Augmentation of access technologies for the payment banking operations-An analysis

Payment banks are Indian innovation of niche banking system for effective utilisation of fintech products for extending inclusive financial services. The eco system utilises various last mile mobile technologies for serving its customers. Recent innovations in Digital Payment eco system such as BHIM/UPI, Aadhaar Pay and QR code based payments can effectively be utilised by payment banks for innovative and inclusive financial services. An introspective analysis on cyber security highlights its importance for Payment banks. The performance analyses of different Digital Payment technologies bring out its suitability for different segments of customers of Payment banking industry. Finally, a need for a unified technical standard for digital payments has also been brought out.