Source: News Bharati English20 Apr 2017 15:35:53

New Delhi, April 20: The 21st century is known to be a generation digitalization and we also believe in technology, Therefore, most of us know-hows of everything digital from shopping to food, everything is just a swipe or a click away.
The digital economy has become a major factor in this era however many criticized but apps dealing with digital and cashless transactions initiated by the government are slowly being accepted by people. Prime Minister Modi in November 2016 took the decision of demonetization which led people to go for such apps so that the cash should be used less.

Bank to bank, account to account transfer is nowadays made very easy and also keeps our money safe. It also prevents corruption and increases the income of government in the form of taxes which later benefits us in the form of infrastructure.

There are five user-friendly apps which being used extensively which helps us to go cashless very easily are as follows:

1. BHIM or Bharat Interface for Money is an app launched by the National Payments Corp of India or NPCI that promotes digital transactions using Unified Payments Interface or UPI. Now UPI is a payment system that enables fund transfer beyond two bank accounts solely using a phone, cutting short the need of entering your card details or net banking.

All you require is a mobile banking personal identification number (MPIN) and virtual payment address (VPA). While MPIN functions quite similar to your ATM PIN with a secret 4 digit code, VPA is more like an email ID that does not require your account details but just the bank name it is linked with.

BHIM app has already integrated with 37 banks, including both public and private sectors, like State Bank of India, Axis Bank, HDFC Bank, ICICI Bank, IDBI Bank, Union Bank of India and Kotak Mahindra Bank, thus eliminating the need to download an app for each bank for transactions.

Taking a step ahead, the app also helps in sending money to non-UPI supported banks using an IFSC code and an account number. Recently, a new feature has been added that allows customers to transfer money to the Aadhaar number linked to a beneficiary’s bank account by choosing the “Pay to Aadhaar Number” option. Farmers, businessmen, illiterates etc all uses this app due to its simple process.

2. Aadhaar Pay is an app launched by IDFC bank that uses Aadhaar Enabled Payment System or AEPS.

In AEPS you enter the Aadhaar number linked to your account along with your fingerprint, which is more or less like a password for the transaction to carry forward. This method of payment will specifically benefit those who do not have debit cards, mobile wallets and mobile phones. However, you would require a bank account and an Aadhaar number to avail the services and the merchant will need a fingerprint scanner.

This app not just enables merchants across the country to facilitate cashless purchases for customers but also nullifies the requirement of multiple apps, card swipes, passwords, e-wallets or even carrying a phone for cashless payments.

3. Net banking apps have slowly caught up over the years and post demonetization, they have been adapted and widely used. Both public and private sector banks have launched such apps to facilitate a more personalized way of banking.

The free app can be used by any SBI customer and offers bill payments, recharge, and locker services apart from regular banking services. Since all your transactions are contained within the app, the need of a physical passbook nullifies. However, the app provides an mPassbook that keeps all your account details.  At any given time, a mini statement that includes last 10 transactions is always available.

4. PayTM is probably one of the most widely used apps following demonetization.

Launched in 2010, PayTM has a greater mobile market, where a customer can deposit money and make payments to merchants who have operational tie-ups with the company. Apart from making e-commerce transactions, the PayTM wallet also lets you make bill payments, transfer money and avail services from merchants from travel, entertainment and retail industry. The ease of use and instant transfer of funds makes it an instant hit amidst not just consumers but merchants as well.

5. The Mint app, developed by the popular website mint.com, focuses more on your financial health and tracks each and every rupee spent by you and categorizes the transactions accordingly.