Technologies that made banking easier | Fusion - WeRIndia

With the Digital India initiative, many technologies have been adapted to make several sectors more digital and user friendly. The banking sector is no exception for this. Many new technologies have been adopted by the banking sector in the recent days. Here are some of the best digital innovations in the banking sector.

Unified Payment Interface (UPI)

Unified Payment Interface is a simple payment system. Any two organizations can use this system to transfer money in an easy process. 19 banks have their UPI app on the Google Play Store. The apps are simple to use. One can contact their banks for further information.

NACH

National Automated Clearing House or NACH is useful for investors in Systematic Investment Plans (SIPs) of Mutual funds. Instead of using the Electronic Clearing Service, investors can use NACH. It is much better than ECS.

Bharat Bill Payment System (BBPS)

The pilot project of Bharat Bill Payment System (BBPS) has been launched by National Payments Corporation of India (NPCI). 26 Bharat Bill Payment Operating Units were included in it. In its first phase, BBPS will payments for everyday utility services such as electricity, water, gas, telephone, and Direct-to-Home (DTH).

Mobile wallets

Mobile wallets are great for cashless payments. The wallet is used for different purposes like mobile recharge or taxi payments and even shopping. These wallets even get discounts offers and cashback points which are useful for many customers.

Bank Apps

Most banks have their bank apps these days. They help customers make easy online Transaction, Pay Bills, and Recharge Mobile Phones through their mobiles.

E KYC

Electronic Know Your Customer can be used by people who have Aadhaar numbers. Using this process, one can avoid submitting a number of documents like address proof, ID proof, etc. while opening bank accounts, mutual fund accounts etc.

Image Credit: NPCI / CC BY-SA 4.0

Image Reference: https://commons.wikimedia.org/wiki/File:NACH-Logo.png