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hello my dear friends this is fashion mommy here and I welcome all of you in today's special video lecture that is on digital payment system now the reason I'm I have made this video is purely it's a social gesture from my side and I got the inspiration from Prime Minister's address to youth of the nation to take an initiative to at least teach 10 families regarding digital payment system so I thought making a video lecture on this topic would be quite useful and I will be able to reach more than 10 families via this video so it's totally a social gesture from my side and I I pray to all of you to spread the spread the voice aspect the the words and do teach more than 10 families regarding digital payment systems I have started it's my own family and now I am going out and reaching out to all of you so that I can feel myself privileged to be a part of the change through which our country India is going so let's start it's very simple lecture by the way it's very easy to understand most of you watching this video youth and so you might be knowing many things about it so you may find it quite basic but there are some points which I have included in each and everything and there are some things which I bet you won't be knowing about regarding some lows and things so we are going to deal with that at the end of this lecture so today as we all know that we have many choices with us regarding digital payments we have internet banking mobile wallets we have plastic currency which is also known as debit or credit cards you have UPI other animal payments but what about Louis we are going to talk about that later on and cyber security as well will be a topic of our discussion so let's go through them one by one internet banking you can get this service by simply signing a form a to a bank branch once you fill up the form you can do a transfer of your money what he will get is you we get and a password and a user ID but you have to make sure that you do not share this details your password and your user ID with anyone and also ensure that at certain period of time you keep changing your password do not share your user ID and password with anyone and make sure you change your password after a certain period of time it could be anything between a month or 15 days depends but make sure you note down that password as well because we have different password for different gadgets and email ids and other accounts so make sure you don't forget it because once you forget it then you have to go through all the security check ups and it may take time for you to get your new password so make sure you save your password some somewhere where it is safe for you to save it moving on the other thing is mobile wallets now it's very handy and the other thing regarding India is that 67% intimate users in India are from mobile phones so this is going to cover a huge amount of population the other thing is it's handy it transfers money anywhere you can transfer it anywhere easy to use the thing is Internet is required so it's going to be a bit of problem in rural India where connectivity is still issue but hopefully due to 4G and things like that we are going to see these penetrating in rocks and corners of our country then you have plastic currency which is your debit or credit card many times people are not aware about things that are important on your debit or credit card oh here we go I am a picture for you this is the front side of your debit or credit card and this is your back side of your card you have your banking brand or your name of your bank then you have a smart chip there are some POS or point-of-sale machine where you can insert your card rather than swiping it but if you swipe it then it is using this magnetic strip that is on the back side of your card or else you can also have a chip and pin it works the same way once you swipe it then you have to enter your PIN if you insert the chip then as well you have to until your pain the only difference is when you swipe it the card comes back in your hand well if the chip is in it remains there in the machine for the time being until the transaction is over and then you can take out your card and put it back in your wallet the knee of your card number generally it is 16 digit number then you have your card holders name then the payment network it could be repay visa maestro anything then you have expiry and you also have a validity starting from an expiry date here the back of side you have this is your magnetic strip your hologram is here and you have sign here signature area so that in case if the strip is not working or your chip is damaged and the person can identify your signature that is here on your card to help you go through it and you have your security code here if you are doing online transaction and the local network main contact information is given here as well just in case if the card is lost so you can make payments online it helps you in the point-of-sale machines you can withdraw money from ATMs makes that swiping takes place in front of your sight always ensure that it takes place in front of your sight the other thing that is important is always read the amount before you enter your PIN because many a times if even if by mistake someone has entered wrong amount then a huge amount of money can be debited from your no creditor basically from you in simple terms if you are not from accounting line then it will go away from your bank to that person's bank then we have a unified payment interface you all you have to do is download an application and fill in the details regarding details they are very basic you make account number and all that things it is safe as there are no sensitive details that are required in filling up that requirement they are filling up your detail it can be done both online and offline and can be a big game changer in small transactions particularly in India then you have other enabled payment system III and that is identifying of bank to which the customer is associated how it works these are the things are the number and all you have to do is press your finger your thumb basically which there is a small biometric machine that will know identify your finger and the transaction will be done in future I think nowadays we know that smartphones have your fingerprints or for locking and unlocking your device right that's a safety feature I think in future if you're doing any transaction by your mobile phone then all you have to do is rather than entering or keeping entering your PIN or remembering your pain all you have to do is press your fingerprint on that sensor and your payment will be done I think that should be the future what needs to be done now this is something important in what the loopholes of what the things that needs to be done like we know that government has taken initiative to encourage people to use most more digital payments like say for example if you buy a ticket online the needs of 10 lakh worth 10 lakh rupees insurance cover in case of any accident so that's a good thing that's a good initiative by the government it will definitely encourage more people to use digital payments but there are no laws regarding digital payments or Parliament should come with a law then there is an issue of cyber security in which of course after the monetization we are going to see increasing digital payment so cyber security risks are also going to increase at the same time there are going to be many players who will enter in this area and there will provide cyber security but government as well should ensure that cyber security is maintained then there is another area where we can see future business expansion and this industry is going to be your cyber insurance at the moment we don't have it but I'm sure in the near future we are going to see many players jumping in this sector as well and then there should be redress mechanism but this can be done cyber security cyber insurance and redress mechanism can only take place once we have a proper law passed by the Parliament and lastly people should be made aware about financial plans the more aware the people are the less chances are that they are going to be exploited online so that's everything in this lecture my dear friends it was a it is a social gesture from my side I want my country to be corruption free I want my country to be protected when it comes to terrorism when it comes to counterfeit money I want each and every person of our country to get all the benefits that are possible that his or her right as a citizen to reach it right to reach all the benefits should reach a breed of can corner of our country so I think digital payment is one of the way and I believe that we all should take initiative to spread the words regarding a distant payment so please share this video do pass me your comments whether how do you find this one and if you genuinely think it is ok if you like it the new press that like button and do not forget to turn on the notification if you have subscribed my channel if you are not subscribe the channel this is the right time hit that subscribe button turn on the notification and enjoy more of this sort of videos that are online for you they are designed for your ups CIS exam and my whole efforts are to help you to crack his UPS's Civil Services Examination so that's everything I'll keep it in here bye for now enjoy