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IndusInd Bank ties up with PayU to launch digital banking for its users

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The Hinduja Group promoted IndusInd Bank has tied up with PayU to launch its consumer banking products online, reports Business Standard. The bank is working on digital banking solutions that will work across social and commerce platforms, similar to internet banking offered by other banks. It will also launch co-branded digital consumer banking products in the next 4-6 months and make use of PayU’s OneTap, express checkout etc features.

In July last year, IndusInd Bank launched a new payment product called Quickpay where customers could send money to their personal contacts and business parties through SMS and email. They could also transfer money to a recipient by filling a form with their email ID or mobile number number of the receiver through the bank’s website. At that time, IndusInd Bank’s head of digital and  payments business Ritesh Raj Saxena had said that the bank would be releasing its wallet based payment app, which seems to be live here.

PayU’s one tap technology: Last month, PayU Biz launched a new technology which would allow users to make payments via a single tap and still be compliant with the Reserve Bank of India’s regulation of two-factor authentication for all card payments. It would remove the need to enter the CVV and auto-read the OTP sent on mobile phones to complete the transaction in one tap. However, PayU explained that the one-tap payments technology was limited to Android mobile phones.

Top level hires at PayU: In September, it appointed former Snapdeal executive Aakash Moondhra as its global chief financial officer, to handle the company’s finance operations and develop Naspers’ financial tech business. In August, it appointed Raj Kamal as its VP of strategy and Sanjeev Sandhu as business head of PayU Global technology solutions business. In July, PayU also appointed Prabhakar Tiwari as its Chief Marketing Officer, where Tiwari would be responsible for the public relations and marketing activities of the company.

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Developments in the sector:

– Last month, the Reserve Bank of India (RBI) asked all banks part of the National Financial Switch (NFS) to make changes to their ATMs to allow customers to register for mobile banking. As of September 2015, the RBI reported that there were 27.11 million transactions through mobile banking channels worth Rs 2660 crore.

– In August, the State Bank of India launched its mobile wallet solution dubbed ‘SBI Buddy’, which would be available to non-SBI customers as well. SBI tied up with various merchants to let users access the merchants’ store directly via the ‘Buddy’ app.

– In the same month, payment solutions provider Oxigen Services introduced ‘Super PoS’, a device that would upgrade a network of 200,000 locations under the Jan Dhan Yojana.

Our digital payments and banking coverage.

Image Credit: StormKatt under CC BY 2.0

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Written By

I'm a MediaNama alumna from 2015-16 (remember TinyOwl?) now back to cover e-services like food and grocery delivery, app based transport and policies, platforms and media in India.

MediaNama’s mission is to help build a digital ecosystem which is open, fair, global and competitive.

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