leverage geo-fencing to trigger push notifications when users are nearby.

The new possibilities offered by e-wallets are appealing for various reasons - they are easy to integrate on multiple devices; can be used across channels; have user-friendly interfaces; pave the way for loyalty and marketing programs and much more. No wonder, with so many opportunities at play e-wallets popularity is growing manifolds. If you want to develop an e-wallet solution of your own, connect with Mindgate Solutions.

Mindgate Solutions has been at the forefront of the payments revolution from its inception, an outlook that has made it a key global player in payments technology and transaction processing. From building new generation payment gateways to mobile-based collections and payments platforms like RTP & UPI, Mindgate has been the true leader in the space. We develop secure wallet solutions that can be optimized for high scale and volume and customized according to the specific company requirement. To know how we can develop a system for your payment needs, contact +91 22 6196 6196 or email us at sales@mindgate.in.

Top 5 Digital Banking Myths: Community Banks Need to Abandon

top-5-digital-banking-myths-compressor
top-5-digital-banking-myths-compressor
Digital payments are already here, whether we are ready for it or not. With every passing day, there are FinTech companies continually pushing the digital payment envelope. New ideas and services are created all the time. We also see non-traditional FinTech companies enter the digital payments space, examples are Facebook and Apple (just to name a couple).WhatsApp, a Facebook company, is currently providing digital payments in various regions around the globe leveraging their social media networks. Apple has partnered with Goldman Sachs to provide a digital wallet here in the U.S. Venmo and Zelle are also popular digital payment platforms for P2P payments in the U.S. As you can see, digital payments are already here, and you can expect it to grow exponentially with continued adoption and newer solutions.

So, why is this market segment growing so rapidly? There are three simple reasons: Firstly, people love using their digital devices; secondly, people also love conveniences; and, thirdly people love the idea of accomplishing tasks quickly. We can all relate to the sense of accomplishment we get when sitting down enjoying a cup of coffee while paying bills and/or making purchases – how convenient and quick! It simply allows us to have more time for other interests.

Thus, with such wide appeal, it is no wonder that digital banking will be the way forward for all financial institutions (small community banks or large global banks). In order to stay relevant, financial institutions will need to evolve to an institution that welcomes the digital | mobile platform with open arms. It is especially crucial for community banks/credit unions to adapt, as this will provide unique growth opportunities.

Below are some myths that community banks/credit unions need to abandon:

Myth 1: Digital payment platforms are more suited for national and global banks

The digital payment platform provides an opportunity to reach consumers in new settings by providing an easy and convenient mode of connecting with customers. The advanced medium is quite fulfilling in building rich and omnichannel brand experiences. Going digital is almost a necessity for small regional banks. Typically, regional banks provide solutions specifically designed to support their community. For example, let’s say you are a community bank that primarily supports farmers and has built financial solutions to address their unique needs. Would it not be great if you can take these unique financial products to other farmers around the world? Well, now that we are in the digital world, it is very possible to do just that. Therefore, regional/smaller banks have an opportunity to increase their revenue in the niche markets they serve at a global level.

Along with being technologically forward, what remains necessary is to enhance and enrich the customer experience.

Myth 2: Digital payments platforms are too complex and expensive

Digital Payment Platform does not have to be complex or expensive. There are many digital payment platform providers that offer solutions in the cloud, thereby eliminating the complexity of hosting and maintaining these platforms. Additionally, these cloud solutions are usually priced by services, which allows you to pick and choose which services you need to support your client base. This approach allows you to adopt digital services at the same rate that your business grows. For many banks, digital payment platforms are a new source of revenue and are not considered an infrastructure upgrade with no return on investment.

Myth 3: Digital payments are for the younger generation

The rise of smartphones has been astounding far more than anyone predicted in the past decade. With the network speeds exponentially increasing from 3G to 5G, a host of new mobile applications and services are now available through the device. Making many tasks convenient and fast, be it e-commerce or banking, mobile services are transforming the lives of all people, the usage of smartphones is no longer limited to the younger generations.

Financial Institutions have noticed it is just not the younger generation that is attracted to the benefits and convenience of digital devices. They have observed an uptick in usage from customers belonging to the 40 – 50 age group, it appears they also like to manage their money via mobile devices, i.e. smartphone, tablets.

Myth 4: Digital payments Increase a Consumers’ Chance of Fraud

Digital payment methods include payments carried on via electronic devices and channels. The most common methods of making electronic payments include credit/debit cards, mobile payment gateway, and mobile payment apps. Due to preconceived notions, merchants and customers have hesitated to adopt the latest, digital payment systems. The misconception in their mind that digital payments are prone to fraud, doesn’t hold much value. These e-wallets and digital payment gateways are equipped with robust security features like data encryption, address verification system, and Payment Card Industry Data Security Standards (PCI DSS) that make them a safe medium for transferring cash.

In summary, community banks/credit unions need not be concerned and should feel confident about adopting new digital payment platforms. Especially, digital platforms that integrate merchants and customers through a single platform making the process of transferring and receiving cash both contactless and seamless.

Myth 5: Digital payments and Local Payment Methods (LPMs) make global payments riskier

Digital payment technologies and global payment networks are armed with security features like multi-factor authentication that are linked to the specific banks that the individual customers belong to. These payment features can help U.S.-based online retailers reach the global market. U.S. retailers should no longer restrict their market and continue to root in traditional payment methods.

Conclusion

Thus, by embracing digital technologies, regional banks/credit unions can widen their reach and expand their client base across varied geographical locations. In addition, they can help support their clients’ global aspirations as well. Digital technology is indeed advantageous for community banks/credit unions, which increases their scope and their chances of success.

To know more: www.mindgate.us