Fino Payments Bank launches UPI, Fastag, Online Account opening
Fino Payments Bank has announced the launch of digital services suite. This allows Fino to expand its footprint in the space of digital banking and payments. As per a recent report by Credit Suisse, payments integration into popular apps in India will drive digital payments market to US$ 1 trillion by 2023 from the current US$ 200 billion.
In September 2017 Fino had launched its mobile banking app BPay, which will be the key driver for digital transition of customers from assisted to self-service mode.
The app will allow customers to make bill payments, recharges, fund transfers, buy insurance, put up gold loan requests and many more savings and investment related services that would be added over period of time.
In addition to BPay, Fino Payment’s Bank has introduced a suite of digital products that include:
- Unified Payments Interface (UPI), BHIM app, in P2P and merchant payments. Customers can access UPI, create virtual identity and make P2P payments through the bank’s BPay mobile banking app
- Net Banking
- Digi Savings Account: online account opening with only Aadhaar number and PAN card
- FasTag: make digital payments at national highway toll plazas
“Digital is an integral part our Phygital strategy and the way forward for banking. The changing landscape is opening up digital banking opportunities outside of metros, including from Tier 3 to Tier 6 places. In this context, we are excited to work with NPCI to offer the convenience of UPI to customers on our BPay mobile banking app. Along with UPI, our other digital initiatives – FasTag, Net Banking and Online account opening services – are customer centric as they simplify banking and payments, enable transition to self-service mode and help create wealth,” said Rishi Gupta, MD and CEO, Fino Payments Bank, announcing the launch of digital service suite.
Fino Payments Bank’s digital initiatives will help reach out to a larger segment of customers, including those willing to adopt digital banking for the first time.
“We will facilitate customers’ transition from availing assisted services to engaging in self-service mode. We have already seen significant adoption of two key digital assets, Rupay debit cards and BPay mobile banking app. While 70 per cent of our active customers are digitally active, 40 per cent of the CASA throughput is through these digital assets. Going forward we expect digital adoption among our customers to increase substantially helping us in our growth path,” added Gupta.
Fino Payments Bank already offers AePS, Micro ATM and Debit card modes of digital payment methods through assisted service facilitating around 200 million transactions annually valued at over US$ 5 billion. Fino also has plans to deploy over 10,000 Android-based mPOS devices to facilitate digital banking. Since launch in July 2017, Fino Payments Bank acquired a customer base of close to a million. It also serves customers of other banks though its interoperable banking platform.