LEADING BANKS SUCH as State Bank of India and Axis Bank are looking to increase their Unified Payments Interface (UPI) market share by upgrading their mobile applications to draw in both customers and non-customers.
Armed with a third-party application provider (TPAP) licence, they are making an aggressive foray into the space currently dominated by Phone Pe, Google Pay and Paytm.
"We want our app to serve as an alternative to the existing UPI apps. Since we want to serve new customers of the bank or noncustomers, they should be able to do things that they do on third-party applications," says Nitin Chugh, deputy managing director and head (digital banking and transformation), State Bank of India (SBI).
SBI is set to launch a revamped YONO 2.0 platform accessible to both customers and non-customers. The application will serve as a marketplace wherein users will be able to avail banking services and purchase products. Currently, banks need a TPAP licence to service non-customers.
"Even if you do not have an account with SBI, you can come on the application, register yourself and start making UPI payments, much like what you would do on PhonePe or Google Pay," says Chugh.
This eagerness among banks to make inroads into the UPI payments segment stems from the fact that UPI transactions have been rising steadily in recent years. UPI transaction volumes surpassed 12 billion, and transaction value crossed ₹18 trillion mark in December, data from the National Payments Corporation of India(NPCI) showed.
この記事は Financial Express Mumbai の March 26, 2024 版に掲載されています。
7 日間の Magzter GOLD 無料トライアルを開始して、何千もの厳選されたプレミアム ストーリー、9,000 以上の雑誌や新聞にアクセスしてください。
すでに購読者です ? サインイン
この記事は Financial Express Mumbai の March 26, 2024 版に掲載されています。
7 日間の Magzter GOLD 無料トライアルを開始して、何千もの厳選されたプレミアム ストーリー、9,000 以上の雑誌や新聞にアクセスしてください。
すでに購読者です? サインイン
Murdoch ally helps Ambani build media empire in India
SOHEE KIM PR SANJAI
Pandya, Dube & Rinku: Can they finish for India at T20 World Cup?
GOING INTO THE 2022 T20 World Cup in Australia Dinesh Karthik was assigned the finisher role and the batting lineup was built accordingly.
Nestle adds sugar to infant milk and cereal, finds report
A NEW REPORT has revealed that Nestle, the world's largest consumer goods and manufacturer of baby formula, is adding sugar to infant milk and cereal products sold in India, and other Asian, and African countries.
India-made Daimler's electric mini truck to hit the road soon
INDIA WILL BE host to German trucking giant Daimler's only electric vehicle plant outside of Europe and Japan when it launches a locally-made electric light cargo truck in FY25.
Samsung eyes ₹10,000 cr from India TV biz this year
SOUTH KOREAN GIANT Samsung is targeting a turnover of ₹10,000 crores for its television business in India this year, driven by growth in sales of its mid to-premium segment models, said Mohandeep Singh, senior VP, consumer electronics business in India.
Microsoft AI Copilot speed boost for coding
WHEN SOFTWARE DEVELOPER Nikolai Avteniev got his hands on a preview version of Microsoft's Copilot coding assistant in 2021, he quickly saw the potential.
US, China debt pose risks for global public finances: IMF
THE WORLD's TWO great economic rivals, China and the US, will drive much of the increase in global public debt over the next five years, with US spending creating trouble for many other countries by keeping interest rates high, officials at the International Monetary Fund said in a report.
Language models in consumer tech
This move is designed to ensure better user experience & privacy
'Data centres' energy use doubles every four years'
Data centres are significant energy consumers, using about 2% of the world's power and emitting carbon dioxide equivalent to the airline industry.
Vi FPO: Foreign players invest big; about ₹5,400 crore raised
GQG, Fidelity buy almost 40% of the anchor investor portion
