Some of the new age fintech technologies include following services:- 1) E-Wallets/ M-wallets
As internet and mobile banking are revolutionizing the banking industry, mobile wallets that hold money digitally have brought about changes in the mode of transactions being carried out in the country. Prepaid Payment Instruments (PPIs) including e-Wallets/ m-Wallets serve as a mode of online payment system, where a registered customer can pre-load a certain amount of money with any service provider, which can be used for various bill payments, movie tickets and recharges, etc. 2) Biometrics The transition from physical money to e-money has also led to the emergence of safer and risk free management processes. Biometric technologies analyze unique biological traits that differentiate one human being fromanother, such as fingerprints, the retina or iris or the pattern of an individual’s voice. Few banks in India have installed ATMs that require customer finger print (biometric) instead of debit/credit card & PIN to dispense cash. Adoption of biometrics into the security infrastructure of the banks would safeguard customers from such unforeseen incidents in future. 3) Unified Payment Interface Moving towards the goal of attaining ‘Cashless Economy’, RBI has partnered with National Payments Corporation of India (NPCI) and launched Unified Payment Interface (UPI) on 26th Aug, 2016. It is a mobile payment solution, where customers can instantly transfer funds to different bank accounts without having to share sensitive information like bank account numbers during the transaction. Currently, 21 banks have joined the new payment solution. More banks are expected to join UPI app platform.
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