Electronic bill payment a reduction in processing costs minimizing paperwork and an increase in customer loyalty. In a 2003 study, the banks said that "customers who pay online show more loyalty and are more receptive to other offers". Electronic bill payment Electronic bill payment is a feature of online, mobile and telephone banking, similar in its effect to a giro, allowing a customer of a financial institution to transfer money from their transaction or credit card account to a creditor or vendor such as a public utility, department store or an individual to be credited against a specific account. These payments are typically
Mobile payment PIN for secure transactions. Fund transfer can then be initiated to other users or businesses. Settlement of funds happen in real-time, i.e. money is debited from payer's bank account and credited in recipient's bank account in real-time. BHIM UPI service works 24x7, including weekends and holidays. This is slowly becoming a very popular service in India and is processing monthly payments worth approximately $10 billion as in October 2018. There are four potential mobile payment models: Mobile payment Mobile payment (also referred to as mobile money, mobile money transfer, and mobile wallet) generally refer to payment services operated under financial