FINO PayTech on advantages of payments banks
Customers are willing to pay for the services they don't have access to. Payments banks have an opportunity to reach out to those customers with the right products, at the right price with right partners.
Payments banks largely deal with low-value, high volume transactions. Hence, players who have a large presence, are accessible across platforms, are able keep their costs low and provide a bouquet of services to customers will be successful. They complement traditional banks rather than competing with them.
Going forward, wallets will become one more avenue through which customers can access their bank accounts and do digital transactions, like net banking and mobile banking.
FINO PayTech was chosen by UIDAI to demonstrate the tech enabled payment mechanism at the national launch of Aadhaar-based service delivery.