Society : Cashless Transfers – 1

I already knew about NEFT which requires us to know all the bank details of the beneficiary… like their bank account number and IFSC code. The money is transferred in scheduled batches.

If you have already added a beneficiary for NEFT, you can transfer funds instantly through IMPS.. any day and at any time. I learned this today.

If you want to give a cash gift to someone and you know only their phone number, you can still send them money. They will get a coupon number. You will get a coupon number and a passcode. You can secretly share the passcode with them over the phone or in person. They can go to the bank web-site and enter their bank details like account number and IFSC number, the coupon number and the passcode. The money will go into their account at once.

Each bank account has a unique number called an MMID. If you have an MPIN and you know your friend’s MMID you can send them a gift straight from yout bank account to their’s using your cell phone.

I don’t know if these systems work internationally. Like, can you send money to your parents in India or children abroad and stuff like that. (Paypal might still be the easy way to do this. I’m not sure.) And there are laws to learn about too. Just because you can send money might not mean you are allowed to.

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Paytm is becoming a payment bank ie a bank that can’t give loans. I think it might continue to work with Uber and for small payments, but there are issues with transferring money to banks (as reported by some merchants) and for refunds and certain cashbacks. And their deals and offers work sometimes only. I thought it was a winner, but I don’t recommend it anymore. When Uber makes it’s own wallet or accepts other wallets there will be no need to prefer paytm. 

Amazon pay balance is okay for buying books on kindle. Cashbacks and purchases need follow up.

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