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What happened
The introduction of NetBanking 2.0 in India marks a significant upgrade in the online payment landscape. This new system, as explained by Noopur Chaturvedi, MD and CEO of NPCI Bharat BillPay, aims to simplify transactions by routing users directly to their banking apps or providing a QR code option. This change addresses common issues with forgotten IDs and passwords that often disrupt payments. The platform is designed with a mobile-first approach, reflecting the growing smartphone usage in India. Additionally, it incorporates AI and ML technologies for enhanced fraud detection, alerting banks to suspicious activities. Users will have three payment options: through their banking app, by scanning a QR code, or using the existing net banking website. The goal is to improve transparency and standardization in the payment process while increasing user confidence in the system.
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Key insights
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1
Direct Banking App Access
Users can complete transactions directly in their banking apps.
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2
QR Code Payment Option
Dynamic QR codes simplify the payment process.
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3
AI and ML for Security
Advanced technologies enhance fraud detection and prevention.
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4
Focus on User Experience
The system aims to reduce friction in online payments.
Takeaways
NetBanking 2.0 represents a significant advancement in India's online payment system, prioritizing user experience and security. By leveraging technology, it aims to streamline transactions and build trust among users.