India Moving to Cashless Era | iServeU - Best AEPS, DMT, DMT Provider

India Moving to Cashless Era

The government of India is on a mission to curb cash and make the Indian economy cashless. But why? We are all so comfortable with carrying cash to almost everywhere then what is the need of going cashless? The main reason for this initiative is to catch all tax invaders who hide their income. The cashless Era will promote transparency and reduce our dependence on cash.  To promote the cashless economy, the government has brought many innovative banking solutions. The UPI system launched by the National payment corporation of India is very easy to use and it is as simple as sending SMS or texts on Whatapp. To incentivize UPI, QR codes, or other online payment modes, the government has come up with stretchable codes through which you’ll get some discounts and small amounts in your registered bank account. There are many benefits of going cashless like you can transfer funds round the clock, get discounts on online purchases, and you can track where all your money is going. But one of the major drawbacks of this era is a poor network and its unreachability to the rural region.

The widespread use of QR code

You might have seen those white and black printed codes almost everywhere. From scanning QR codes for the menu to scanning code for online payments, everything is now turning digital. After demonetization, you can find these codes posted on the walls of retail shops for money transfer. You just need to scan the code and do the payment. These express QR code with the auto settlement is an amazing money transfer method that decreased our dependence on cash. The famous QR codes we see these days are from PhonePe and GooglePay. But there are many business correspondents like iServeU is also offering custom QR codes for your business. Through these codes, you can promote your brand presence and redirect them to your bank account. One can choose from a savings account or a current account. There are many benefits of using QR codes and UPI methods for instant funds transfer.

Transactions through Virtual Payment Address

We are trying to decrease our dependence on cash that’s why we are using the UPI system. It offers two ways to transfer cash. One way is by scanning QR codes and another way is through a virtual payment address(VPA). It is a unique identifier that helps in tracking a person’s account. One can use  VPA to make payments or request the same through a UPI-enabled app. VPA in UPI  is a trending payment mode and one can use it for various purposes like bill payments, online purchases, money transfer, and much more. The best thing is you don’t have to share your information with anybody.

Process of using VPA:

  • Log in to a UPI-enabled app using VPA ( Your VPA must be linked with your bank account)
  • Enter your VPA and the amount you want to send
  • Enter the valid UPI PIN that was created by you to confirm that you are making the transaction.

 Benefits of using VPA

  • You don’t have to share any confidential information with anyone.
  • Through VPA make payments easily from any account registered with your mobile number.
  • You don’t have to create different VPA for different payments, only one VPA is enough for all the transactions.
  • You can track all your transactions.
  • Instead of entering the bank account details, you just need to enter the target VPA for fund transfer and it will be credited instantly.
  • Make online purchases instantly.

 How business QR code is beneficial for your business?

In this cashless era, businesses need to adopt new ways of payments. Business QR codes are one such way. Your personal business QR code can help to promote your brand and attract more customers. These codes are user friendly and help you to enhance the customer experience. Instead of carrying cash people are using smartphones for everything. Following the traditional way of payment will only result in losing customers.

How iServeU is helping the government to move towards a cashless economy.

 iServeU is a DIPP certified fintech company that offers financial solutions to the people of India with a mission to promote the government initiative of cashless India. iServeU agents are working in every corner of India and providing services round the clock. You can also make your shops into a mini ATM booth by using iServeU custom software and business QR codes. For more info, you can visit iserveu.in or call on toll free number: +918338088000.