10 online transactions
- 2. 1.List of 10 Online Transactions PayTM Momoe PayUMoney Mobikwik Citrus State Bank Buddy ICICI Pockets HDFC Chillr HDFC Chillr LIME
- 3. 1. PayTM PayTM is one of the largest mobile commerce platforms in India, offering its customers a digital wallet to store money and make quick payments. Launched in 2010, PayTM works on a semi-closed model and has a mobile market, where a customer can load money and make payments to merchants who have operational tie- ups with the company. Apart from making e-commerce transactions, PayTM wallet can also be used to make bill payments, transfer money and avail services from merchants from travel, entertainment and retail industry. Capitalizing on the scope and growth of India’s education market segment, they recently partnered with premium educational institutions in India to introduce cashless payments for fees, bills and other expenses. Number of installs: 1,000,000+ 2.Momoe Momoe is a Bengaluru based mobile payments startup that focuses on changing how customers pay while eating out, travel and shop. Using the Momoe app, one can store their credit card details and make mobile payments at various restaurants, grocery stores, apparel, salons and other retail outlets. The app’s initial foray was into restaurants which attracted many installs due to the ease of payment options. The users were able to see live tabs, split bills and pay directly, without having to wait for a physical bill to arrive. Even though its services are currently
- 4. available only in Bangalore, due to the growing popularity of the app and investment funds they will soon be expanding their services to six new cities. Number of installs: 100,000+
- 5. 3.PayUMoney PayUMoney, a Gurgaon-based company that provides online payment solutions launched its wallet service last year. This e-wallet by PayUMoney enables the user to store cash and pay for various services and transactions. In order to differentiate themselves from other players, they provide a wide range of benefits that include one-touch check out and discounts / cashback offers on every transaction made. This e-wallet also provides instant refunds on order cancellations and buyer protect to ensure the right purchase and customer satisfaction. Number of installs: 100,000+ 4.Mobikwik:- MobiKwik is an independent mobile payment network that supposedly connects 25 million users with 50,000 retailers and more. This mobile wallet lets its users add money using debit, credit card, net banking and even doorstep cash collection service, which can in turn be used to recharge, pay utility bills and shop at marketplaces. Owing to the growing need for convenience, MobiKwik has also
- 6. recently tied up with large and small time grocery, restaurants and other off line merchants. Number of installs: 10,000,000+
- 7. 5.Citrus:- Citrus Pay is a popular e-wallet app for cash storage, payments and money transfers. Besides tying up with online service providers from varied sectors, they are now collaborating with Woohoo, a gifting and shopping portal to let its customers shop at more than 5000 off line stores listed with them. Number of installs: 100,000+ 6.State Bank Buddy:- This mobile wallet application was launched by State Bank of India to let users transfer money to other users and bank accounts, pay bills, recharge, book for movies, hotels, shopping as well as travel. This semi-closed prepaid wallet offers its services in 13 languages and is available for non-SBI customers as well. This app also allows its customers to set reminders for dues, money transfers
- 8. and view the mini-statement for the transactions carried out. Number of installs: 100,000+
- 9. 7.Citi MasterPass:- Citi Bank India and MasterCard recently launched ‘Citi MasterPass’, India’s first global digital wallet for faster and secure online shopping. By using this, Citi Bank Debit And Credit Card Customers become the first in this country to be able to shop at more than 250,000 e- commerce merchants. It ensures faster checkout with a single click or touch and stores all your credit, debit, prepaid, loyalty cards and shipping details in one place. 8.ICICI Pockets:- Pockets by ICICI is a digital bank that offers a mobile wallet for its customers. It provides the convenience of using any bank account in India to fund your mobile wallet and pay for transactions. With Pockets, one can transfer money, recharge, book tickets, send gifts and split expenses with friends. This wallet uses a virtual VISA card that enables its users to transact on any website or mobile application in India and provides exclusive deals or packages from associated brands. Number of installs: 1,000,000+
- 10. 9.HDFC Chillr:- Chillr is an instant money transfer app created by HDFC to simplify money transfer and payment process for its customers. Using this mobile payment app, one can transfer money to anyone in their phone book, thereby cutting out on the hassles of adding a beneficiary. It is currently available only for HDFC Bank customers and can be used to send money, recharge, split bills, request funds or transfer and will soon be able to pay at online & off line stores. Number of installs: 100,000+ 10.LIME:- Axis Bank, the third-largest private sector bank launched ‘LIME’, an application that offers a mobile wallet, payments, shopping and banking facilities. This mobile wallet is available for both account & non-account holders and lets a user add money using his or her credit, debit and net banking details. One can also share the wallet with their loved ones or pool in funds into a shared wallet for a particular purpose (Example:
- 11. Gifts, vacations, etc.) Number of installs: 10,000+
- 12. 2.Describe the process of any 3 transactions 1.Paytm In order to use the Paytm Wallet and transact cash-free, follow the steps below:- Set up a Paytm account using your mobile number and email ID Add some money to your Paytm Wallet using netbanking, debit card, or credit card To transfer money to someone else, select the 'Pay or Send' option You can make payments to others or to bank accounts on Paytm by scanning a QR code Alternatively, you can send money to another Paytm user via their phone number
- 13. 2. PayUMoney Steps to Implement Seamless PayUMoney Android Integration Method: You first need to setup a test page with PayUMoney to initiate the integration. A test merchant account along with test credit card credentials will be given to experience the overall transaction f low. You first need to make a transaction request on PayUMoney’s test ser ver. Once this is done, you can move to PayUMoney’s production ser ver. Next step is to generate a ‘Post Request’ to initiate the transaction. This must have mandatory and optional parameters. The ‘Post Request’ needs to hit the PayUMoney URLs mentioned below: For PayU Test Server: POST URL: https://test.payu.in/_payment For PayU Production (LIVE) Server: POST URL: https://secure.payu.in/_payment One of the mandatory parameters in the merchant-initiated ‘Post Request’ is termed as hash. You need to calculate the hash correctly, which in most cases is critical. Once the transaction ‘Post Request’ hits the PayUMoney ser ver, it creates a new transaction entry in the database. And to identify each new transaction in the database, a unique identifier is generated every time at PayUMoney’s end. The
- 14. identifier that is created is called as the PayUMoney ID or MihPayID.
- 15. The customer will now be redirected to PayUMoney’s payment page with the ‘Post Request’. The customer can select a particular payment option and click on ‘Pay Now’ button. PayUMoney then redirects the customer to the desired bank. Now they need to go through the authentication process on bank’s login page after which the bank gives the success or failure response to PayUMoney. On the basis of the response from the bank, PayUMoney marks the transaction status and provides the final transaction response string to the merchant via ‘Post Response’. Along with ‘Post Response,’ you will also receive the hash parameters. As mentioned in step 3, calculating the hash is critical. So you need to verify the hash value correctly at your end and then accept or reject the invoice order. This will help you avoid any tampering by the user and ensure a secure transaction experience. Integrating a renowned payment gateway like PayUMoney can keep your business functions streamlined. Apart from PayUMoney, you can also integrate PayPal in iOS and Android
- 16. app for delivering secure payments.
- 17. 3.SBI Buddy App: How To Register And Send Money Instantly? Customers have two options by which they can register through a) Facebook b) Sign Up with Mobile Number To sign up, you need to do the following – 1. If you select Facebook Sign Up option, enter your Facebook username and password 2. If you select sign up option, then you will have to enter mobile number (mandatory) and email (mandatory) 3. After successful validation, you will be displayed the mobile number or you will have to enter the mobile number (for Facebook Connect option) 4. You have to set up PIN for accessing mWallet service 5. Simultaneously, you will get a welcome message with One Time Password (OTP) on mobile as SMS and to the email ID, if provided. 6. Enter the OTP, select a Security Question from the dropdown and type your answer as prompted & submit the request. (You will be allowed 3 trials to enter the correct OTP)
- 18. 7. If OTP is not received by you, then use the 'Resend OTP' link Upon successful registration, you will be registered for State Bank Buddy. A success message will be sent on your mobile and/or email.
- 19. 3. Why online transactions are required? Online transaction processing (OLTP) is a class of information systems that facilitate and manage transaction-oriented applications, typically for data entry and retrieval transaction processing on a database management system With the advancement in telecommunication, electronic payment systems are rapidly replacing the traditional modes of payment that involved personal contact between buyers and sellers. Electronic payment systems entail online financial transactions that utilize some form of a
- 20. digital financial device, such as e-tokens, e-cash and checks. E-payment systems present a number of benefits to both individuals and businesses.
- 21. WHY IT MATTERS: $20.5 billion in interchange fees were charged to merchants in 2010. Now they are at the center of debate among lawmakers, banks and merchant unions in the U.S. On one side of the argument are the banks, which claim the interchange fees are necessary to cover the costs of processing transactions and providing fraud protection. On the other side are the merchants and vendors, who claim the rising interchange fees are increasingly cutting into their profits, forcing them to raise the prices of their goods and services. In July 2010, the Dodd-Frank Wall Street Reform and Consumer Protection Act was passed by Congress, and included in the Act was an amendment to address interchange fee reform (the Durbin Amendment). Under this amendment the Federal Reserve is now authorized to review and reform debit card transaction fees. One such proposal will cap interchange fees at $0.12 per transaction, a 73% reduction from the average charge of $0.44 per transaction. As a consequence, consumers can expect a loss of financial perks like free checking accounts, the end of rewards programs for debit cards and an increase in fees for ATM withdrawals from out-of-network banks.
- 22. If interchange fee reform is not passed, the cost of the fees will be borne by the consumer, as merchants continue to increase the prices on their goods and services to make up for profits lost to fees
- 23. Variety of Choice Electronic payment systems allow financial institutions, businesses and the government to offer a variety of payment options to their customers. These systems include automated teller machines, debit cards, credit cards, mobile banking and payment of bills through the phone. Traditional business payments systems depends mainly on a limited number of the business outlets situated in different locations. This limited the client coverage. Through Internet services, e-payment systems are available to a large number of clients. Reduced Costs E-payments systems result in reduced costs for both businesses and individuals. Businesses save on operational and processing expenses mainly due to reduction in technological costs -- for example, the use of the Internet and the acquisition of computers and other machines. Expenditures in paper and
- 24. postage is cut down along with time spent in executing personal transactions. Customers also save on time spent in dealing with personal transactions as in traditional payment systems.
- 25. Reliability The use of e-payments cancels out the use of drafting checks, transmitting cash and invoices for both businesses and customers. This allows for faster execution of transactions -- for example, you do not have to wait for the 30 days required in invoicing transactions. Credit cards also allow for customers to partake in transactions without immediate cash. Security The traditional payment systems mainly involved clients sending their confidential information via post or physically visiting the transaction site. This presented a number of security risks -- for example, your mail may get lost or fall into the wrong hands. Additionally, places where financial transactions take place are targets for criminal attacks. E-payment systems offer encrypted services which protects the clients’ private information.
- 26. Advantage of online payment 1) Instant Payment 2) Quick & Easy Setup 3) Credibility for Merchants 4) Merchant Reliability 5) Recurring Payments 6) Credit Card Payments 7) Affiliate Marketing 8) Getting a competitive edge 9) Inf luences buyers 10) Last minute deals
- 27. HOW IT WORKS (EXAMPLE): When you pay for goods or services with your debit card, you have an option for the payment to be processed in two different ways: as an off line transaction via a credit card processing network, or as an online transaction via an EFT system, requiring a personal identification number (PIN) to complete the process. When processed as an online transaction, the exchange of funds is completed using an EFT network, such as Star, Pulse or Interlink, depending on which EFT system your
- 28. bank is associated with as a member bank. The cost of the transaction typically amounts to an interchange fee of 1% of the total purchase price, which is charged to the vendor/merchant.