From Cash to Cashless
- 1. From Cash to Cashless Methods, Advantages & Safety Tips Mudit Shukla, Indian Oil Corp. Ltd © Indian Oil Corp. Ltd, Mudit Shukla 1
- 2. Agenda • Methods to go Cashless (with Demos) • Vulnerabilities(with Case Studies) • Safety Tips © Indian Oil Corp. Ltd, Mudit Shukla 2
- 3. Methods of Cashless payment • UPI • eWallets • USSD based Mobile Banking • AEPS • Bank Cards © Indian Oil Corp. Ltd, Mudit Shukla 3
- 4. UPI: Unified Payment Interface • Infrastructure provided by NPCI (National payment Corporation of India) • Banks have made their mobile apps based on UPI • Enables cashless payment © Indian Oil Corp. Ltd, Mudit Shukla 4
- 5. *Data in slides 6-13 from Niti Ayog website © Indian Oil Corp. Ltd, Mudit Shukla 5
- 6. *Demo on how to use UPI on your mobile © Indian Oil Corp. Ltd, Mudit Shukla 6
- 7. © Indian Oil Corp. Ltd, Mudit Shukla 7
- 8. Demo eWallet © Indian Oil Corp. Ltd, Mudit Shukla 8
- 9. USSD • Unstructured Supplementary Service Data based Mobile Banking • Can be used on non-smart phones without Internet • *99# - National Unified USSD Platform (NUUP) © Indian Oil Corp. Ltd, Mudit Shukla 9
- 10. © Indian Oil Corp. Ltd, Mudit Shukla 10
- 11. © Indian Oil Corp. Ltd, Mudit Shukla 11
- 12. AEPS • Aadhar enabled payment system • AEPS allows bank-to-bank transaction at PoS (MicroATM) with the help of BC • Only Aadhar needed, Bank A/c to be seeded with Adhar • Aadhar enabled Services • Balance Enquiry • Cash Withdrawal • Cash Deposit • Aadhaar to Aadhaar Funds Transfer © Indian Oil Corp. Ltd, Mudit Shukla 12
- 13. © Indian Oil Corp. Ltd, Mudit Shukla 13
- 14. Types of Cards • Pre-paid Cards • Pre-loaded from your bank account • Safe to use, limited amount of transaction • Can be recharged like mobile recharge • Debit Card • Linked to your bank account • Used to pay at shops, ATMs, wallets, microATMs, online shopping • Credit Card • Not necessarily linked to your bank account • Come with a maximum monthly cap on usage • Usage similar to Debit Card • Monthly payment cycle • Advantage in case of fraud. © Indian Oil Corp. Ltd, Mudit Shukla 14
- 15. Advantages of UPI over Wallet • Lowest transaction charge 0.50paise per transaction. * • Removes necessity of transacting with your card/ storing card details in the app • Instant Money transfer directly to Bank Account • 365 days, 24x7 availability on IMPS platform • One UPI App many Bank accounts • Instant registration of payee – no wait time • eWallet – need to recharge the wallet also you loose the interest © Indian Oil Corp. Ltd, Mudit Shukla 15
- 16. Vulnerabilities of Cashless Payment • Password Threats (can be easily hacked if lesser comples) • Risk of Being Hacked over network/ Bank data leak (32 lakhs bank card details hacked) • Additional Cost (transaction charges, internet charges, credit card service charges etc) © Indian Oil Corp. Ltd, Mudit Shukla 16
- 17. Case Studies • BBC Case study on Cloning Credit Card • How Credit/ Debit Card information is sold online (The How to Guide) • How to spot a credit card skimmer © Indian Oil Corp. Ltd, Mudit Shukla 17
- 18. Banking Safety Tips • Register your mobile number at bank for regular information by SMS for every transaction • Never share your PIN to anyone • Transact at only trusted merchants • While at ATM, ensure no one is looking over your shoulders, check for card skimming device • Change your internet banking password, ATM pin etc regularly • Always keep long difficult passwords • Never transact on Public or Open Wifi internet e.g. Airports, Hotels • Never save your Credit/ Debit Card details on websites, wallets, eCommer portals • Always logout from websites, app where you have made online payment © Indian Oil Corp. Ltd, Mudit Shukla 18
- 19. Mobile Phone Safety Tips • Note down your Mobile IMEI code: *#06# and SIM card no. • Install these 2 apps: • Locate my mobile • Erase the data • In case of theft • Erase the data using app & trace the last location • Immediately lodge an FIR with IMEI & SIM No • Get the SIM Blocked © Indian Oil Corp. Ltd, Mudit Shukla 19
- 20. Thank you . © Indian Oil Corp. Ltd, Mudit Shukla 20