The demonetization is a big push for digital cash management. Let us understand the different options of going digital with cash management before we go digital.

2. The Six Questions
1. What are the Benefits?
2. What are the Digital Payment Options?
3. What’s a Wallet and a Gateway?
4. What are the Charges & Cash backs?
5. What are IMPS, MMID, USSD, AEPS, UPI?
6. What are the UPI Features?

3. Significant Benefits
• Less Cost of Currency Management
• Higher Operating efficiencies
• Cross sell opportunities
• Access spending behaviors data
• Users spend more by 20%
• Better Accounting & Easy Tax Compliance
• Easy & Clear Audit

4. Digital Payment Options

5. Wallets & Gateways
Digital Wallets
• Helps you buy
online easily &
conveniently.
• The money is in
your purse, not in
the Bank.
Payment Gateways
• Transfers money
to your Bank
Account.
• Charges 2% for
the convenience

6. Charges & Cash Backs
Charges
• Approximately 2% for
payment gateways.
• Special offer by digital
wallets to transfer from
wallets to Bank
Account.
• No charges for UPI
Cashbacks
• Cashbacks are to
encourage you to spend
money.
• Marketing a loyalty
program.
• User acquisition
discounts

7. So Many Options!!
Cards
• Rupay
• VISA
• MasterCard
Wallets
• Paytm
• Freecharge
• Mobikwik
Gateways
• Instamojo
• Razorpay
• CCAvenue/PayUMoney
Mobile based Apps
• PhonePe
• Eko
• Bank’s Mobile Apps

8. Some Acronyms
IMPS - Immediate Mobile Payment
Service or Interbank Mobile Payment Service.
MMID - Mobile Money Identifier'. A 7-digit MMID
unique code issued to you by your bank to enable
you to avail of IMPS
USSD - Unstructured Supplementary Service
Data for enabling transfers on feature phones.
AEPS - Aadhaar Enabled Payment System uses
Aadhaar to perform basic banking transactions

9. What’s UPI: Unified Payment Interface
• Innovative: An innovation led by National
Payments Corporation of India, under the
guidance of RBI.
• Simple: New and simple way to transfer money
between bank accounts in India.
• Instant: Immediate credit of money to an account
without the cumbersome process of registering
for mobile banking, adding a beneficiary etc.
• Secure: Highly secured as transfer possible
without mobile/bank account details

11. Let’s Go Digital Now!
Learn more on
https://www.servetm.com/blog/category/go-cashless/