from cash to cashless

From Cash to Cashless

Methods, Advantages & Safety Tips

Mudit Shukla, Indian Oil Corp. Ltd

© Indian Oil Corp. Ltd, Mudit Shukla 1

Agenda

• Methods to go Cashless (with Demos)

• Vulnerabilities (with Case Studies)

• Safety Tips


Methods of Cashless payment

• UPI

• eWallets

• USSD based Mobile Banking

• AEPS

• Bank Cards


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


*Data in slides 6-13 from Niti Ayog website


*Demo on how to use UPI on your mobile


Demo eWallet


USSD

• Unstructured Supplementary Service Data based Mobile Banking

• Can be used on non-smart phones without Internet

• *99# - National Unified USSD Platform (NUUP)


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


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.


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


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)


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


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


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


Thank you

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