How Digital Payment is Changing our Lives The Institute of Cost Accountants of India Chandigarh – Panchkula Chapter 9th June, 2018

What is Digital Payment ? Payments using electronic means without involving any physical cash Participants: Payment Service Operators : Banks, Wallets, NPCI, Gateways, Card Companies Sender : Customer Receiver : Merchant or Shopkeeper Regulator : RBI

Why Digital Payments ??? For Individual Most Convenient Secure Cost Effective For Economy Increased Revenues and Savings Reduction of Black money problem Increases Transparency Promotes Inclusive Growth

How Digital Payments is Changing Lives ? Physical Wallets getting replaced by Digital Wallets No Ques for payment of Utility Bills Emergency Payments No Banking Ques Increased Savings and Income Anytime Access to Account Ask a Farmer or Fruit Cultivator

Simple Digital Payment Cycle Example of Online Shopping

IMPS Digital Payment Modes

IMPS – Immediate Payment System Only system across the world performing at Level 5 of Faster Payments Innovation Index (FPII) beating UK, US & Japan The most convenient and secure Managed by National Payment Corporation of India (NPCI) Payment Modes includes: UPI, USSD, AEPS Also Integrated with Mobile Banking apps No need to remember account number or IFSC

Q & A CA. Pankaj Gupta FCA, MBA (Finance), M. Phil. (Management), NCFM Partner Vigyan Arora & Co. Chartered Accountants +91 9815901019 | capankaj@gmail.com