NPCI started in 2009 to support digital payments in India. Google Pay, which started in 2011, allows users to link bank accounts and credit cards to pay through NFC. Banks are introducing innovative tools like advanced ATMs, deposit machines, and payment through NFC. However, banks face challenges in keeping up with technology preferences of millennials and competition from other financial institutions. Users should take precautions like using VPNs when on public WiFi and changing passwords regularly to ensure security of digital payments.
NPCI started in 2009 to support digital payments in India. Google Pay, which started in 2011, allows users to link bank accounts and credit cards to pay through NFC. Banks are introducing innovative tools like advanced ATMs, deposit machines, and payment through NFC. However, banks face challenges in keeping up with technology preferences of millennials and competition from other financial institutions. Users should take precautions like using VPNs when on public WiFi and changing passwords regularly to ensure security of digital payments.
NPCI started in 2009 to support digital payments in India. Google Pay, which started in 2011, allows users to link bank accounts and credit cards to pay through NFC. Banks are introducing innovative tools like advanced ATMs, deposit machines, and payment through NFC. However, banks face challenges in keeping up with technology preferences of millennials and competition from other financial institutions. Users should take precautions like using VPNs when on public WiFi and changing passwords regularly to ensure security of digital payments.
Google Pay • Started in 2011 • Supports all major credit cards • Card # stored in the cloud • A virtual account number is sent to the contactless POS terminal via NFC Google Pay functions
1. Mobile Recharge
2. Request Money
3. Link several bank accounts
4. Offers and Rewards
Innovative tools and Apps by bank Debit & Credit Card • Advanced ATM machines • Deposit machines • Payment using NFC
Cheque Truncation System CTS
Aadhaar Payment Bridge System
• Allows its customers to view their account summary and all banking functions
• 4.2 star rating on Google Play
• Customize “My menu” tab
• Available in Hindi and regional languages
• Also has “LITE” version compatible with lower internet speeds
- Instant account opening
- India’s largest shopping marketplace
- Banking simplified
- Quick pay
- One view
- Smart spending
- Your friend in need
IndusInd launched credit cum debit card
• 2 EMV chip debit cum credit card
• Convenience and flexibility
• The card will have a single account statement
• Loaded with features for the young upwardly-mobile customer
Challenges faced by banking
• Millennials Interact with Brand differently
• Lots of market Competition, Particular form megabanks and non-
banks
• Millennials make decision based on timeline
• Banks are not updated in terms of Technology
Precautionary Measures
• Avoid Using Public Wi-Fi or Use VPN software :-
• Always use genuine anti-virus software :-
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Change your password regularly and ensure it's a strong one :-