New Indian Trends In Digital Payments For Financial Inclusion.

The digital payments have significantly seen a high receptive customer base in the last few years. Especially when India was demonetized with high-denomination currency on a halt and with only 14% of physical cash circulating in the entire country. This propelled a rapid shift towards the digital realm with the online bill payment for paying the water bill and other utilities being the most important financial transaction for recurring payments irrespective of the cash crunches the country was facing.

The smartphone influx was greater during this time and with low-cost data charges, the many mobile payment service providers getting on the avenue to provide digital payment solutions. Many big names in the industry skyrocketed its identity and sales during this time. As even the government of India provided number of schemes and initiatives for easing the Postpaid Mobile Bill Payment and other utility bill payments through initiatives like Bharat Bill Pay, Unified payment interface and pay as you go initiatives that encouraged the digital payment solution providers to innovate infrastructures to PAN India digitization.

The NPCI has provided some major digital products that aids in digital payments.

Bharat Bill Pay: BBPS ( Bharat Bill Payment System) is an RBI initiative driven by NPCI( National Payment Corporation of India) that provides an interoperable, easily accessible and efficient means of payment across geographies by providing a secure, unified payment ecosystem aiding in bses rajdhani bill payment or any other multi-utility bill payment. It is a two-tiered structure that has a central unit and operating units related to customer engagement, biller acquirement and one other that monitors both the units. 

There are more than 250 billers spread across seven RBI approved categories are Electricity, water, gas, telecom( Mobile, Landline, Broadband) and DTH. Also, here are few payment service providers in the ledger including XIPHIAS XPay Life Pvt Ltd which is an NPCI/BBPS approved agent institution providing a full-spectrum of bill payment services through the mobile app through which Airtel DTH Recharge can be done online, website, bill payment kiosk, POS machines, and Mobile Vans.

Mobile Van

The Mobile Van is specifically customized for the rural India inclusion in the digital up-gradation. The bill payment kiosk by XPay Life accepts cash as a bill payment mode and makes the transaction digital. Hence the vodafone broadband postpaid bill payment can be made using the cash. The mobile van also consists of mini-ATMs that aid in cash withdrawal and a vending machine that is used for the social cause of dispensing the free condoms and sanitary pads to the rural mass.

2. Contactless payment

With the digital modes of payment gaining high popularity in the country, the contactless payment is slowly gaining grounds in India. Just tap to pay or pay as you go has layers on security and eases the payment process with the cards not mandatorily given to the merchant and the customer has the complete control over the debit or credit card. Any transaction under Rs 2000 is made contactless and even smartphones with NFC( Near Field Communication) has adopted the contactless payment which is the new innovation replacing the present technological pastures of the cards with micro-chips. Hence any retail payment or online bill payment in the sectors of transportation, retail, kiosk, hotels etc.

*99#

UPI for non-internet based mobiles for digital inclusion of the citizens covering all financial sectors of India. Using *99# through the basic mobile sets is bringing banking facilities to the consumer through a menu being displayed on the screen related fund transfer and other monetary related transactions. 

Online Bill Payment through XPay Life. You can make faster, easier and secure payment for all multi-utility bills such as Electricity, Gas, Water, Postpaid Mobile bill, Landline, Broadband, DTH Recharge become easier with XPay Life.