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Write short notes on :
(i) E-wallet
(ii) USSD
(iii) AEPS
(iv) NEFT

1 Answer

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(i) E-wallet : It is an App. E-wallet app has been issued by many banks for cashless transactions. Money is transferred to E-wallet account through ATM card or internet banking. We can make payment of bills from home by the help of E-wallets. This app can be downloaded in smartphones. By the use of E-wallet, cashless transaction are easier and safe.

(ii) USSD (Unstructured Supplementary Service Data) : Through this technique, we can make digital payments through ordinary phones also. We don’t require smart phones or internet enabled device. To avail the benefits of this service, one has to dial *9# from the mobile. He has to register the first digit number of his bank or first four letters of IFSC code. After this, he will receive MMID or MPIN. To make the payment, one must know the receipient’s mobile number or MMID number. It is a very simple and convenient method to perform cashless transactions.

(iii) AEPS [AADHAR Enabled Payment System (AEPS)] : We can make payment through Aadhar card on POS (Micro ATMs) machine by scanning our fingers prints. For this, it is essential that our bank account is linked with the Aadhar number. To avail this facility, one must know his/her account number and Aadhaar number.

(iv) NEFT (National Electronic Fund Transfer) : This system is a very popular technique of transferring fund. Through this technique, funds can be transferred to any customer or client in a very short time. This transfer takes some time, but in comparison to convenience it is lesser. This facility was started in November 2005. Today, it is available in almost every national level bank.

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