Understanding Neo-Banking
Neo-banks are online-only fintech companies without physical branches. They are digital banks. How are they different from traditional banks? Neo-banks are revolutionizing the traditional banking system by leveraging artificial intelligence (AI) and technology. They offer personalised services to customers. Traditional banks have a physical and maybe a digital presence while neo-banks, led by a design […]
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Role of Fintech in Financial Inclusion
Financial inclusion means facilitating access to financial products and services to the entire population irrespective of economic and geographic conditions. Accessibility has been an issue in the formal financial system since its inception. However, recent advancements in technology have allowed fintech companies to positively impact the financial service through inclusion. While 20% of the Indian […]
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Why is API banking fintech’s next big bet
Today, the fintech industry is continuously disrupting the financial services ecosystem. They are enabling the use of automation to deliver an enhanced customer experience. One such example is API banking. APIs help banks in increasing customer satisfaction, meet the ever-changing needs of customers and provide secure banking solutions. Banking, as a concept, has been around […]
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NEFT vs. IMPS vs. UPI
Technology has revolutionized the banking sector and made the transfer of funds from one account to another incredibly easy. In India, there are different ways of sending money online – RTGS, NEFT, IMPS and UPI. In this article, we will compare and contrast the basics of IMPS, NEFT and UPI. We will also discuss which […]
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Mobile Banking
Mobile Banking is essentially having a bank in your pocket at all times. All you need is a smartphone and a banking app that can help take care of all bank related activities. The global mobile banking market was valued at $715.3 million in 2018 and is expected to reach $1,824.7 million by 2026, registering […]
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e-RUPI
The basics of e-RUPI Contactless and cashless digital payment solution – e-RUPI – was launched on 2nd August 2021, under the ‘Digital India’ initiative. The National Payments Corporation of India (NPCI), developed this solution in association with the Department of Financial Services, the Ministry of Health and Welfare, and the National Health Authority. It is […]
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New Umbrella Entity (NUE)
The NPCI has been promoting and managing digital transaction platforms in India since 2008 and is backed by more than 50 retail banks. They have, over the years, introduced payment channels like RuPay, Bharat Bill Pay, IMPS, and many others. However, due to the exponential rise in internet traffic and subsequently, frauds and cyberattacks, it […]
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Financial inclusion with AePS
Financial Inclusion: According to The World Bank, an estimated 1.7 billion adults worldwide (or 31% of adults) do not have a basic transaction account. This implies that the solutions are not yet affordable or designed to fit low-income users in the current financial services scenarios. This warrants a need for Financial inclusion around the world. […]
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TransXT: everything you need to know
Creating financial consumer products is complicated, expensive, and time-consuming. Connecting with banks, designing a solution, and meeting regulatory requirements ends up affecting time-to-market. This also delays the monetization of the bank’s infrastructure. Here’s where TransXT comes into the picture. Bank-in-a-Box: TransXT is a simple, instant, secure, and scalable platform that elevates the process of transacting […]
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The Value That Open Banking Brings to End-Users
The first wire transfer of funds happened in 1872. Since then, so much has changed – the world adopted ATMs, telephone banking, internet banking, contactless payments, mobile banking, and so much more. And today, we are further making way for a newfangled approach by way of human-centered banking: open banking. Open banking is a part […]
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