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  • USSD Money Transfer in India

    The recent demonetization of old 500 and 1000 rupees notes in India has affected the Indian economy. While the government is doing all that is possible to pump up the circulation of new notes, Indians are struggling to carry out large as well as small transactions considering the shortage of new notes at the moment. Provided the current situation, most people are opting for internet banking, UPI-based mobile applications, and mobile wallets to do their transactions. The above mentioned methods require internet connectivity in order to facilitate the transactions. Have you thought about the large segment of people who do not have a smartphone or internet connectivity? What are they going to do?

    What is USSD Code?

    National Unified USSD Platform (NUUP) is an Unstructured Supplementary Service Data (USSD) based mobile banking service that enables individuals to access banking services through GSM (Global System for Mobile Communications) handsets. Launched in 2014, the service allows banks and telecom service providers to provide financial and non-financial services without the need of internet. The service is initiated, developed, and managed by National Payments Corporation of India (NPCI).

    How Does USSD Payment Work?

    A good example of USSD (Unstructured Supplementary Service Data) based service will be the codes we use to check our pre-paid phone balance such as *121#. This method doesn’t demand an internet connection but capable of communicating with the telecom service provider’s server. NUUP provides a platform for banks and telecom service providers to work together to provide effective banking services without internet connectivity. The USSD money transfer process is secure and provides you with an interactive menu on your phone’s screen. The menu walks you through the entire process from where you can access account details and initiate fund transfers.

    The user needs to dial *99# from a basic or any other GSM handset to access a wide variety of banking services. The user must register for mobile banking services with the bank to avail USSD money transfer services. The bank assigns Mobile Money Identifier (MMID), a 7 digits code to the mobile banking registered users. If you don’t have the MMID, you can approach your bank and register for mobile banking services, if you haven’t done that already. If you are not registered, you can still continue to receive money by using IFSC and account number.

    NUUP Banking:

    Financial and Non-financial services:

    Using the NUUP service, a user can perform financial as well as non-financial or value added services as listed below:

    Financial services Non-financial services
    Fund Transfer (Person to Person) Balance inquiry
    Fund Transfer (Person to Account) Mini Statement and more
      Change MPIN
      Generate OTP
      Find MMID
      Generate MPIN

    Fund transfer:

    NUUP allows you to send money in three distinct methods:

    1. Money transfer using MMID - If the beneficiary already has an MMID, the process is simple. You need to use the beneficiary’s MMID, registered mobile number along with transaction amount, and remarks (optional).
    2. Financial and non-financial services – If a beneficiary doesn’t have an MMID, you can use the account number and IFSC Code or IFSC to initiate the money transfer.
    3. Money transfer using Aadhaar number – You can also transfer money using the beneficiary’s Aadhaar number. The beneficiary needs to update his/her Aadhaar number to their bank account in order to receive funds.

    The NUUP provides an excellent offline platform that can give you quick access to your bank details. From checking the balance and mini statement to generating an OTP, the USSD services are unparalleled and empowers the user with up-to-date details.

    Benefits of USSD Money Transfer:

    • Easy to use
    • No internet connection required
    • Works on all types of GSM mobile handsets
    • *99# is the common code for the telecom service providers
    • No roaming charges
    • High level of encryption and security
    • Available in various languages apart from Hindi and English
    • Session-based service

    Language Support for USSD Code:

    Currently, NUUP provides services in Hindi, English, and 10 other regional languages. The following codes can be used to access the services in the following languages:

    Language Code
    English *99#
    Assamese *99*31#
    Bengali *99*29#
    Gujarati *99*27#
    Hindi *99*22#
    Kannada *99*26#
    Malayalam *99*25#
    Marathi *99*28#
    Oriya *99*32#
    Punjabi *99*30#
    Tamil *99*23#
    Telugu *99*24#

    USSD money transfer method is recently introduced. Reserve Bank of India (RBI) is working towards making Unified Payments Interface (UPI) and USSD gateway an easy process for the common man. The new services will help enhance the way Indians transact.

    NUUP is an excellent facility to those who don’t have a smartphone or internet connection. It doesn’t have any roaming charges and each transaction is charged a maximum of Rs.1.50 as indicated by RBI. The limit for NUUP is set at Rs.5000 per transaction. While most banks have their own UPIs, they have also opted to facilitate USSD money transfers. This will help the country achieve the dream of Digital India.

    If you haven’t registered for the mobile banking services, you should contact your bank immediately and also obtain the MMID. The registration process is simple and doesn’t consume a huge amount of time. Telecom service providers and banks have already implemented the high level of security encryption system to make sure your personal and accounts details are secured. With NUUP, you can perform simple, fast, and secure transactions.

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