Electronic bill payment 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 executed electronically as a direct deposit through a national payment system, operated by the banks or in conjunction with the government. Payment is typically initiated by the payer but can also be set up as
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