7 Technologies Which Made Banking Super Easy

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The banking sector in India is never behind in adapting fresh technology. With Prime Minister Modi pushing Digital India, there is vast development happening in each sector.

In recent years, banks have adapted to new technology which has made banking more convenient.

Let us see what are the latest technology used in banking sector:

Unified payment Interface

UPI is a payment system which allows you to transfer money between two organizations, with just a few clicks. The UPI app of 19 banks will be available on the Google Play Store. Bank customers can check with their banks for further information.

NACH

Investors in Systematic Investment Plans (SIPs) of Mutual funds can use the National Automated Clearing House (NACH) system for SIPs every month instead of Electronic Clearing Service (ECS).
NACH is better in many ways when compared with ECS.

Bharat Bill Payment System (BBPS)

National Payments Corporation of India (NPCI) launched the pilot project for Bharat Bill Payment System (BBPS) with 26 Bharat Bill Payment Operating Units (BBPOUs).

In the first phase, BBPS will cover repetitive payments for everyday utility services such as electricity, water, gas, telephone, and Direct-to-Home (DTH).

Mobile wallets

The Government is encouraging cashless payments. Mobile wallets are making their way in this cashless era.

Individuals use the wallet for a different purpose from mobile recharge mobile or to make taxi payments and even shopping.

These wallets have discounts offers and cashback points which hardly fail to attract customers.

Bank Apps

Most of the banks have come up with their bank apps which help their customers to make online Transaction, Pay Bills, Recharge Mobile Phones through our mobile.

E KYC

Electronic Know Your Customer, better known as e-KYC is a service, which can be availed by persons who have Aadhaar numbers.

This will avoid submitting a number of documents such as address proof, ID proof, and others while opening a bank account, mutual fund accounts etc.

Payments through social media

Now, social media can be used to transfer funds. Yes, many banks are offering facilities to transfer funds through Facebook and Twitter. , Kotak Mahindra Bank Ltd announced the launch of KayPay, where funds can be transferred using facebook friends list.

"Pockets by ICICI Bank"-an app that enables customers to carry out a number of banking services on Facebook.Payments through social media
Now, social media can be used to transfer funds. Yes, many banks are offering facilities to transfer funds through Facebook and Twitter. , Kotak Mahindra Bank Ltd announced the launch of KayPay, where funds can be transferred using facebook friends list.
"Pockets by ICICI Bank"-an app that enables customers to carry out a number of banking services on Facebook.

Read more about: banking, upi, nach
Story first published: Saturday, September 3, 2016, 10:48 [IST]
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