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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5 Reasons Why API Integration Is a Must For Digital Banking Growth
Over the last few years, the way banks function has changed drastically. The digital revolution in the financial industry is here and banks have to modernize themselves to stay competitive, irrespective of size. In addition to this, customers today expect more from their banks and are more digitally savvy. They prefer interacting with banks and […]
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An Introduction to Open Banking
Open Banking has revolutionized the FinTech world with a new perspective. Its capabilities extend beyond the digital payments as innovations reveal a quicker way to do things and features that go beyond mere convenience for the customers. Open banking brings the best of both worlds and was initially conceptualized as an outbound trade service that […]
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