Page 176 - Revised Maths Wisdom Class - 6

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Aisha : Other payments are mostly done by UPI or mobile wallets. We easily maintain our expenses through it.
Shreya : You guys are managing very well.Nia, I’d advice you to use your credit card properly. Never exceed
it’s limit than your income. Also, we should use cash only and when necessary. Digital payments are
very convenient for us.
Ajay : But Shreya I’m very much confused about mobile banking and internet banking.

Nia : I’m confused on how to use UPI and mobile wallets.
Nirmal : My banking cards are already a headache for me.
Aisha : Banking cards are the most widely used digital payment system in India. They are flexible and
convenient.

Banking cards (Debit and Credit cards) can be used for digital transactions like PoS terminals, online
transactions, apps. Credit card gives you time to pay. Debit card is also known as ATM card.

Varun : Let me clear your doubt Nia. UPI is the latest digital payment standard. Here the user having a bank
account can transfer money to any other bank account using UPI based app. To use UPI services one
must have a bank account and a mobile number registered with that bank account. Mobile Wallets are
another method. Here the users can add money through the virtual wallet using debit or credit cards.

Google pay Paytm Bhim upi Phone pay Amazon pay

Nia : Are you talking about the apps like paytm, phone pe and google pay?

Shreya : Yes, Nia, Varun is talking about the same. You must research about them. You only need to register
and give KYC details. They’ll ask for your Aadhar Card, Pan card and residential proof. They’ll ask
for your photo too. It’s an easy payment method.
And Ajay, Mobile Banking refers to a wide range of services that can be accessed via
mobile/smartphone services.

Nia : Thankyou Shreya, Varun and Aisha. You guys were really
helpful.

Nirmal : Internet banking is the process of executing financial transactions
from the comfort of your place using a desktop/mobile phone /
laptop and an active connection to the internet. I hope this clears
you the topic Ajay.
Ajay : I’m really relieved talking to all of you.