Context:
NPCI is piloting Netbanking 2.0 to make mobile payments easier.
Key Highlights:
- Aims
- The pilot aims to popularize more payment avenues, which will reduce the need for UPI or card transactions.
- The move is to the benefits of payment platforms that can link to all the banks at a single place while they focus only on working on merchant side.
- NTT Data Payment Services India, part of the pilot, plans to use QRcodes in order to increase transaction ease.
- Net banking transactions currently account for about 1015% of total transaction volumes for payment aggregators.
- Builds an all-in-centralized platform under NPCI wherein merchants can easily connect with every bank.
- What is Net Banking?
- Net banking, also known as online banking, internet banking, or e-banking, is a service that allows customers to conduct financial transactions electronically through a bank’s website or mobile app.
