From commonly used cards to newly launched UPI, digital payment options are aplenty. We have compared them side-by-side listing features and USPs of each, to help you select the most suitable mode of payment available today in India.

1. Digital Payment Terms Simplified

2. Evolution of
Payments in
India

3. UPI
What is UPI?
Unified Payments Interface (UPI) is a payment
system launched by National Payment Corporation of India
and regulated by the Reserve Bank of India which
facilitates the instant fund transfer between two bank
accounts on the mobile platform
Easy steps to use UPI
1.Download the UPI app
2.Register your bank account
3.Create an ID and generate an MPin which will authenticate all your
transactions
4.To send or receive money, all you need to do is input the other person’s UPI
Id (NPCI)
Timings
24*7
Time Taken to complete
the transaction
Instant
Transaction Limit
INR 1Lakh per
transaction
Information
required
VPA of Receipt
and MPIN
Authentication
2 factor
authentication
Transaction Charges
,
Beneficiary
Registration
Technical Requirements
Smart phone with
Internet connection
USP
Immediate
money transfer
through mobile
device round the
clock
1. Quick facts on UPI(ET)
NA Not Required

4. USSD
What is USSD?
Unstructured Supplementary Service is a Global System for Mobile(GSM)
communication technology *.99# service has been launched to take the
banking services to every common man across the country. Banking customers
can avail this service by dialing *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(NPCI)
1. Dial *99#
2. Select 1 to send money
3. You get various options to send money
• Using Mobile number of the receiver
• Using Payment Address
• Saved Beneficiary
• IFSC and Account No.
• MMID and mobile number
4. Select the desired option.
5. Enter the details required.
6. Enter the amount you want to transfer
7. Enter your 6 digit mPin
8. Wait for the transaction to complete (NPCI)
Easy steps to use USSD
Timings
24*7
Time Taken to complete
the transaction
Instant
Transaction Limit
INR 5000 per
transaction
Information required
mPin/IFSC/
Aadhaar/ Account
number
USP
Access without
internetAuthentication
2 factor
authentication
Transaction charges
Depends on Telecom
service provider one
uses
Beneficiary
Registration
Technical Requirements
Smart phone or Feature
phone
Quick facts on USSD(ET)
Not Required

5. M-Wallets
What are M-Wallets?
These are payment platforms offered by banks/ non banks.
Like the name suggests, it is a digital wallet in your
smartphone. You can then recharge the account and make
peer transfers, merchant payments or shop through the app
1. Download the app
2. Register yourself by using mobile number
3. Link your bank account
4. Load money into your Account
5. You can recharge the account ,make peer transfers, make
merchant payments or shop through the app
Easy steps to use M-Wallets
Timings
24*7
Time Taken to complete
the transaction
Instant
Transaction Limit
INR 20000 per
month
Information required
Login and pay
USP
Easy access
and Discount
couponsAuthentication
2 factor
authentication
Transaction charges
Common charges
charged are 1%- 3%,
However lot of wallets
don’t charge and would
charge in future
Beneficiary
Registration
Technical Requirements
Smart phone or feature
phone with internet
connectivity
Quick facts on M-Wallets(ET)
Not Required

6. Banking cards
What are Debit cards & Credit cards?
These cards are plastic cards issued by the Bank. The most common types of cards
are either EMV chip based or non-chip based cards
1. Incase of EMV chip based cards, insert the card in the POS machine
and key in your pin
2. Incase of non-chip based cards, swipe your card and key in your pin
3. In case of Online transaction, login via card details and make
transactions by using net banking/ mobile banking
Easy steps to use Debit cards & Credit cards
Timings
24*7
Time Taken to complete
the transaction
Instant
Transaction Limit
Depending on the
Bank and card one
uses
Information required
For POS: Pin
For Online :Card
number, CVV and
card expiry date
USP
Handy and easy
means of
paying/
withdrawing
cash when
needed
Authentication
2 factor
authentication
Transaction charges
Beneficiary
Registration
Technical Requirements
Internet connectivity
Quick facts on Debit cards & Credit cards(ET)
Debit Card Credit Card
Withdrawal
charges : Differs
Bank to Bank,
generally it is
INR 150+ST
Swipe charges: NA
Withdrawal
charges : 2.5%
Swipe charges:
NA
Not Required

7. Net Banking
What is Net Banking?
Net 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
1. Register with the e-banking facility of the bank
2. Create an Id and password and use it whenever one
logins
3. One can make instant transfers using IMPS, RTGS, or
NEFT
Easy steps to use Net Banking
Net Banking
IMPS NEFT
RTGS

8. Net Banking cont.
What is IMPS?
IMPS offer an instant,24*7 interbank electronic fund transfer service
capable of processing person to person, person to account and
person to merchant remittances via mobile, internet and ATMs. It is
a multichannel and multidimensional platform that make the
payments possible within fraction of seconds with all the standards
and integrity maintained for security required for even high worth
transactions (NPCI)
1. On Net Banking, click on Make a Transfer
2. Select Immediate Payment Services (IMPS) and select MMID (a
seven digit number of which the first four digits are the unique
identification number of the bank offering IMPS)
3. Enter the mandatory details and click on Submit Transaction.
4. Verify the transaction details and click on Confirm & Transfer
(NPCI)
Easy steps to use IMPS
Timings
24*7
Time Taken to complete
the transaction
Instant
Transaction Limit
INR 2 Lakhs per
day
Information required
Account number
and IFSC code
USP
Instant transfer
Authentication
2 factor
authentication
Beneficiary
Registration
Technical Requirements
Internet connectivity
Quick facts on IMPS(ET)
Transaction charges
INR 5 to INR 15.
Depending on the value
of transaction
Required

9. Net Banking cont.
What is RTGS?
Real Time Gross Settlement (RTGS) is an electronic form of funds
transfer where the transmission takes place on a real time basis. In
India, transfer of funds with RTGS is done for high value transactions.
The beneficiary account receives the funds transferred, on a real time
basis
1. On the Net Banking ,Go to Fund Transfer and select ‘Transfer to
other bank using RTGS
2. Add the beneficiary’s details
3. Complete the transfer details (the sender and recipient
information)
4. Confirm your transaction (HDFC)
Easy steps to use RTGS
Timings
8am – 4.30pm
(Working days)
Time Taken to complete
the transaction
Real time
Transaction Limit
INR 2 Lakhs to
INR 10 Lakhs
Information required
Account number
and IFSC code
USP
Appropriate for
higher valued
transactions
Authentication
2 factor
authentication
Beneficiary
Registration
Technical Requirements
Internet connectivity
Quick facts on RTGS(ET)
BANK
Transaction charges
INR 25 to INR 50.
Depending on the value
of transaction
Required

10. Net Banking cont.
What is NEFT?
National Electronic Funds Transfer (NEFT) is a nation-wide
payment system facilitating one-to-one funds transfer. Under this
scheme, individuals can electronically transfer funds from any
bank branch to any individual having an account with any other
bank branch in the country participating in the scheme
1. On the Net Banking, go to fund transfer
2. Click ‘Add a Beneficiary’, and then select Beneficiary Type –
Transfer to other bank
3. Enter the beneficiary account or Credit card number
4. Select the IFSC, using the bank and branch name. Now you
can add the beneficiary. (This is a one-time process)
5. Click ‘Add’, then ‘Confirm’
6. Authenticate yourself at the secure access step, and wait for
your confirmation message (HDFC)
Easy steps to use NEFT
Timings
8am – 6.30pm
(Working Days)
Time Taken to complete
the transaction
Same day
Transaction Limit
INR 10 Lakhs
Information required
Account number
and IFSC code USP
Real time
transfer of the
funds to the
beneficiary
account in a
secure manner
Authentication
2 factor
authentication
Transaction charges
INR 2.5 to INR 25.
Depending on the value
of transaction
Beneficiary
Registration
Technical Requirements
Internet connectivity
Quick facts on NEFT(ET)
Required

11. What is AEPS?
AEPS is a payment service offered by the National Payments Corporation
of India to banks, financial institutions using 'Aadhaar' number and online
UIDAI (Unique Identification Authority of India) authentication through
their respective Business correspondent service centers
1. Go To a Micro ATM or Banking Correspondent
2. Provide Your Bank Name and Aadhar
3. Choose which Transaction to do
4. Provide Finger Print on Scanner
5. On successful Transaction, take the Pay Slip
6. Process Completed (NPCI)
Easy steps to use AEPS
Timings
24*7
Time Taken to complete
the transaction
Real time
Transaction Limit
Per account per
day is INR 50,000
Information required
Aadhaar card
details
USP
Finger print
authenticationAuthentication
2 factor
authentication
Transaction charges
NA
Beneficiary
Registration Technical Requirements
Internet connectivity
Quick facts on AEPS(ET)
AEPS
Required

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