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In a bid to help develop the fintech ecosystem in India, Fino Payments Bank has launched its mobile banking app called BPay.
Fino, which started its banking operations in July with 410 branches and 25,000 access points, aims to make banking easy for millions of under banked people in India.
BPay is also an extension of its already existing wallet in the same name that was launched in December last year. The upgraded BPay app, available on Android at present, is now much more than just a wallet. The mobile banking app enables simple, paperless and convenient banking that allows customers to make bill payments, recharges, fund transfers and buy insurance either through wallet or bank account.
An interesting feature of the mobile app is that it allows customers to seamlessly access wallet as well as savings account, with a single login and interface, Fino said in a statement.
Rishi Gupta, MD & CEO, Fino Payments Bank, said, “Over a decade ago we pioneered digital banking in rural India through biometric solutions. Going forward we believe rural India or Bharat, where mobile internet usage is growing at 26 per cent year-on-year, will drive mobile banking adoption. BPay app will play a critical role in our endeavour to bring banking closer to 50 million customers in 5 years, largely driven by tech savvy rural youth.”
“BPay is an extension of our phygital strategy, wherein customers have the options to choose the medium of engagement with us. They can come to our branches, banking points, get doorstep banking or simply do mobile banking by downloading BPay app,” he Gupta.
In addition to single login access that allows anytime, anywhere payments and banking, people can even open Fino bank account from BPay mobile app without the need to step inside a branch or calling a representative. Going forward, Fino Payments Bank plans to add more customer-centric offerings and services to the mobile banking app, it added.
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