Sunday, August 14, 2016

Union Bank of India has begun the race to Boost *99# mobile banking transactions

          Union Bank of India in partnership with National Payments Corporation of India (NPCI) has launched a Unique APP to boost Safe Digital Payments in India.

          The APP christened as “Union Bank *99#” is available at present for Android mobiles.

          The Tag line of “Union Bank *99#” App is  -- Simple and Easy Banking --
No internet is required to transact through the APP, but USSD transaction charges will be levied by Telecom Companies.

          TRAI (Telecom Regulatory Authority of India) has set a maximum ceiling of Rs. 1.50 / transaction for using the *99# service.  This means you can be charged upto INR1.50/- per request, be it Financial or Non-Financial.

          A disclaimer states : T&C Standard Telecom Charges Apply

          Please note that this is the first of its type Banking APP in India and the lead has been taken by a Public Sector Banks. And, there is a general perception that Public Sector Banks are laggards!!

The Union Bank *99# App provides a user friendly menu to prepare the USSD command.

As the product is equipped with 10 languages, this is expected to bring PMJDY customers into Digital Banking fold for satisfying their Banking needs.

*99# service was dedicated to the nation by the Honourable Prime Minister of India Mr. Narendra Modi on August 28, 2014 as part of Pradhan Mantri Jan Dhan Yojana (PMJDY).

Salient features of *99# Mobile App

-          Does not require data/ internet for performing transactions.

-          Provides basic banking transactions like checking account balance, sending money, Mobile PIN (MPIN) management.

-          Provides Value Added Services like checking Aadhaar linked Overdraft status and PMJDY account Overdraft status.

-          Available in multiple languages – kick started with 6 languages

This App will be the USP for front-line staff to on-board new customers. If the front-line staff trains their account holders patiently, this App will increase the average balances in Saving Banks accounts enormously.

In the coming days, other Indian Banks too are expected to launch similar APPS.

Good to Have Feature: Audit Trial of requested services through the App