Internet and Mobile Banking

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1. Mobile Banking, refers to sms sending on customer’s request and without requests.


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3. The BHIM mobile app was developed by the National Payments Corporation of India (NPCI). It is based on the Unified Payments Interface (UPI).


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4. Bharat Interface for Money (BHIM) provides fast, secure, reliable medium to make digital payments through your mobile phone using UPI (Unified Payment Interface) platform via Mobile App and USSD (Unstructured Supplementary Service Data) platform via *99# service.


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5. The National Payments Corporation of India (NPCI) is set to launch its new block-chain based platform, which is named as ‘Vajra’. The new payment platform will be based on ‘Distributed Ledger Technology’ (DLT).
The platform is expected to make the payments secure and the transactions would be stored in a decentralised database. The bank nodes after receiving the requests from the Unified Payments Interface (UPI) will process them on the Vajra platform.


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6. WAP Banking refers to accessing secure online banking functions through a mobile device's browser. It is different from true mobile banking in which banking is done through an app installed locally in device.


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7. Unstructured Supplementary Service Data (USSD) allows users without a smartphone or data/internet connection to use mobile banking through the *99# code. USSD-based mobile banking can be used for fund transfers, checking account balance, generating bank statement, among other uses. The main objective of the innovative *99# payments service is to allow financial inclusion of the underbanked and economically weaker sections of the society, and integrate them into mainstream banking. The *99# service is also known as National Unified USSD Platform (NUUP).


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8. Access points are places or capabilities that are used to initiate or receive a payment. Access points can include bank branch offices, ATMs, terminals at the POS, agent outlets, mobile phones, and computers.


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9. QSAM (Query Service on Aadhaar Mapper) service helps user in knowing their Aadhaar Seeding status with their bank account. This service provided by NPCI can be availed by dialling *99*99#. With this, the user can know whether his/her AADHAAR number is seeded/linked to any bank account number or not. If yes, then with which bank and when it was last updated.


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10. Mobile Money Identifier is a 7 digit number, issued by banks. MMID is one of the input which when clubbed with mobile number facilitates fund transfer. Combination of Mobile no. & MMID is uniquely linked with an Account number and helps in identifying the beneficiary details. Different MMIDs can be linked to same Mobile Number.


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