INTRODUCTIONThe IT industryis playing a pivotal role in the banking sector; it has become a helping handto them in catering the needs of its customers. Even though online banking hasexisted since 1980s, it gained its popularity mainly during crisis created byvarious external factors such as political, economic, etc. In the recent timesthe boom in banking sector was due a political factor, it has created cravingfor more development in the banking sector. The outcome of that is thesubstantial growth in E payments. Banks rely ongathering, processing, analyzing, and providing information to meet the needsof customers. The importance of information in banking is not surprisingly anynew, banks were among the oldest adopters of automated information processingtechnology. The visible benefits of IT in the banking sector in India are quitewell known.

There is ‘Anywhere Banking’ via Core Banking Systems, ‘AnytimeBanking’ via new, 24/7 on 365 days accessible delivery channels such asAutomated Teller Machines (ATMs), and Net and Mobile Banking. In addition, IThas enabled efficient, accurate and timely management of the increasedtransaction volume that comes with a larger customer base. It has also guidedthe movement from class banking to mass banking.

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Demonetizationand its influence on e-portalsThe government’sdemonetization exercise announced on November 8 has given a huge push todigital payments in the country. Multiple factors and parallelinstitutional and behavioral trends seem to be powering India’s transitiontowards a less-cash economy. The rapid penetration of smartphones and spread ofinternet connectivity on mobiles, digital payment servicesprovided by non-bankinginstitutions and the rise of the fintechsector, consumer expectations of one-touch payments, and progress inregulatory governance and tax breaks, have altogether shaped India’spayments landscape in favor of digital solutions.

 Objectives of the study1.     To know the benefitsof E Banking.2.

    A comparative studybetween famous e portal Paytm and BHIM.Research MethodologyTo understand the benefits of E Banking Various Secondary Sourceslike internet; various websites, e newspapers, and blogs were referred.To analyze and compare the E Portals Primary Data was collectedthrough a questionnaire method. (Shall I paste myquestionnaire here?)Limitations1.     Convenientsampling method was used to collect data.

2.    The respondentswere restricted to the area of Secunderabad.3.    Size of thesample does not have to reflect the population opinion. E PortalsThe emergence of technology in this mostdynamic industry has helped in increasing the speed and efficiency of bankingoperations by facilitating the emergence of innovative products and newdelivery channels Wider usage ofmobiles and internet is playing a major role in blurring the physicalboundaries, and unlocking a whole new world of opportunities for banks bytapping newer customer segments and in recording greater volume of transactionsDigital paymentsrefer to electronic transactions, which include payments made for the goods andthe services that are bought over the internet, mobile payments atpoint-of-sale (PoS) through a smartphone applications (apps), and from peer-to-peertransfers.Online or mobilewallets Online wallets are used via the internet and through smartphone applications. Money can be stored on the app via recharge by debit or credit cards or net banking. Consumer wallet limit is Rs 20,000 per month or Rs 100,000 per month after KYC.

The merchant wallet limit is Rs 50,000 per month after self-declaration, and Rs 100,000 after KYC verification. Facilitates P2P fund transfers. Prepaid credit cards Pre-loaded to individual’s bank account. It is like a gift card; customers can make purchases using funds available on the card – and not on borrowed credit from the bank. Can be recharged like a mobile phone recharge, up to a prescribed limit.Debit/RuPay cards These are linked to an individual’s bank account.

Can be used at shops, ATMs, online wallets, micro-ATMs, and for e-commerce purchases. Debit cards have overtaken credit cards in India. In December 2015, there were more than 630 million debit cards as compared to 22.

75 million credit cards.AEPS The Aadhar Enabled Payments uses the 12-digit unique Aadhaar identification number to allow bank-to-bank transactions at PoS. AEPS services include balance enquiry, cash withdrawal, cash deposit, and Aadhaar to Aadhaar fund transfers.USSD Stands for Unstructured Supplementary Service Data based mobile banking.

Linked to merchant’s bank account and used via mobile phone on GSM network for payments up to US$77.68 (Rs 5,000) per day per customer.UPI The United Payments Interface (UPI) manages to be a system that powers multiple bank accounts onto a single mobile application platform (of any participating bank). Clubs multiple banking features, ensures seamless fund routing, and merchant payments. Facilitates P2P fund transfers.

 The new apps aim to ease thetransfer of funds across India, especially in rural communities, and moreimportantly, seek to facilitate a behavioral change towards the greateradoption of cashless services. As such, the digital payments industry is fastbecoming a highly attractive destination for foreign investors keen toestablish a foothold in India.