This stumbling block faced by many consumers may be fixed if a pilot rolled out by the National Payments Corporation of India (NPCI) last month works out.
Why such problems occur is that merchant platforms such as Amazon and Flipkart typically tie up with payment aggregators or gateways such as CC Avenue and PayU, which in turn individually partner with multiple banks to enable netbanking. This involves individual reconciliation with each bank and then settlement with the merchants.
This mechanism may become a thing of the past. NPCI's subsidiary NPCI Bharat BillPay Limited (NBBL) has rolled out a pilot to make net-banking interoperable with mobile payments, according to five people aware of the development.
Banks can join a centralised platform set up by NBBL and directly enable netbanking transactions by leveraging the IMPS (immediate payment service) technology.
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