Mobile phone banking is a new revolution in banking system around the world. The mobile banking has several advantages; such as you can do internet banking, online shopping, and bills payment, or transfer of the amount to another account in a secure manner. With the advent of mobile phone banking, mobile phones are gradually replacing your…
National Payments Corporation of India was registered under section 25 of companies’ act 1956 and became functional from April 2009 as an umbrella organization for all retail payments system in India. It was promoted by ten banks namely; State Bank of India, Punjab National Bank, Canara Bank, Bank of Baroda, and Union Bank of India,…
The payment and settlement system in India is governed by the Payment and Settlement Systems (PSS) Act, 2007. According to definition of PSS Act 2007, Payment System means a system that enables payment to be effected between a payer and a beneficiary, involving clearing, payment or settlement service or all of them. This includes the…
The appearance of a smart card is akin to a credit card in size and shape. It is a plastic card embedded with microprocessor chip or memory chip. The microprocessor embedded under a gold contact pad on one side of the card can be compared to minicomputer. When the chip is processed by a chip…
The Cheque Truncation System (CTS) is basically an online Image-based Clearing System (ICS). In this system of clearing, the collecting bank need not present the physical cheque to the drawee branch. The presenting bank captures the cheque images and Magnetic Ink Charecter Recognition (MICR) data from end to end precise scanners by using the Capture…
Besides overnight call money and repo market, there is another market called collateralized borrowing and lending obligation (CBLO). The CBLO is a tradable repo, available in the form of discounted instrument in electronic book entry form. There are some difference in repo trading and CBLO trading. In repo trading, it is obligatory on the part…
Definition of e-commerce: Buying and selling of goods including digital products* and services through electronic channels such as the internet are called e-commerce. *Any products that are stored, delivered, and used in their electronic format are called digital products. These products are shipped electronically to the consumer through the internet. We can identify e-commerce business…
E-wallet or digital wallet basically refers to a prepaid virtual wallet used for making online transactions including purchase something at a store, through a computer or a smartphone. An individual by registering his name can create an e-wallet profile with the service provider. The individuals who have registered for e-wallet have to link their multiple…
What is QR code? QR code stands acronym for Quick Response code made up of black and white squares. These two-dimensional codes can be read by the camera of a smartphone and they are used for storing URLs and other information. What is the Bharat QR code? The Bharat QR code is low cost, interoperable…
(This article elucidates the role of micro ATMs in rural India and the details of how these ATMs work. Advantage and disadvantage of Micro ATMs is explained.) The Micro ATM is the developed version of point of sales (POS) terminals with the advanced features like the biometric scanner (finger print scanner) attached to it. Unlike…