In today’s digital world, banks are struggling to maintain digital demands. Customers expect
smart digital banking that is available across channels and tailored to their immediate needs.
They want banking services to work instantly like the apps they use for shopping.
Aadhaar card is one of the most mandatory documents for applying for a passport. You won’t be able to get your passport without Aadhaar.
There has been a growing need for instant payment mechanisms. Customers today have
become aggressive in regards to efficiency of payment methods and therefore there is a
demand for greater payment mobility and flexibility. The traditional RTGS and NEFT methods
are just not enough. Customers expect multiple channels for making payments and as a result,
instantaneous payment systems using ATM, kiosk, mobile and online channels have evolved.
Banks have faced several challenges and are unable to keep up with the demands especially in
remote and rural areas. Challenges include efficiently delivering their products and services to
the customers. In fact, the most important challenge of a bank is how to efficiently reach the
customer, with the right product or service, at the right time. Today, they can choose between
branches, contact centers, ATMs, online channels, portals and web banks.
Electronic Funds Transfer at Point of Sale (EFTPOS) is a payment method that can be
described as the perfect answer as the distribution channel. EFTPOS is a system by which the
clients pay for the services using points. This system is very used when shopping, travelling,
buying tickets. In a society where time is money, there has been a huge request from the
customers for more accessible distribution channels. The computers and the mobile phones
were the best choice.
As a result the banks have made considerable investments in the development of services that
are not based in the branch and which are accessible through the Internet or mobiles phones.
The development of electronic distribution channels has resulted in the appearance of a new
concept: the virtual bank. This is the bank where the contact can be reached by a large variety
of distribution channels, but maintaining the same interface and having access to the same
services.
We at Fastpay bring the Digital business of micropayments and financial inclusion solutions. We
provide better banking connectivity by digitizing financial transactions. We use Bharat QR and
UPI for our financial services which include not just money transfer but also:
Our innovative solutions are modelled to make the financial transactions seamless, quick, easy
and strives to empower our retailer partners. Some of the benefits are:
● Processing of payment transactions in self-service mode.
● Secure payment mode.
● Banking access provided round-the-clock through access to ATM, kiosk, online or
mobile.
● Instantaneous transfer of funds to the registered beneficiary.
