The recent times have witnessed an exponential rise in the globalization of businesses. As such, thesolutionsdemand for easier and faster payment has catapulted. It is estimated that India alone would have yearly digital transactions worth $1 trillion by 2025. India’s smartphone usability will double by 2022 and reach up to 600 million. With commercialization at its peak, there is a need for an instant deal between consumers and merchants.
The use of cash poses several challenges to the people as well as government. Since cash is a physical instrument, it requires printing, storage, transport, and security. All of these functions require maintenance and hence the expenses which come with it. Even the banks have to install ATM counters which require security and maintenance. Also, with the digitization of currency and the hassles that come with the owning of hard cash, real-time transactions have become very popular. The only hurdle now remains the availability of internet in every corner of the country. With that being taken care of too, a cash-free India does not seem a distant reality. Why cash may soon become obsolete
Research the POS provider. Look for well-established companies that are known to the business community as reliable and honest. The company should have references, provide after-hours technical support, provide warranty protection, assist with incorporating the system in the business, and are up-to-date on software and new features. Software, hardware, and services should be from one company. This avoids any future problems when trying to get glitches resolved. You may also be offered a deal. What is RTP or UPI?
A typical Person to person real-time payment is carried out through a series of payment messages. The sender sends a payment instruction via a payment channel approved by the financial organization or bank.This instruction then goes to the bank where it is ensured that the funds requested are available. The instruction is then sent to the receiver’s bank via a secure RTP core infrastructure which validates the transaction. The receiving bank acknowledges the message and sends a message back to the RTP core infrastructure accepting or rejecting the transaction. When approved, the bank initiates the payment to the receiver’s account and the transaction is complete. All this happens in real time. How Real-time payments work
Apart from the obvious benefits of instant money transfer, there are many other advantages of RTP. Real-time payments improve liquidity. It helps businesses in their daily operation by speeding up the process and making transaction simple, safe and secure. RTP ensures better cash management of merchants and consumers as well as financial institutions. Potential benefits of real-time payments
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