Common types of Epayments currently in India are: Credit Card, Debit Card, Epayment of Government Taxes, Electronic Clearing Services(ECS-Debit), Electronic Clearing Services(ECS-Credit), RTGS and NEFT.
Further, this can be classified into two types: Push-Amount is credited to the beneficary's account by a specfic action of the Remitter, each time. Examples are Credit Card, Debit Card, Epayment of Government Taxes, ECS-Credit, RTGS and NEFT.
Pull-Amount is debited from the Remitter and credited to the beneficary, basing on a Standing Instruction. Example is ECS-Debit.
Of the above two, the PUSH type is secure from the remitter's views, whereas the beneficaries viz EMI Recovery, Utility Bills prefer PULL type. Hence, customers should be inclined towards PUSH, rather than PULL
The major advantage of Epayments is the flexibility to the customers, apart from cost-saving to customers and financial instituions.
1 comment:
The biggest problem with e-payment is:-
1. First of all Attitude of the banker is the stumbling block for e-payments. Bank managers do not encourage this mode. They cite hundred reasons to shoo away customers.
2. Secondly, lack of training is a hurdle for E-banking. With lack of training, the old hands at the bank do not encourage this mode. Even managerial staffs in most banks do not possess the knowledge to handle RTGS.
4. Thirdly, Connectivity is the next big issue. Most part of the 7 working hours are spent without connectivity. SBI is the biggest culprit in the matter of connectivity, as its gateway is perpetually besieged with connectivity problems.
6. Fourthly Bank holidays are a stumbling block with E-banking, especially RTGS payments. Once we are used to this method, the numerous and unwanted bank holidays put a spoke in the working of all trade and industry.
7. Most banks have imposed a limit of Rs 1.00 lakh on transfer to third parties, when one used e-transfer.
8. Most banks do not have the software support to permit customers to do e-transfer to third party accounts in different banks.
9. When payments by NEFT and RTGS are done, the recipient does not receive details of the payments, which leaves in doubts about the source of payments. There is no system to get details of payment received. People simply forget to send details of payments made, and the recipient is left to wonder and spent valuable le time and energy to get the details.
Capt Lingaraju BL
Dated 10th Oct 2008
The writer has narrated the above based on his experience of handling RTGS since Aug 2008 as a customer, where in he is required to transfer funds from a PSU bank to SBI a/c of a PSU Company every day. He also receives payments through NEFT from the same PSU.
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