innovationinbanking

          The traditional methods of Bill Payments for Electricity Companies have come to a standstill with the #Covid19 lockdown. The majority of the electricity bill counters are shut down and the traditional electricity consumers who settle their bills via Cash are handicapped.           Electricity bills can be paid via the Online Mode i.e Net Banking/ Popular APPS viz PAYTM/PHONEPE or electricity departments or NACH Debit Standing Instructions.           The trend of digital modes over the cash mode is on the increase, however, the majority of customers still prefer to stand in the queue at electricity companies bill counters and pay in cash.              BBPS onboarded Electricity Bills payment in the first phase and all State Electricity Board companies.   BBPS facilita...

          The success of BBPS is attracting new billers to its fold. Utility companies across the country are racing to onboard BBPS. The safe payment options for customers are driving up the volumes. The growing volumes, in turn, are attracting new billers.           ‘Loan Repayments’ is a new biller category added to BBPS.           BBPS Volumes for the Financial Year 2019-20 are as under:           FASTag and Loan Repayments are the new entrants. These new entrants should reflect in the increased volumes in the coming months.           NPCI has running awareness campaigns to popularise BBPS. The addition of new billers to the BBPS platform is leading to a multiplier effect on the whole ecosystem.      ...

        The future of Bill Payments is here. Yes, now you can pay your Loan EMIs through BBPS platform. Just login to BHIM App, choose ‘Pay Bills’ option, navigate to Loan Repayments, and Voila, the list of Financial Institutions pops up.   Bajaj Finance: - Bajaj Finance has got its own UPI App, under the Bajaj Finserv umbrella.   Its UPI App name is ‘Finserv MARKETS App’, and handle is ‘@abfspay’. Bajaj Finance offers a wide range of loans, ranging from personal loans to business loans to housing loans.   Key Identifier to fetch Bajaj Finance Bill: - 14 to 18 character loan account number FlexSalary: - FlexSalary offers Instant Cash Loan up to Rs. 2 Lakh against your salary anytime. The key differentiator is the offering of a personal loan with no fixed EMI. Hence, the loan repayments through BBPS is a great benefit.  FlexSalary offers loans via Vivifi India Finance Private Limited, a non-banki...

Lava Phones unveiled ‘Lava Pay App’, for it’s Smart Feature Phone users. ‘Lava Pay App’, is a UPI Payment Application without the need for the internet to execute financial and non-financial transactions. Lava has a range of Feature and Smart Phones. As of now, ‘Lava Pay’ is available on Lava Smart Feature Phones. Going ahead, Lava Pay will be on Lava Smart Phones too. A Smart feature phone is higher than a feature phone but lower than a smart phone. A smart feature phone has limited internet capability and few apps. ‘Lava Pay’ is a default app on new feature phones. Existing users can install the Lava Pay app on their existing feature phones by visiting the nearest service centre. The process flow is as under: User logs on to the ‘Lava Pay app’, 01) Key in the recipient’s phone number or scan the Payment QR Code. 02)         User keys in the desired amount 03)         Connection establis...

NPCI-NACH Division vide its Circular No 16 dt. July 16, 2018 rolled out a new NACH Credit product named LON. The primary goal of LON is to enable destination banks to identify Interest subsidy pay-outs via DBT mode. Department of Higher Education, Government of India offers subsidies to eligible education loans availed from banks.   To ensure quick and error-free credits of interest subsidies to eligible education loans, NACH is the chosen mode. NPCI has advised banks to make arrangements to credit the Loan Accounts only, without routing through intermediate accounts. Hence the identifier LON is part of the inward file itself. Basis this identifier, destination banks can design an appropriate process flow at their end. The respective Loan Account Number is part of the transaction file sent by NPCI.    This ensures destination bank does not face any challenges to credit the subsidy amounts. In the first phase the LON credits are of “Central...

           Oxford dictionary defines ‘Levy’, as “Impose a tax, fee, or fine on”           The share of UPI transactions in the overall digital transactions is on the increase. The UPI transactions are a mix of new digital transactions and migrated transactions.           Migrated transactions refer to those transactions which would have been otherwise done through digital transactions channel i.e Net Banking, Debit Cards.           These could have affected the income of the respective participants.           The UPI – Collect Mode is becoming the preferred payment mode across India and Bharat. The UPI-Collect mode ensures that the payment is going to intended beneficiary only and no payment is made to a wrong party.       ...

          The full form of APB is Aadhaar Payment Bridge           The APB Product Reject Code 95 description was giving a giving a tough time to all the stake holders. The stake holders in this transaction are : ·        The Government Department providing the DBT credit, ·        The destination bank having the respective Aadhaar linked bank account ·        The sponsor bank having the Government department’s bank account ·        The recipient of the underlying DBT The original description of the Reject Code 95 was “Inactive Aadhaar”. This was interpreted by various stakeholders as ‘Aadhaar number deactivated by UIDAI’, and led to lots of hurt burn. The recipient was confused by this description, as to why his/her Aadhaar was deactivated by...