#DFS, UPI, OTP

 

 DFS(Digital Financial System)

Now a day’s era is also called Digital Era. So financial services are also are upgrading in digitize way.it provides digital services to the people through new technologies like internet, mobile phones , tablets , and transfer of money through new digital channels(like Paytm, Phonepay , Googlepay) etc. 

it provides services door to door and 24x7 . these services are saving our time and pay bills , book tickets, link bank accounts etc.

Digital financial tools

• UPI
• OTP
• USSD
• POS
• e-Wallet
• Net Banking
• Mobile Banking
• Online Bill Payments etc.

UPI

It stands for Unified Payment Interface  it merge banking services and options underneath one platform . it  provides multiple bank accounts in to a single application. With a UPI enabled bank account you can transfer money . it runs 24x7 and 365 days. 

UPI id is shown as xxxxxxxxxx@upi . it begins with your mobile number and followed by @ symbol. NPCI launch a pilot project with 21 member banks in 11april 2016.

OTP 

It  stands for one time password and also called One time Pin. It is a password that is valid for single login session. OTP provides better security to the users.and now a days In many services it is used. It is automatically generated numeric or alphanumeric string or characters that authenticates the user for one transaction or login session.it length is 6 to 8 digits.

There are 2 ways to produce OTP

SMS- based

When the user login they received a text message to their registered mobile number that contain an OTP.

TOTP-based

it Stands for Time based OTP (TOTP).In this two factor authentication , the user is asked to scan or QR image using a Specific Smartphone application.

AEPS

Adhar Enable Payment System is developed by NPCI (National Payment corporaton of India). It permits user to used Micro-ATM and Provide facility to transaction with the help of Iris and fingerprint scanning. 

It means with the help of ADHAR Number you can get Money. In this people don’t need to mention their bank account details to hold out these transactions. This system works on a centralized server.people ought not to furnish their Debit/Credit card for making transaction through AePS.