moneyminiblog |
- What is India’s UPI? And its Tremendous Growth
- Making Money with Unused Stamps
- How Much Leverage Is Right for You in Forex Trades?
- Top 5 Car Finance Myths Busted
- 5 Things to Consider Before Moving Your Business Online
- Quick Tips to Help You Begin Trading Stocks
| What is India’s UPI? And its Tremendous Growth Posted: 12 Apr 2021 10:36 PM PDT  Digital payments are easy and they help us and to make the payments faster, keep records, and at the same time they are transparent. The merchant who uses the digital mode of payment to receive the money has all the records within the bank account. So it because a little easy for him while he is calculating the amount of tax he or she has to pay. It just does not help the merchants but also the general public to keep track of all the payments that have been done. But how can someone motivate people to use the digital mode of payments? And when you are talking about a developing country like India. What Can the Government Do?The government can develop an easy-to-use payment system that works with all the banks in the country. This is where the NPCI (National Payment Corporation of India) played its role. It developed UPI (Unified Payment Interface) a real-time payment system that facilitates bank account-to-bank account payments using a mobile platform. NPCI is a government organization whose responsibility is to develop and maintain robust payments systems in India. What is UPI?UPI which is an acronym for Unified Payment Interface is a real-time payment system. This system is available 24×7 and can be used to make instant payments directly from one bank account to another. As already mentioned this system is developed by NPCI. But it is governed and regulated by the Reserve Bank of India. (Central Bank of the Country) There are no fees or charges collected from the people who make use of this system. No transaction charges and no annual charges for making and receiving the payments. How Can this System be Used?There are some basic requirements to use this system and they are,
Registered Mobile Number: This is the mobile number that the customer has enrolled in the bank account. Registered mobile numbers can be used when both sender and receiver are using the same UPI mobile application. Virtual Payment Address: This is just like an email address example@sbi, example@ybl, example@okicici. These can be used when the receiver does not wish to share his or her mobile number with the sender. Virtual payment addresses (VPA) can be used if both people have the same UPI application or different. UPI PIN Number: UPI PIN Number is a password that the user has to enter before using the system. Some banks have 4 digits PIN numbers whereas some banks have 6 digits. This depends upon the internal policies of the bank. Now let us assume that Mr. ABC wants to send some funds to Mr. XYZ. So Mr. ABC should have the registered mobile number or virtual payment address of Mr. XYZ. Mr. ABC has to make the choice of what is being used for the transfer. (mobile number or VPA) Then open the UPI application that is installed on the phone, enter the details of the receiver, enter the amount, enter the UPI PIN number. And the money will be transferred to Mr. XYZ’s bank account. How do the QR Code Payments work?There is one more way of using the Unified Payment Interface and that is using the QR codes. Here each VPA will have its own QR Code. Basically, the UPI application developer is coding the VPA into a QR Code. When the user scans this code using the UPI application of his choice the QR code gets decoded into VPA. Why this Method is Developed?When the user can use the mobile number and the VPA then what was the need to develop this method? Ok, so consider a person who wants to pay some money to the merchant from whom he has purchased some items. The person can not ask for the mobile number or VPA because the merchant might be busy. And the process of asking for the 10 digits mobile number or the short VPA is time-consuming. So to deal with this problem the QR Code method is developed. This code will be kept in the shop or will be stuck on the counter which just needs to be scanned by the customer. Each individual user also has a QR code of his own which can be accessed from the profile section of the app. What about the Security of Payments?We understood the system and how it works. But when we are talking about a financial payment system then the security of the parties involved is very important. So let us understand how this system is secured. The first thing that has been used in the security system is the registered mobile number of the customer. The UPI mobile application will work only if the SIM card of the registered mobile number is installed and running on the smartphone. This is done because nobody would share the SIM Card of the registered mobile number with anyone. The second thing is the UPI PIN number which has to be set and periodically changed by the user himself. While setting and changing the PIN Number the user has to enter the debit card details. Once the user authenticates himself or herself using the debit card. Then the bank will send an OTP to the registered mobile number. The OTP has to be entered correctly and then the PIN can be changed. Unified Payment Interface is just one thing out of many which make the Indian Banking industry stand apart from its world counterparts. There are many other systems that make banking easy in the country. I would like to tell quote the example of missed call banking service. This service lets customers check their bank account balance and get the mini statement just by giving a missed call to the bank’s phone number. You can read more about such systems of the Indian Banking industry on Bank With Us. The Hype of UPIUPI has created hype in the world financial market. Google has recommended India's UPI-like platform to US Federal Reserve for digital payment. A letter that was written by Mark Isakowitz, Vice President, Government Affairs and Public Policy, US and Canada. Said according to Google, UPI was thoughtfully planned and critical aspects of its design led to its success. You can read the full story here. Deepak Abbot, from Growth Bug, replies to a tweet of a user about the same. In which he says that Mexico and Brazil are already studying the system. Find the tweet here. Growth Statistics of UPIThese statistics are taken from the official website of NPCI. You can access full raw data here: UPI Product Statistics – NPCI ConclusionThis is what UPI is, how it works, and the rate at which it has grown over time. The volume statistics for the year 2021 are missing because the year has not been completed yet. Whereas the volume of transactions fell in the year 2019 due to the COVID-19 pandemic. It is not like the world should copy what India has done. But it is all about making the lives of people easier by innovations like this. The post What is India’s UPI? And its Tremendous Growth appeared first on moneyminiblog.  |
| Making Money with Unused Stamps Posted: 12 Apr 2021 04:18 PM PDT  Whether you’re a stamp collector, inherited a massive stamp collection, found several ‘rare’ stamps on an old letter from your drawer, or stashed a few limited edition stamps away as they looked cool, there are various ways on how you can make the most of these distinctive collections. Can You Make Money With Your Stamps?Having a rare vintage collection of unused and excellent condition stamps is somewhat financially beneficial. While it may not sound like a significant investment, there are places that buy stamps at a great value, varying on rarity and overall stamp condition. If you’re ready to let go of these tiny art pieces, then read along as we’ll give the best ways on how to make the most of your stamp stash. Stamp collection has a long history, and at the moment, there are thousands of collectible and rare stamps waiting to be part of your collections. If you have several limited edition stamps in excellent condition, selling them sooner can be a great deal, especially for dedicated philatelists and collectors. Understanding the ins and out of stamp collection and how to sell your postage stamps can get you to generate more income. There’s a diverse stamp category to trade, including:
Before you start selling your stamp collection, there are several essential factors that you’ll need to consider. The value of your stamps falls between two major categories; stamps issued before and after 1930. That means all stamps that are issued after 1930 have a higher face value. These stamps are valued by their denomination printed on their designs. For instance, if you own a US postage stamp that says 3 cents, it’ll be worth 3 cents if you sell it today. There are plenty of standard stamps issued in the years before 1930. However, tons of rare stamps are being distributed in these years, which aim to fetch higher prices from various collectors. Apart from the stamp’s age, rarity also plays an integral part in its overall value. Where Can You Convert Stamps for Cash?Selling your stamps is one of the best ways to convert these tiny pieces into cash. You can sell them. ➢ OnlineOne of the best ways to convert your stamps into cash is digital. This is one of the most convenient ways to transform your collection or allow collectors to find what they are long searching for. In case you want to ensure purchasing legitimacy, you can also sell them in person in various ways and help others evaluate your stamp value. ➢ Stamp dealersTo get quick cash with your stash of stamps, you can sell them through stamp dealers close to your area. There are various websites where you can find the closest stamp dealers near you, including National Stamp Dealers’ Association and the American Philatelic Society. ➢ Yard salesIf selling online is not your best option, you can try selling them in person, like organizing or participating in a yard sale. This is also a great way to meet other collectors and understand a different perspective about stamp collection. ➢ PawnshopsWhile you can get a better deal selling your collections from other resources, pawn shops are also an option to get cash with stamps. In case you tried other options and haven’t found a client for your stamps, this won’t hurt trying this option. Before selling your collection, try getting a quote of how much you’ll earn and weigh your options from there. ➢ Stamp showsConsider participating in stamps shows. One downside about this option is that you’ll need to rent a booth or table to be part of the show, mainly if you have limited collections to sell. This is particularly beneficial and highly recommended for people with extensive stamp collections. While stamp collection is a tangible investment, several collectors will go off the traditional track to search for rare stamps and complete their distinctive collections. At first, this can be a simple hobby, but moving forward, you might be surprised that your collections are worth more than what you first invest in. Once you get a great deal from high-end, rare, or limited edition stamps, you can start selling them for increased profit. ConclusionGiving your stamps a second life and a place where they will be taken care of more efficiently is a noble thing to do. Achieving the best possible care for your stamps by restoring their appearance and quality through eradicating dirt and dust is a noble act. After they have been polished, you can sell your collections for cash. The post Making Money with Unused Stamps appeared first on moneyminiblog.  |
| How Much Leverage Is Right for You in Forex Trades? Posted: 12 Apr 2021 04:07 PM PDT  No matter what type of trader you are – beginner or professional – you already know what is leverage and how it can help you make quite a nice profit when trading Forex. The issue is that you often have a wide range of available leverage rates because of the numerous brokers out there. As such, the question is – what's the best leverage in Forex trading or how much leverage is right for me? While most traders would advise you to register with a high leverage broker, it's highly recommended to understand why a certain leverage ratio is preferred against a very low or very high one. The Basics of LeverageIn short, leverage is trading power that is offered to you by the broker that you choose. It allows you to engage in highly profitable trades that you couldn't experience with your current funds. For example, a leverage of 50 to 1 means that for every $1 that you invest, the broker backs you up with $50 to increase your trading power and control more of a certain currency. Naturally, keep in mind that leverage increases both trading power and trading losses. It goes without saying that they come with risks for beginner traders. High Leverage and RisksNowadays, due to certain regulations, one common high leverage rate is the one mentioned above – 50:1. This implies that, for every $100 that you invest in your trading account, you have the possibility to control $5000 worth in currency. As already mentioned, this allows traders to enjoy profits possible only with $5k investments – which are significantly larger than those worth $100. For example, a 10% increase in a $100 trade is only $10 – whereas the same increase in a $5k trade is $500. However, this is reflected in losses as well. Due to high leverage, pip movement costs more. For example, 50 pips could end up with a loss of as much as 25% of one's portfolio. Low Leverage and BenefitsLow leverage provides the wealthy trader with more control over what they invest, lose, and win. For example, a 5:1 leverage means that every $100 investment allows them to control only $500 on the market. Even though their trade options will be price-limited, they won't experience drastic losses – as with high leverage. A 5:1 ratio paired with a movement of 50 pips would end up with the trade losing only 2.5% of one's investment, compared to 25%. Choosing the Appropriate LeverageBelieve it or not, traders don't jump towards high leverage brokers. In fact, they've come up with rules that help both beginner and professional traders better manage the leverage they enjoy. As such:
Using the three rules above, beginner or conservative traders should feel extremely comfortable in the 5:1/10:1 leverage range. This range minimizes the risks but also provides them with enough trading power to engage in important trades. The Importance of Trailing StopsDepending on what leverage you trade with, you might find trailing stops more or less useful. However, the consensus is that they're the best way to minimize losses when trading – for both beginner and professional traders. But this is not everything they are capable of. Trailing stops also provide traders with some much-needed breathing time. If you employ a trailing stop, you can unglue your eyes from the screen or the trading interface and have faith that the stops will prevent you from losing too much money. No matter the leverage, one should rely on trailing stops to improve their trading experience! The Bottom LineIn the end, leverage is somehow directly proportional to experience, so to speak. If you have what it takes to engage in trades worth half a million dollars, but you lack the capital, then high leverage might be suitable for you. On the contrary, if you want to minimize losses, trade carefully, gain experience while enjoying increased trading power, then you should stick with either low or medium leverage. All types of leverage come with both advantages and disadvantages – it's important to keep this in mind. High leverage can award you with increased profits, as well as with increased losses (unfortunately). Low leverage, on the other hand, minimizes your losses, but doesn't make you rich overnight and in just a couple of trades. The post How Much Leverage Is Right for You in Forex Trades? appeared first on moneyminiblog.  |
| Top 5 Car Finance Myths Busted Posted: 12 Apr 2021 03:58 PM PDT  Car finance in the UK is on the rise and in 2021 around 90% of new or used cars are finance or leased. With statistics being so high, there are still a lot of misconceptions and car finance myth which may put people off apply. Alternatively, if you have finance you may only be aware of one type of traditional finance. Refused Car Finance, a bad credit car finance specialist broker, is helping to make car finance accessible for more people to get accepted for car finance. They also work to educate people on their credit scores and what having bad credit means for your chances of getting approved. There are many myths surrounding car finance and how you get approved so let's take a look at the top 5 car finance myths. 1. Guaranteed Car FinanceThere are a few car finance companies who offer guaranteed car finance but this is misleading and goes against advertising standards. Companies who offer this usually have extremely high APR rates and can result in financial difficulty. Car finance can never be guaranteed and if you've had trouble in the past getting accepted for finance then you may think this is the only way forward. However, there are plenty of options if you have been refused car finance already. Most finance deals will require a credit and affordability check to get you approved. 2. The Credit BlacklistMany finance customers say, 'I can't get finance because I've been backlisted'. There isn't actually such a thing as a blacklist. People with bad credit who have trouble paying back their loans in the past, have CCJs, IVAs or entered into bankruptcy may think they have been backlisted but this is not true. There is no such list that stops people from getting approved for finance. There are a few individual circumstances which can mean that you can't get finance such as being declared bankrupt. During bankruptcy, lenders are legally prohibited from lending to anyone who have been declared bankrupt in the past 12 months. Also, if you have entered into an Individual Voluntary Arrangement, you may need to get approval from your IVA supervisor to show your car finance lender that entering into a new finance agreement will not put you at further risk. 3. Only People With Good Credit Can Get FinancingCar finance with bad credit has become more accessible for many people over the past 10 years. It used to be an unwritten rule that only people with good credit scores can get approved for finance. However, this is not the case. There are many options for car finance with bad credit. It is advisable that you try to increase your credit score before applying for car finance. Having a better credit score can mean that you benefit from lower Annual Percentage Rates, meaning you will pay less interest overall. Bad credit car finance specialists help people with bad credit get an affordable deal that's right for their circumstances from a range of reputable lenders. 4. You Have to get financing With a DealershipTraditionally, you would see the car you want from a dealership and then apply for finance on it. But what if you got your finance first? Using a car finance broker is a great way to get your finance. A car finance broker is essentially the middleman between you and the lender. They take a look at your application and perform a soft search check on your credit score and then send you to the most suitable lenders for possible approval. Lenders then come back to the car finance broker with the best deal for the customer. Your car finance broker does all the leg work for you then when you're happy with your finance deal offered you can take it to any dealership across the UK which is verified by the Financial Conduct Authority. 5. Lower Monthly Payments are BestCar Finance is a great way to spread the cost of owning your next car into affordable monthly payments. Choosing the loan with the lowest mostly payments may seem like the right choice for you, but you could end up paying more than you should. If you need a car quickly or are strapped for cash, then you can get a great deal with low monthly payments. But you should consider paying the maximum than you can realistically afford. Car finance deals tend to last between 1-3 years but Hire Purchase car finance deals can be spread over up to 5 years. Spreading the cost may be attractive as it means lower monthly payments. However, in the long run you will pay more interest overall. The post Top 5 Car Finance Myths Busted appeared first on moneyminiblog.  |
| 5 Things to Consider Before Moving Your Business Online Posted: 11 Apr 2021 03:49 PM PDT  Shopping in today's pandemic climate looks very different from what it was just a few years ago. More and more brick-and-mortar businesses are realizing the importance of going online. If we're honest with ourselves, the pandemic didn't create this need but it certainly brought it on sooner than a lot of businesses were prepared for. Moving online is necessary for many companies to stand a chance at weathering this storm; here are 5 things you need to consider before making that move: 1. Target MarketMoving your business online won't help you at all if your target market isn't online too. If your products are tailored to a younger market then you will find that you have a massive audience to target through strategic campaigns and online advertising. Social media platforms are perfect for targeting a younger audience. If your target market is substantially older, paying for a website may not be the best decision for your business. 2. DeliveryDelivery is one of the most important factors to consider when moving your business online. Find Reliable Couriers to get your customers their purchases promptly and safely. If there is one thing that is guaranteed to ruin your reputation as an online retailer, it is poor delivery service. One of the reasons shoppers buy online is because it is meant to be so convenient, if you take that out of the equation then fewer consumers will shop with you. 3. Payment OptionsOnline shoppers are willing to part with their hard-earned money but only if they feel safe to do so. Make sure you do your research on various payment portals and companies that offer different payment plans. Some of these payment companies, especially the ones who allow the consumer to pay off their owed amount over some time usually impose a fee to you, the merchant. 4. ReturnsThis is a sticky subject for most businesses but it is an aspect of retail that you are required to provide. No company wants to see an increase in returns but it is, unfortunately, the nature of the beast when it comes to shopping online. You need to have clear-cut rules and regulations that are openly available to view on your website; these return policies will guide your customers should they experience any issues with their order. 5. LawThe laws governing e-commerce are different around the world; some countries impose a 7-day cooling-off period for online shoppers to be able to return their purchase with no questions asked. You need to find out what laws apply to your particular state because this will greatly impact your business. Moving your business online is like having a shop that is accessible to the entire world and is open 24/7 and 365. Which sounds great in theory and with some preparation it can be great in practice too. Do your research and you'll soon be able to figure out if your particular business is well suited to having an online presence. The post 5 Things to Consider Before Moving Your Business Online appeared first on moneyminiblog.  |
| Quick Tips to Help You Begin Trading Stocks Posted: 11 Apr 2021 03:43 PM PDT  Trading stocks online is one of the best ways to build your wealth portfolio and accomplish new things with your cash. However, there's a massive difference between placing your money into long-term investments and assets, and trading securities within the stock market. Before you jump in, it's important to determine what you want to accomplish, and how you're going to reach your personal goals. Remember, there's no one-size-fits-all strategy for doing this right. Rather, you need to decide what kind of plan you're comfortable with, based on things like your capacity for risk. Here are some quick tips to get you started. Penny Stocks or Day Trading: Choose a StrategyBefore you jump into the trading world, you're going to need to decide which road you're going to go down. If you've maxed out your 401k plan, and you feel like you need to do something different with your cash, you might decide to launch your career in the stock market. When this happens, you'll have various kinds of investment opportunities to choose from. Do your research from Warrior Trading to learn as much as you can about different practices, including day trading, swing trading, and even penny stocks. These low-cost assets can carry more risk than their counterparts, but you can review the basics on how to use them to your advantage as a beginner by clicking here. Get Your EducationOnce you know where you're going to be using your cash to build a portfolio, the next step is to learn as much as you can. Don't expect to decide to start buying assets and do so within the next couple of days. You may need to dedicate months or even years before you feel comfortable using your hard-earned cash in this way. Take your time to find resources you can trust for your education. There are plenty of guides and articles out there to help you, as well as various educational facilities like webinars. It's worth looking into things like brokerage accounts that allow you to access educational centers, mentors, and even paper trading facilities too. This will allow you to test your strategies without wasting any money. Make Sure You're CommittedWhere investing can be more of a passive experience, getting involved with stocks and shares requires you to commit a certain amount of time from each day to practicing and developing your skills. If you don't have the time or focus to do this might now, you might need to wait a little longer before you jump in. You can't rush into this process haphazardly, or you could risk a lot of money. Assess how you feel about your long-term and short-term goals, and ensure you have a brokerage in mind that will help you to reach your target. Once you're ready, schedule a block of time once or twice a week to begin with that you devote entirely to learning, trading, and focusing on various parts of the market. You'll begin to ramp up your commitment levels over time. The post Quick Tips to Help You Begin Trading Stocks appeared first on moneyminiblog.  |
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