How to create a bank acount using 'SnapCash'. Story — Bengaluru — Snapcash was an instant messaging application introduced by Snapchat in November 2011. It had added a money transfer feature by December, 2014. An initial payment of Rs 1,000 to a friend’s bank account was enough to transfer cash between two mobile phones. The friend’s bank account was also made a ‘faithful record’. The peer-to-peer money transfer system uses mobile phone contacts and had been created to facilitate peer-to-peer money transfer through the internet without using a bank account or debit/credit card. How to use Snapcash: 1. Download Snapcash from the Google Play Store or iTunes Store 2. Open the application and scan the QR code on your friend’s phone. 3. The first time the application is used, it takes an OTP and unlocks the mobile number of the user. 4. You have to confirm the transaction within 20 seconds to release the funds. 5. You are free to transfer any amount from Rs 1,000 to Rs 1 lakh. It charges a fixed fee of Rs 20 for each transaction. It’s free to transfer any amount over 1,000 rupees. Using internet banking to transfer money: 1. Download any banking app. 2. Enter the name and personal details of the person you wish to transfer money to. 3. Now, generate a seven digit reference number for the person. It must be written in both English and Hindi. It is best to use the address details of the person being transferred to. This process involves creating a secure and encrypted one time passcode, which is unique to each user. 4. Enter the mobile number of the person you wish to transfer money to. 5. Enter the amount to be transferred in the amount field. In this case, the amount is a Rs 1,000. 6. Enter the reference number and enter the OTP (if prompted) to access a short code. 7. The person to be transferred will receive a text message or a call asking them to open the authentic channel to retrieve their money. 8. On receiving the OTP, the sender can transfer the money. 9. The sender has the option to request for a reverse OTP to open the channel of the person they are transferring money to. The sender also has the option to activate their customised debit card in order to complete the transaction. 10. An authorised person can access the money by scanning the QR code generated by the sender, and then touching it against a special reader. This number generates the code for the person to access the money and release the money to the sender. No charges can be paid in cash on either of the transactions. It’s free for the sender, and Rs 20 as fee for the recipient. Highlights of the JioMoney app: 1. It was launched in September 2014 and it enables a user to transfer money by scanning the QR code of the person you wish to transfer money to and making payments by giving a one time password. 2. The JioMoney app also enables you to pay utility bills and make online transactions. 3. There are no charges to the user for making or receiving payments through JioMoney app. 4. The JioMoney app is one of the easiest ways to get paid and is convenient for making payments without ever having to enter your card details. 5. Any money that is transferred by your
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