Money transfer solutions on the go

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Money transfer solutions on the go

In today’s digital world, banks are struggling to maintain digital demands. Customers expect smart digital banking that is available across channels and tailored to their immediate needs. They want banking services to work instantly like the apps they use for shopping.

Aadhaar card is one of the most mandatory documents for applying for a passport. You won’t be able to get your passport without Aadhaar.

There has been a growing need for instant payment mechanisms. Customers today have become aggressive in regards to efficiency of payment methods and therefore there is a demand for greater payment mobility and flexibility. The traditional RTGS and NEFT methods are just not enough. Customers expect multiple channels for making payments and as a result, instantaneous payment systems using ATM, kiosk, mobile and online channels have evolved.

Banks have faced several challenges and are unable to keep up with the demands especially in remote and rural areas. Challenges include efficiently delivering their products and services to the customers. In fact, the most important challenge of a bank is how to efficiently reach the customer, with the right product or service, at the right time. Today, they can choose between branches, contact centers, ATMs, online channels, portals and web banks.

Electronic Funds Transfer at Point of Sale (EFTPOS) is a payment method that can be described as the perfect answer as the distribution channel. EFTPOS is a system by which the clients pay for the services using points. This system is very used when shopping, travelling, buying tickets. In a society where time is money, there has been a huge request from the customers for more accessible distribution channels. The computers and the mobile phones were the best choice.

As a result the banks have made considerable investments in the development of services that are not based in the branch and which are accessible through the Internet or mobiles phones. The development of electronic distribution channels has resulted in the appearance of a new concept: the virtual bank. This is the bank where the contact can be reached by a large variety of distribution channels, but maintaining the same interface and having access to the same services.

We at Fastpay bring the Digital business of micropayments and financial inclusion solutions. We provide better banking connectivity by digitizing financial transactions. We use Bharat QR and UPI for our financial services which include not just money transfer but also:

● Aadhaar
● SMS payment
● Utility payment
● Prepaid Cards
● Mutual Funds
● Insurance

Our innovative solutions are modelled to make the financial transactions seamless, quick, easy and strives to empower our retailer partners. Some of the benefits are:

● Processing of payment transactions in self-service mode.
● Secure payment mode.
● Banking access provided round-the-clock through access to ATM, kiosk, online or mobile.
● Instantaneous transfer of funds to the registered beneficiary.

Advantages of Aadhaar Based Payment in Daily Life

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Advantages of Aadhaar Based Payment in Daily Life

Aadhaar card is no longer an option and here to stay for multiple uses. Aadhar card now plays a vital role in our daily life. Here are some of the places where Aadhar card usage is mandatory.

Bank account opening

Aadhaar is mandatory for opening a bank account. All the existing bank account holders also have to provide their Aadhaar numbers to the banks. It is also mandatory for any financial transaction of Rs 50,000 and above.

Income tax return (ITR)

The government has made it compulsory to mention Aadhaar number for filing of the income tax returns.

PAN card

Aadhaar number is mandatory while applying for a permanent account number (PAN). An existing PAN card has to be linked with Aadhaar number.

Employment Provident Funds

Employees' Provident Fund Organisation (EPFO) has made it compulsory to link the provident fund account with Aadhaar.

SIM cards

It is mandatory to give a copy of your Aadhaar card while applying for getting a mobile sim card.

Passport

Aadhaar card is one of the most mandatory documents for applying for a passport. You won’t be able to get your passport without Aadhaar.

PDS benefits

Public distribution benefits such as ration cards have been linked to Aadhaar to attain any kind of subsidy benefits.

Aadhaar number is one of the most crucial for use in banking sector and financial transactions. Aadhar number also supports UPI (Unified Payment Interface) and BHIM (Bharat Interface for Money) which facilitates online payment directly using smartphones. And for those who cannot pay via smartphones, another option is Aadhaar Enabled Payment System (APES).

Aadhar payment works like regular banking but the bank customer uses Aadhar card for the same. To use AEPS service, a bank customer’s bank account is linked with Aadhaar card. It is a great step for rural and remote places which have limited access to actual banks or digital payments.

There are two types of Aadhaar based payment systems. The first one is the Aadhaar Bridge Payment System (ABPS) which is used basically by the government to provide special facilities and subsidy to the beneficiary. On the other hand, AEPS (Aadhaar enabled Payment System) was started to use by the bank correspondents to accept the payment. An AEPS service provider can use Aadhaar enabled payment system to offer different AEPS services through AEPS software. Fastpay Payments provides such services in rural India. By using Fastpay Services, retailers or shop owners can provide the following AEPS services.

Cash Withdrawal

It is easy to withdrawal cash, using Aadhaar card number and fingerprint as authentication. This is the easiest and safest way to withdraw cash using Aadhar card.

Balance Enquiry

Give your bank account balance details and Aadhaar details to check your account balance.

Mini Statement

This is a new service started, wherein customers can check their account mini statement details by using Aadhaar card.

Micro ATM

Customers can withdrawal cash using a debit card by using Micro ATM service.

Advantages for retailers and shop owners to use AEPS service to accept payments

● Hassle-free, fast and secured payment
● No cash required
● Easy way to pay

Thus, having an AEPS is beneficial for customers as well as retailers for secured banking. Inquire with us on how you can become one of our partners.

Cashless payments made easy by Fastpay
Payments

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Cashless payments
made easy by Fastpay
Payments

Cashless payments made easy by Fastpay Payments

Going cashless is the need of the hour. With India relying more and more on cashless payments, thanks to secured banking, we are contributing a bit to make the process easier. 50% of India’s population already has access to the internet with most users accessing the internet through their smartphone. Over the years, smartphones have gotten smarter and are equipped with high-end technologies like powerful processors, substantial memory, high-resolution cameras, barcode scanning, GPS geocoding, social media platforms, etc. With all these technologies in place, every smartphone has smart payment capacity.

Smartphones and its related technologies have revolutionized digital payments. Coupled with security technologies such as tokenization of card details for reducing fraud, biometric-enabled multi-factor authentication, EMV standards for user authentication, NFC-capable readers at merchant stores, hardware-based secure element approaches, etc., new users are turning towards digital payments.

Advantages of Cashless Payments

Ease of payment
You can carry lakhs of rupees in pin enabled Debit or Credit card. You will never have to fear getting robbed while making huge huge payments. The ease of financial transactions is probably the biggest motivator to go digital. Nowadays many transactions are possible without plastic cards which makes it even more safer and easier while travelling.

If you are in a remote location or a rural area, thanks to aadhar enabled Micro ATMs, even withdrawing cash is easy and hassle free. One can pay utility bills and conduct banking using Micro Atm services.

Payment Discounts
The recent waiver of service tax on card transactions up to Rs 2,000 is one of the incentives provided by the government to promote digital transactions. If used rightly, using these discounts at the right place. Similarly, saving on rail tickets, highway toll, or purchase of insurance through digital payment can help cut your costs.

Tracking spends and setting a budget discipline
Tracking your spending is easy digitally and can help while filing income tax returns and, in case of a scrutiny, people will find it easy to explain their spending. People know exactly when to stop spending and saving or can easily plan their budgets. Controlled spending could also result in higher investing.

Lower risk
If your debit or credit card is stolen or if your mobile wallet password is compromised, it can be blocked remotely through SMS or call. However getting your money back is not possible with digital payments. With Fastpay Payments, you can now go digital whether you are in a city, remote area or villages. With a range of cashless options, banking is now hassle-free and convenient. We have made cashless payments easy for all.