innovationinbanking

  The Vision - Executive Summary: Declaring April 11 as Safe ePay Day Proposing April 11 as Safe ePay Day to mark UPI’s pilot launch on April 11, 2016, by NPCI with 21 banks, initiated by Dr. Raghuram G. Rajan in Mumbai. This initiative celebrates UPI’s seamless integration of banking and merchant payments.     UPI, ONDC, and Uber: A Trifecta Redefining Urban Transit   In the latest wave of fintech-meets-mobility innovation, Uber has quietly made a power move . By integrating Delhi Metro ticketing into its app via the government-backed ONDC (Open Network for Digital Commerce) , Uber is doing more than selling train tickets—it's strategically embedding itself into the daily lives of millions. 👀 While all eyes are on ONDC’s transformation of digital commerce, the real value in this story may lie in what Uber gains . Let’s break it down. 👇 Yes, in this, ONDC is the chief winner 🎯 Uber's Real Win: Becoming More Than a Ride-Hailing Ap...

Revolutionizing Metro Travel: ONDC Mobility, Yaary, Metro Day Pass Appeal Let me start off with a Disclaimer: I am in no way related to ONDC or Yaary. The bottom line is Safe ePayments. Digital Ticketing in Metro Trains offers multiple opportunities for Safe ePayments.   ONDC Mobility, spearheaded by Mr. Nitin Nair under the guidance of ONDC CEO Mr. T. Koshy, is at the forefront of revolutionizing mobility journeys on the ONDC platform. With successful onboarding experiences witnessed with Chennai Metro and Kochi Metro, the integral role played by Yaary as the technical integrator for these metros cannot be overstated.   As we glance across India, it's evident that numerous cities are gearing up with their own Metro Networks. The presence of metros is already felt in major cities, promising the spread of the joy of metro travel across the nation in the coming years. However, to embark on a metro journey, one fundamental requirement remains non-negotiable: the Ride Access Toke...

            Delhi Metro is leasing out kiosks for 64 ATMs to be set up across Delhi Metro stations. These ATMs can be used by Delhi Metro users to fulfill their banking needs.             The Lease Holders have to pay to DMRC Lease Rent/Space Rent as per the terms and conditions of the Lease Agreement.             The Lease Holders can pay the lease rent via RTGS/NEFT/ECS and inform the payment particulars to the DMRC Property Business Team.             DMRC Accounts section will reconcile the payments received in their bank accounts with the details submitted by the lease holders.             This is too cumbersome, and it would reduce the recon process, if DMRC onboards BBPS (Bharat Bill Payment System) ...

            The heart   of any transport company is the ‘Fare collection system’. The success of a transport corporation is largely attributed to collection of fares at the lowest possible cost.             Over the decades, the collection cost of ‘fares’, has reduced to a considerable extent.             One way to still reduce the costs is digitization of the ‘fare collection’, process             Digitization of   fare collection refers to the process wherein the human staff in the Bus need not issue tickets.    The passengers pay the requisite fare through Physical cards. The physical cards can be wallets wherein the money is stored on the card itself or debit/credit card.        ...