Bharat QR code. Single QR code for all Wallet.

Bharat QR Code is a common QR code made ease of payments across different wallet service. This is a standard which will support Visa, MasterCard and Rupay cards for wider acceptance. Currently, if you want to make a cashless payment at most stores, you need a credit and debit card to swipe and enter the PIN code for authentication but Bharat QR code will enable the merchants to accept digital payments without the Point of Sale (PoS) swiping machine. It will allow customers of any bank to use their smartphone app to make payment using their debit card. This will help merchants need to invest in buying the PoS machine.

As of now Bharat QR is integrated into ICICI Bank’s Pockets app and HDFC Bank’s PayZApp, with more banks expected to update their apps with support for the same. In order to test this feature I tried making payment using ICICI Bank’s Pocket app. To test the feature, I have generated a QR code using BHIM app. Next, I used Pocket’s app to scan the QR code and the payment successfully went through via UPI

In short, you will need your bank app or BHIM app installed in your phone. At the merchant’s store, open the app, tap on Scan QR Code or Scan & Pay (option will differ from one bank to the other) and scan the Bharat QR Code. Once the code is scanned, you will have to enter the amount that you want to pay, add a remark and enter your four-digit passcode. Once authentication is complete, the money will be transferred to the merchant’s bank account.

From Merchants side he  will simply need to generate the Bharat QR Code, Take a print out and stick on their payment desk. The payment done by customer using this menthod will be  instantly credited into merchant bank account. Currently  Paytm,Freecharge and Mobikwik, merchants have limits on the amount of money that they can accept every month.  so this will not happen in BHARAT QR method.

With the help of  Bharat QR code, the transaction is completely secure, and card details remain in customer’s control, which is a big advantage.
Currently, when you give your credit / debit card to swipe, there is negligible possibilities of someone capturing crucial details such as card number, expiry date and CVV. While OTP option is enabled for two-step-verification before authenticating transaction, the risk of exposing your card details still remains. 

Send Money to someone without Knowing Beneficiary Account number :SBI mCASH

To make banking transaction much more simplify ,SBI has start a new feature to transfer Money to someone account without knowing beneficiary bank account detail. This facility is currently available on Internet banking of SBI. and SBI mobile apps.
Under this transaction Send need to fill amount to send ,Email ID or Mobile number of Beneficiary. This.This option is available on Internet banking platform under PAYMENT and Transfer menu. Sender need to have Internet banking facility to avail this feature.
Once the sender submit the request Beneficiary get a PASSCODE on their Mobile number or email.
Beneficiary need to visit https://retail.onlinesbi.com/retail/login.htm and Click on State Bank mCASH-Claim Money on Horizontal menu.Beneficiary need to fill his account number in which he want to get money with IFSC code and Passcode.
Once these detail are filled correctly beneficiary need to submit it.

Feature of mCASH

1) Transaction limit Rs.1000/- per transaction. Day limit Rs.2000/-. However, the maximum limit of fund transfer should not exceed Rs.5000/- in a month, per user.
2) The customer would be charged at Rs.2.50 per request.
3) Redemption is subject to availability of funds in sender’s account at the time of claim.
4) No charges for redemption.
5) In case of wrong entry of account number or beneficiary details, the same will be rejected by the system and amount will be reversed in sender’s account within the stipulated time frame.
6) The Passcode entered should be valid. Passcode expiry period is 5 days from the date of creation.
7) Please note, as per RBI instructions, credit will be effected solely based on the beneficiary account information. Bank will not be liable for any wrong information given by the claimant.
8) Credit to the other bank accounts will be done through IMPS only.
9) The Bank shall not be responsible if the customer has mentioned a wrong mobile number/email address and the money has been transferred to the holder/receiver of the said wrong number/email by debiting customer’s account.
10) The Bank shall not be responsible in any way if the passcode is shared by the beneficiary and /or misused by any third party due to any negligence act of the beneficiary or lost/theft of cell phone of the beneficiary.
11) The beneficiary must have smart phone &/or email ID and should be conversant with the use of internet based applications.

ICICI bank customer can send Money by Twitter account

Customers of ICICI Bank can use their Twitter account for real-time fund transfers, prepaid mobile recharges and to check bank balance.ICICI Bank has launched a facility which allows account-holders to transfer funds through Twitter.The user will have to subscribe (follow) the bank’s Twitter handle and register for the facility.
For fund transfer, the sender needs to know the beneficiary’s Twitter handle. The sender will get an SMS with a unique code after the transfer; the beneficiary would need to enter it on the special webpage where he/she would be directed, to complete the transaction.
It uses NEFT (National Electronic Funds Transfer) or RTGS (Real Time Gross Settlement) for the transfer and will soon be integrating IMPS (Immediate Payment Service) mode too.
Sender will have to pay the fees as applicable for a NEFT or RTGS transaction.

Beneficiaries who have account with another bank will have to put in that bank’s IFSC code to receive the payment.

Soon Send and Receive money via Facebook Messenger

Soon you should be able to send your friends money in a message, similar to the way you send them a photograph. New reports suggest Facebook has built a fund transfer feature right into its Messenger app, and just has to turn on the feature which was unearthed by a novel hack.

Andrew Aude, a computer science student at Stanford, used IOS app exploration developer tool Cycript to turn on the feature. The new feature in Messenger will allow users to add a debit card in Messenger, or use the one they’ve already linked to their Facebook account in the past.

Facebook hasn’t turned on the feature yet, but has already built in security measures that will be required for secure in-app payments. The payment feature has propped up soon after David Marcus, former President of PayPal, took over as head of Messenger at the social network giant.

However, it’s now clear why  Facebook is looking to take on apps like Venmo, PayPal, Square Cash and other peer-to-peer money transfer apps. The company believes that the payments feature will help make Messenger successful, helping people share with each other and interact with businesses.

Instant Money Transfer(IMT service) to any Mobile number in India : Axis Bank

When it come to have Technology and Banking together then Private bank comes first .Axis Bank has innovative feature  of Instant Money Transfer (IMT) service for the Bank’s customer.
IMT is an innovative domestic money remittance service that allows you to send money to a receiver only by using the receiver’s mobile number. The receiver can withdraw money from an Axis Bank ATM with or without using a card. The receiver receives all the details required for withdrawal of the cash on his or her mobile phone You can use the service for any of these cases:-

• The receiver prefers cash
• The receiver needs money instantly / needs emergency cash

• The receiver doesn’t have a bank account
• When you don’t know the receiver’s bank account details
• The receiver is not within easy distance (to deliver cash or send a cheque by hand)

A sender will be charged Rs. 25 (inclusive of taxes) for every IMT transaction he or she issues to a receiver. Please note that there are no reversals of these charges in case the IMT expires or is cancelled.
There is no charge for cancellation of an IMT.
Limits
The following limits exist for IMT transactions:
Sender limit
Rs. 10,000 per transaction
Receiver limit (checked on his or her mobile number)
Rs. 25,000 per month

How It Works
Axis Bank customer can send money to any mobile number in India by providing the beneficiary’s mobile number, Amount to be transferred and setting the Sender’s code (The beneficiary would need this code to withdraw cash from the ATM).
How to Withdrawal
If the beneficiary has a Debit card (of any recognized Bank), he or she can withdraw the IMT by using his or her Axis Bank debit card. After inserting the card, the receiver can select IMT > WITHDRAW IMT and provide the following details:
Mobile number on which he or she has received the IMT details
The Sender’s code
The SMS code
The IMT amount

On validation of the above-mentioned details, the cash will be dispensed from the ATM.
If the beneficiary doesn’t have a Debit card (of any recognized Bank), he or she can perform a card less IMT withdrawal at any Axis Bank ATM. To do so, the receiver needs to register his or her mobile phone number at any of the Axis Bank branches (the registration process is described below). Once registered, the receiver will be able to withdraw any number of IMTs issued on his or her mobile phone without using a card. While registering, the receiver needs to provider KYC documents and register his or her mobile number. The list of documents acceptable for the KYC is:
Proof of address of the recipient (any one document):
Telephone Bill
Ration Card
Bank Statement
Electricity Bill
Letter from any recognised public authority
Letter from Employer
Letter from gram panchayat or any government official
Any other document acceptable to the bank

Photo identity proof (any one document):
Passport
PAN Card
Voter Identity Card
Driving License
Identity Card (Subject to Bank’s satisfaction)
Letter from recognized authority

Send and Receive money using GMAIL : Google Wallet

Till now E-mail attachment were used to send photos, videos and files but now you can  send money Google launched its e-mail service Gmail has plans to launch such a service. It is now being introduced in the U.S. When will it happen in India, will just have to wait for it. Earlier this service was mainly used on mobile device but now they have come to desktop version

Google has named this as  Google Wallet. This will act as your  vallet  which be will link with the user’s bank account. If desired, users can link your account with a debit or credit card, but in that case 2.9 per cent on every transaction fee will be charged. The U.S. roll out this service for users above 18 years of age and have it be able to use it. If you want to receive the money in your account to activate this feature. However, before such a service had started some websites, but they did not become Popular. When will it happen in India, is not known yet. Meet it by RBI norms.

How to send money
For this, a user should have a e-mail account with Google . Click on on Compose button in your inbox
Currently this feature is only available on New version of composing email of gmail Here you will find dollar sign. Click on the account or card to determine the amount you can send and thall all your money will be get transferred. Refer the Video for more detail

What is Google Wallet
The feature is in your Google Wallet account. India currently visiting, you can put your credit card or debit card details. Before buying any products from the App Store or Google may pay.