payment system in india

Trying to provide its clients with the most comfortable conditions for working in the Forex market, LiteForex group of companies enlarges the set of payment systems and starts to cooperate with OKPAY, an e-currency and payment service provider.

We’re happy to announce now that the set of payment systems enabling our clients to deposit and withdraw funds to and from their accounts has been enlarged with one more reliable and quality service offered by OKPAY payment service provider. Its range of features is quite large and the level of personal information and transaction protection is very high.

OKPAY payment system offers its clients huge possibilities for working with money. These are the methods of depositing and withdrawing funds OKPAY can provide the account holders with: Bank Wire, Electronic Currency and Certified Exchange Partners. Bank wire is the most secure method of transferring funds that permits OKPAY clients to get their money in the shortest possible time. Electronic transfers enable a client to deposit his account with different e-currencies at maximum speed.

LiteForex’s clients enjoy great advantage when depositing their trading accounts via electronic payment systems: they pay payment system fee only. OKPAY charges minimum commission: internal transfer fee constitutes 0,5%, deposit fees for wire transfers constitute 0%.

OKPAY pays interests on the client’s account funds and makes it possible to link a user’s bank card to his account. A partner program permitting to link e-currency exchange partners to the system is also provided.

OKPAY’s reliability is guaranteed by bank accounts whose deposit is equal to the deposit on clients’ accounts. The system provides friendly technical support service.

LiteForex group of companies means to go on enlarging possibilities of using electronic deposit and withdrawal methods. Cooperation with OKPAY is another step to ensuring modern quality service that meets the world standards. More detailed information on using this electronic payment system is available in Trader’s Cabinet.

The Kolkata Traffic Police started an online payment system facility through a portal and an SMS

The Kolkata Traffic Police started an online payment system facility through a portal and an SMS based information exchange service for traffic related problems.
People can now make their traffic related payments online form home and can receive all their traffic related information through SMS on their mobile. Inaugurating the project Kolkata Police Commissioner Goutam Mohan Chakraborty said"the people will have to send an SMS to Kolkata Traffic police on 56767 giving the vehicle no and the engine no and all cases relating to the vehicle will be sent immediately to the person on his mobile"Chakraborty."This will not only save time but relieve the person from unnecessary harassment"Chakraborty added."Apart from this we are trying to a launch a system where the person will not have to go to the traffic guard for the seized documents rather we will sent those documents through courier. An additional charge will be paid for this purpose"Chakraborty said. The kolkata police is also thinking of a system termed'Car Pooling'which will reduce the traffic burden on the roads of the city during school hours.

National Payment Corporation of India is providing Interbank Mobile Payment system Service

National Payment Corporation of India is providing Interbank Mobile Payment system Service with seven banks viz, State Bank of India, ICICI Bank, Union Bank of India, Bank of India, Yes Bank, Axis Bank, HDFC Bank. The service allows a customer in one bank to remit funds to an account holder in another bank. Mobile phone is used as a service delivery channel of the member banks. For providing this offer, the bank needs to have authorization from Reserve Bank of India and has to be admitted as a member of IMPS. Till 31st March 2011, NPCI will be providing the service to the member banks free of charges. Thereafter switching fee of Rs. 0.25 per transaction will be levied by NPCI to member banks. Member banks may levy a fee on the customers as per the policy formulated by them. However for the present, they have also been providing this service free of charges

India will allow fund transfers between different banks

A New mobile retail payment system backed by some large banks in India will allow fund transfers between different banks and the use of SMS to make transactions from even low-end phones, features that are expected to make the system popular with consumers.

Because the Interbank Mobile Payment System from National Payments Corporation of India (NPCI) can support transactions from even low-end phones, the service will be accessible to a larger number of Indian consumers.Until now mobile phone banking transactions in India were mainly possible between account holders of the same bank, Hota said. The new service will give a boost to mobile phone banking, as customers will be able to conduct transactions with account holders in other banks.

RBI drafts guidelines on mobile payment system in India

Mobile phone owners would soon be able to transfer their funds from their accounts through mobile phones. The Reserve Bank of India (RBI) has drafted the operating guidelines for mobile payment systems in India.Mobile phone payment system in india is increasing

According to the draft, mobile phone users who have basic phones will be able to make transactions through their mobile in the future. RBI has also permitted to use SMS based service for small transactions up to INR 15000. RBI has also asked all banks to make their mobile banking services for all mobile networks. The RBI has suggested banks to issue a separate mobile based PIN number which will be completely different from Internet banking passwords and to use dual authentication method for security purpose. The guidelines not only comprises know-your customer and anti-money laundering guidelines but also recommends that bank explicitly state the risks to the customer and also get them to sign a contract before the service is adopted.

RBI plans new Payment Systems

One of the Indian Sectors which is truly consumer oriented and technically advanced is Banking. Reserve Bank Of India (RBI) is behind the scenes in getting Indian Banking domain to the world class and highly competitive with very many new systems and continues to play an important role in introducing customer service initiatives. The recent steps taken in various payment system segments include – verified card payments (increasing card security), ATM payments (increasing accessibility to the public, bringing transparency and reasonableness in charges), rationalising charges for electronic payments (NEFT / RTGS) and collection of outstation cheques, mobile payments, pre-paid payment instruments, etc.

RBI plans new Payment Systems - New RTGS, India MoneyLine, Mobile Payment Infra, India Card - rival to Visa and MasterCard

Now, RBI in its report “Payment Systems in India: Vision 2009-12″ has unveiled its new projects. Here are the details:

1. Implementing a new and feature rich RTGS system : For scaling the existing the RTS facility with latest technologies for more flexibility in operations and better liquidity saving features.

2. India MoneyLine – A 24×7 system for one-to-one funds transfers – The existing NEFT system operates during weekdays from 9 am to 5 pm and on Saturdays from 9 am to 12 noon. With “India MoneyLine”, RBI is considering to extend NEFT to function on a 24×7 basis or to develop a new system akin to the Faster Payments Service in the UK which operates on a 24×7 basis.

3. India Card – A domestic card initiative – RBI is actively looking at introducing a domestic payment card (India Card) and a PoS switch network for issuance and acceptance of payment cards. The need for such a system arises from two major considerations

(a) the high cost borne by the Indian banks for affiliation with international card associations in the absence of a domestic price setter

(b) the connection with international card associations resulting in the need for routing even domestic transactions, which account for more than 90% of the total, through a switch located outside the country — the value of credit card transactions were Rs.65,356/- crores in 2008-09, a 100 per cent jump in the last three years. This means almost Rs 60,000 crore was settled outside India through Visa and Mastercard which act as the payment link on behalf of the bank, merchant and card holder. Debit card transactions amounted to Rs 18,547 crore in 2008-09.

So, this new initiative by RBI makes high sense and its very timely. The Indian Banks Association is also in favour of setting up a payment card. If everything has to go as planned, then we might see this new RBI card as a major rivalry to the existing Visa and MasterCards.

All About Online Payment System

When the Internet started growing in popularity, barriers between knowledge and communication were broken. The Internet also brought around the existence of shops - e-shops or virtual shops - that only existed on the Internet. You could go to these shops by using online payments. Once the payment was approved, the products were delivered to you. This was convenience at its best.

An online payment system has its own benefits. Recently, the online payment system has emerged to be extremely successful and popular. This is due to several reasons. Not only is it fast and easy but this method of transaction is solid and safe as well. Initially, when the online payment system was introduced a lot of people were skeptical about using it because they thought that the internet was not a safe medium to be exchanging money and other valuable possessions. However, there have been many new developments in this system to make it safer and more trustworthy. This has greatly increased the usage of the internet as a medium to make quick and easy transactions. Not only has this changed the way the world makes payments now, it has also made it a lot more efficient.

Credit cards and smart cards have become highly popular these days and the most common forms of online payment nowadays. This means that you can access your credit and mange your account with ease and make the entire process a lot easier. This makes everything simpler. Also nowadays, there are many means by which your account is protected online so that no one can trespass into your private information. This online payment system makes paying bills a simple task. Managing your credit card also becomes fairly simple with this system of paying online. In addition to credit cards, there are smart cards as well which are similar to credit cards with the only difference of having an 8 bit microprocessor. It takes the online payment system to the next level by making use of electronic cash instead of real money. It transfers this electronic cash from the account of the consumer into the account of the seller.

Taking online payments does have its challenges, however. One of the downfalls of using credit cards online is the possibility of credit card fraud. This fraud can happen in two different ways. The first involves the company on whose website you are making the payment. The company could be fraudulent by taking the payment but not delivering the products. The company also could use the details that you provide about your credit card for fraudulent activities.

Another type of fraud happens when criminals use different types of software and devices to steal the details of credit card payments as you put them in the website's payment form. This software typically is known as spyware and the criminals installing it are spies. Spyware works by capturing your typing and taking pictures of whatever you do online. The spyware then passes the information on to the criminal. There are different programs that you can use to counteract the spyware and protect your computer and your information.

Fake Notes From ATMs -Beware!!!

Sources in RBI said that it had conducted a study is association with the police departments of different states on the number of detections of counterfeit notes.The study revealed that about 99 per cent of counterfeit note cases pertained to big branches in the metro or industrial urban areas. Again over 80 per cent of this 99 percent were detected in new generation private sector banks.The next time you visit an ATM to withdraw money, be careful as cases of ATMs dispensing fake notes are being reported from across the country. And a common refrain by customers is that the banks have turned their backs on them.

Alarmed by the complaints, the Reserve Bank of India has made it mandatory for the currency chest branches of all banks to have verification and sorting machines. Some of the ways that would the customers to get rid of this trap is as follows:

Tactile Clues
In a Rs 500 note, a circle-shaped mark in intaglio on the left of the watermark window helps the visually impaired identify the denomination. The shape varies with the denomination: Rs 20, vertical rectangle; Rs 50, square; Rs 100, triangle; Rs 1000, diamond. This feature can be imitated, but in a poor fake, the shape of the mark could be wrong.

Intaglio Painting
Mahatma Gandhi’s portrait, the RBI seal, the guarantee and promise clause, the Ashoka Pillar Emblem on the left and the RBI Governor’s signature are all printed in intaglio, that is, raised print. If you gently run your fingers over a genuine note, you can feel the raised print. Since intaglio printing is prohibitively costly, counterfeiters have not been able to reproduce it.

Security thread
A readable security thread lies to the left of the Mahatma’s portrait. On the obverse, it’s discontinuous with the inscriptions ‘Bharat’ (in Hindi), and ‘RBI’. On the reverse, it’s fully embedded with the two inscriptions appearing alternately. A real note should have a security thread that is silver and woven. In a fake, the thread stands out unevenly on the obverse and on the reverse, the colour is blackish.