Ease Of Using Payment Banks In India With Suitable Application Of Software Technology

Abstract

In the current era which can be termed as a Digital epoch, the use of technology to reduce the burden of money transfers and ensuring authentic transactions enhances the mode of business operations by Mobile banking. With the advent of payment banks, the complexity of transfer and transaction of money has reduced drastically. Banking sector cut edge technology and proliferation in the number of users of the internet to their advantage by enabling customers to perform wide number of financial transactions. The main objective of payment banks is to facilitate people; especially the new users of internet and regular salaried employees utilize the facility of formal banking. Performing bank transactions through payment bank will reduce the burden on the Commercial banks and encourage digitalization. It also prevents evading of taxes. Every individual performs financial transactions several times a day in which ‘Payment’ is the main objective. For this, payment banks are very useful. Existing system of operating payment banks necessitates transfer of money through any commercial bank account into payment bank account. This is preventing the majority of population comprising of daily wage employees from using payment bank as they are not accustomed to digital bank transactions and have only currency cash in their possession. In this paper, a new model is proposed in which directly depositing cash in payment bank account of a customer is possible.