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Showing posts with label fintech. Show all posts
Showing posts with label fintech. Show all posts

Wednesday, 26 June 2019

How to use UPI: Unified Payments Interface ?

UPI :Unified Payments Interface

UPI Unified Payments Interface

Unified Payments Interface (UPI) is a system that powers multiple bank accounts into a single mobile application (of any participating bank). UPI works by instantly transferring funds between two bank accounts on a mobile platform.

UPI is controlled and regulated by NPCI(National Payment Corporation of India).UPI launched on 11th April 2016 by the Reserve Bank of India Governor Dr.Raghuram G Rajan at Mumbai with the aim of Cashless India.

How to Use UPI service?

Any UPI client app may be used and multiple bank accounts may be linked to single app. Official UPI app launched by NPCI is BHIM or Bharath Interface for Money.Anyone with a bank account + registered mobile number + debit card can use BHIM app.

How to transact using BHIM?

Step1:Download and install the App from Paystore or iOS app store.

Step2:Select the mobile number linked to your bank account, in case you are using a dual SIM phone

Step 3:Enter your bank Account
Up on selecting SIM an SMS will be send to verify your mobile number. After verification you will be asked to enter your bank account number.

Step3:After validating your bank account and mobile number you will be asked to set a four digit Passcode.

Confirm your Passcode and proceed.
Step5:Select bank account enter and enter last six digit of your ATM/Debit card and validity

Step6:After validating ATM/Debit card details and OTP will be received .Enter  OTP and set 4 digit UPI PIN.

Now app is ready to use.

STEPS to use UPI through USSD service *99#

It is not necessary to have an internet enabled smart phone to use avail UPI services. You can transact using UPI through USSD service.

Apart from BHIM UPI app almost all banks operating in India have their own mobile banking application with UPI integration.

Performing a UPI Transaction:Sending money using virtual address

  1. User logs in to UPI application
  2. After successful login, user selects the option of Send Money/Payment
  3. User enters beneficiary’s/Payee virtual id, amount and selects account to be debited
  4. User gets confirmation screen to review the payment details and clicks on Confirm
  5. User now enters UPI PIN
  6. User gets successful or failure message

Requesting money:

  1. User logs in to his bank’s UPI application
  2. After successful login, user selects the option of collect money (request for payment)
  3. User enters remitters/payers virtual id, amount and account to be credited
  4. User gets confirmation screen to review the payment details and clicks on confirm
  5. The payer will get the notification on his mobile for request money
  6. Payer now clicks on the notification and opens his banks UPI app where he reviews payment request
  7. Payer then decides to click on accept or decline
  8. In case of accept payment, payer will enter UPI PINto authorize the transaction
  9. Transaction complete, payer gets successful or decline transaction notification
  10. Payee/requester gets notification and SMS from bank for credit of his bank account

Other Popular UPI app

1. Paytm
Paytm was founded in 2010 by Vijay Shekhar as didgital wallet. After the introduction of UPI they have integrated all UPI services in their existing app.

2.Google pay(formerlyTez)

Google pay is a system developed by Google to power in-app and tap-to-pay purchases on mobile devices, enabling users to make payments with Android phones, tablets or watches.You can use Google pay as a digital wallet as well as a UPI app.Google pay is one of the most popular UPI app in India


PhonePe is a financial technology company headquartered in Bangalore, India. It was founded in December 2015. It provides an online payment system based on Unified Payments Interface (UPI).Phonepe app is also a popular UPI app after googlepay.

BHIM QR payment system

Almost all UPI apps now support QR code based payments system. in QR code payment you need to scan a QR code instead of entering recipient VPA. 

Once you install the app and register yourselves , you can generate two types of QR Codes:
  • A dynamic one-time unique QR Code for a fixed amount
  • A static code for any amount
A dynamic one-time unique QR Code for a fixed amount:You can generate a dynamic QR code for receiving a certain amount from a person.You have to opt for request money.
Under request money you will get 'Generate QR code' option as shown below. Payment request can be directly send by entering UPI ID of payer or else you can generate QR code. 
dynamic BHIM qr code
Enter amount and press generate QR code

You can share QR code with the payer or he/she can directly scan the QR code from his/her UPI app and make the payment instantly.
static bhim qr code

For getting static QR code go to your profile. There you can download/share your QR code. This can be used for receiving any amount.

BHIM QR generation
As government of India is focusing on cashless economy , BHIM and UPI is expected to gain wide popularity among its citizens.

Thursday, 14 December 2017

Origin of Bitcoin and mystery surrounding it

How Bitcoin originated and who created it?

how and who created bitcoin and mystery behind bitcoin

Bitcoin originated in 2009.Since then Bitcoin has experienced significant highs and lows. Last week, the cryptocurrency surpassed an $16,000 evaluation for the first time in history. Bitcoin is considered the preeminent cryptocurrency in the world. There's plenty of mystery surrounding its creation.Who created it ,how it is created etc..

Here is the timeline of Bitcoin,
In 2008, the first inklings of bitcoin begin to circulate the web. In August 2008, the domain name was registered online. Two months later, a paper entitled 'Bitcoin: A Peer-to-Peer Electronic Cash System' authored by ‘Satoshi Nakamoto’.But who is this Satoshi Nakamoto.Identity of Satoshi Nakamoto is still unknown.It may be a single genius or a group of talents who like to stay anonymous for number of reasons.

Bitcoin runs through an autonomous software program.Bitcoin is just one among thousands of cryptocurrency.

In 2010, a handful of merchants started accepting bitcoin in lieu of established currencies.
The cryptocurrency began attracting interest from tech elites, as well. In 2012, Cameron and Tyler Winklevoss purchased $10 million worth of bitcoin, and, in less than a year their investment had more than tripled. It's been estimated the Winklevoss twins own 1% of all available bitcoin.

In 2011, the Silk Road, an online marketplace for illegal drugs, launches. It uses bitcoin as its chief form of currency.

Two years after its origin, the mysterious figure known as "Satoshi Nakamoto" disappears from the web.

Google "Satoshi Nakamoto" and the results will lead you straight to image after image of an elderly Asian man. This is Dorian S. Nakamoto, named "Satoshi Nakamoto" at birth. He is almost 70 years old, lives in Los Angeles with his mother, and, as he has reminded people hundreds of times, is not the creator of Bitcoin.

The Craig Wright controversy:In 2016, Australian entrepreneur Craig Wright claimed to be the creator of Bitcoin and provided disputed code as proof. But finally he also withdrew.

In the course of determining the identity of Satoshi Nakamoto, there's one person who has been thumbed again and again: hyper-secretive cryptocurrency expert Nick Szabo, who was not only fundamental to the development of Bitcoin, but also created his own cryptocurrency called "bit gold" in the late '90s.

In 2014, a team of linguistic researchers studied Nakamoto's writings alongside those of thirteen potential bitcoin creators. The results, they said, were indisputable. “The number of linguistic similarities between Szabo’s writing and the Bitcoin whitepaper is uncanny," the researchers reported, "none of the other possible authors were anywhere near as good of a match."Szabo firmly denied these claims, both in The New York times story and in a tweet: "Not Satoshi, but thank you."

Recently , Tesla and SpaceX founder Elon Musk denied being Bitcoin's creator. 

Nakamoto has written extensively about Bitcoin, authoring close to 80,000 words on the subject in the course of two years. His work reads like that of a native English speaker. Judging by Nakamoto’s spelling, and his use of British colloquialisms, it's thought he might hail from the UK. The timing of his posts seem to indicate this fact as well: It's been pointed out that Nakamoto posted during UK daylight hours.

The Wikipedia entry on Satoshi Nakamoto names at least 13 potential candidates as being responsible for the creation of Bitcoin.

Why would the inventor of the world's number one cryptocurrency choose to remain anonymous?It might have number of reasons.

History of such currencies are not quite good.

In 1998, Hawaiian resident Bernard von NotHaus dabbled in a fledgling form of currency called "Liberty Dollars" to disastrous results: He was charged with violating federal law and sentenced to six months of house arrest, along with a three-year probation.

In 2007, one of the first digital currencies, E-Gold, was shut down amid contentious circumstances by the government on grounds of money laundering.

If the inventor of Bitcoin wants to remain anonymous, it's for good reason: by maintaining anonymity, they've avoided adverse legal consequences, making their anonymity at least partially responsible for the currency's success.

Besides, one of the founding principals of Bitcoin is that it's a decentralized currency, untethered to conspicuous institutions or individuals. In his original proposition on Bitcoin, Nakamoto wrote, "What is needed is an electronic payment system based on cryptographic proof instead of trust, allowing any two willing parties to transact directly with each other without the need for a trusted third party."

A closer look at one of Nakamoto's original postings on the proposal of Bitcoin sheds some light on his possible motivations.

In February 2009, Nakamoto wrote, "The root problem with conventional currency is all the trust that's required to make it work. The central bank must be trusted not to debase the currency, but the history of fiat currencies is full of breaches of that trust. Banks must be trusted to hold our money and transfer it electronically, but they lend it out in waves of credit bubbles with barely a fraction in reserve. We have to trust them with our privacy, trust them not to let identity thieves drain our accounts."

Even after 9 years of its creation , brain behind bitcoin is still a mystery.

Read Bit coin original Whitepaper:
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