Features unique pull payment ability for merchants to enable cashless transactions
The USSD system of payments is a unique method that enables people who do not have access to a smartphone or internet data, to conduct digital wallet payments in an efficient and convenient manner, and works seamlessly on feature-phones as well as smartphones.
While smartphone penetration is increasing in the country, there is a vast majority of mobile users who still operate on feature phones. In this scenario, USSD based transactions become instrumental in enabling digital payments in India.
The Idea Money USSD Pull feature comes with the new and unique ‘Pull Payments’ ability for merchants allowing them to initiate receipt of payments from customers via their mobile numbers. Unlike in normal payment transactions that necessitate a customer initiating the entire flow of payment, Pull-based USSD enables a merchant to initiate the transaction flow and the customer only has to provide the OTP to the merchant, thereby making the transaction even more convenient. This platform also allows smartphone users, to pay retailers using *400#.
Commenting on the new feature, Mr. Sudhakar Ramasubramanian, CEO (Designate), Aditya Birla Idea Payments Bank Ltd, said, “With the unique USSD feature on Idea Money, our customers using simple feature phones will be able to digitise their payment habits and get access to features and benefits (promotions/cashbacks) of mobile payments. With Idea’s vast distribution network in India, and a strong customer base of nearly 200 million, we are confident that the new digital payment system will rapidly drive digital transactions in rural India.”
Unique USSD Pull Feature of Idea Money:
To on-board a large number of small-scale stores to start accepting Idea Money as a payment mode for purchase, a new merchant module has been built on the PPI platform. Merchants are on-boarded using their mobile phone number which is then linked to their bank account. On the menu, the merchant will have the option to pull payments.
A merchant simply needs to enter the following details:
· Merchant dials *400#
· Selects Pull Payment
· Enters Customer Mobile Number (Needs to be an Idea Money wallet-holder)
· Enters the Payment Amount
· 4-digit OTP received by the customer is entered in the USSD menu
· Transaction is completed. The Customer wallet is debited and Merchant wallet is credited with the payment amount
· The payment received is then moved to the Merchant’s selected bank account on the next day
Benefits of transacting via USSD on Idea Money:
Customer Features:
Send money to a registered or a new beneficiary through IMPS or NEFT
· Send money to Idea Money Wallet
· Bill payments: Mobile postpaid payments, Electricity, Gas subscriptions, Datacard, Credit card etc.
· Recharges: Mobile DTH, Datacard
· Personal: Check Balance, Mini statement, Change Mpin
· Pay to Merchant: Convenience store, hyperlocal outlets
· Exciting cashback offers available on bill payments, recharges etc.
Merchant Features:
· Simple process of creating customer id
· Simple cash in process
· Assisted Money Transfer to Bank or to Idea Money Wallet
· Assisted Bill Payments: Mobile postpaid, Electricity, Gas and other utilities
· Personal: Check Balance, Mini statement, Change Mpin
With the recently launched Idea Money’s Retailer Assisted Model, the company has been on-boarding online and offline retailers and merchants across geographies, allowing Idea’s 200 million customer base to use its digital wallet services effortlessly.