#NetBanking2_0 #NPCIBBPL #BankingConnect #DigitalPayments #AIPayments #QRPayment #FinancialInclusion
New Delhi: – NPCI Bharat BillPay (NBBL) has officially launched its advanced payment settlement system, NetBanking 2.0, aiming to make online transactions significantly easier and more secure. The new system, branded as ‘Banking Connect,’ introduces a mobile-first approach and utilizes AI and ML technology to strengthen fraud detection.
The ‘Banking Connect’ system is designed to streamline net banking payments by directing customers straight to their banking app to complete a transaction, eliminating the traditional process of filling out IDs and passwords on a webpage. This mobile-first design addresses a major pain point where users often abandon transactions due to forgetting their login credentials.
📱 Key Features: QR Code Payments & Mobile-First Approach
A key feature of the new system is the addition of QR code functionality, allowing customers to complete transactions simply by scanning a code.
Nupur Chaturvedi, MD and CEO of NPCI Bharat BillPay, elaborated on the benefits, stating that NetBanking 2.0 will offer customers three payment choices:
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Using the dedicated bank app.
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Scanning a QR code.
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Reverting to the old website (if the bank has not yet migrated).
“This will provide flexibility and choice to the users,” Chaturvedi noted.
🛡️ Enhanced Security with AI and ML
A major focus of NetBanking 2.0 is security. The platform incorporates an advanced Fraud Management System built with AI (Artificial Intelligence) and ML (Machine Learning) technology. This system is designed to quickly spot suspicious transactions and alert the concerned bank.
“We are using new technologies to ensure that fraud is detected quickly,” Chaturvedi explained, emphasizing that this proactive approach will enhance customer confidence and strengthen the entire payment network.
💼 Targeting High-Value and Essential Payments
Chaturvedi identified two main groups of customers who will benefit most from the new facility:
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Businesses: Those who make high-value payments such as tax payments and insurance premiums.
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Retail Users: Individuals who conduct large-amount transactions, including paying college fees or making investments in stocks and mutual funds.
Highlighting the scope, Chaturvedi mentioned that around 30 crore transactions are currently conducted through net banking every month. While the company is not focused on specific number targets, it aims to onboard as many banks and payment players as possible to enhance customer confidence and solidify the payment network.
#NetBanking2_0 #NPCIBBPL #BankingConnect #DigitalPayments #AIPayments #QRPayment #FinancialInclusion
