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In contrast, Fino PB has utilised its massive BC network to
reach out to people. "We cannot sell Mercedes to a
customer who wants a Maruti," says Rishi Gupta, managing
director and chief executive officer of Fino."The focus has
been on distribution in a way that could compete with our
telecom peers, and we did it without any fanfare," he says,
explaining the BC-first approach that Fino has taken to
expand its market presence.

Most fintech experts concur, saying both IndiaPost and Fino
have demonstrated the best use cases in the current PB
ecosystem.

Both Fino PB and IPPB have enabled an Aadhaar-enabled
payment system (AePS) for maximum convenience. Airtel PB
has also set up a cardless cash withdrawal system called The second important impact, since payment banks are set
Instant Money Transfer (IMT), which can be used via its up by players from different industries, they can bring in
their own customers to the banking sector.
mobile app. Apart from this recent e-PoS initiative, its AePS
can be used to transact at micro-ATMs manned by BCs.
During the Q3 earnings call of Bharti Airtel, the company Another point is that consumers would be free to open both
indicated new initiatives for the PB business, which would savings bank accounts and current bank accounts with
be rolled out soon. With a network of more than 10 lakh payment banks. With this, payment banks are likely to
retailers, Airtel PB has the most extensive merchant reach attract both retail as well as business customers. Consider
in the country. the India Post Payment Bank. This payment bank is looking
to offer door-step banking. The bank will charge a nominal
Paytm, on the other hand, has several payment solutions in fee of up to Rs. 35 for this. This facility will be available for
its portfolio. For the PB business, the company has roped in transactions that are less than Rs. 10,000. Facilities such as
a number of big-ticket partnerships, including tie-ups with this are likely to help financial inclusion to a large extent.
major auto manufacturers for FASTags under the National
Electronic Toll Collection programme. But a large number Payment banks have the ability to change the face of rural
of products across its ecosystem often dilute Paytm's PB India in the coming years. Today many people don’t have a
performance. bank account that includes millions of people in our country.
It will help people of rural areas where they don't have
Conclusion: access to bank connectivity. Now they can use their account
through their mobile phones.
The advent of payment banks together with the growth of the
Internet promoted the digitization of the payment process with References:
the provision of various online payment methods like electronic
https://timesofindia.indiatimes.com
cash, debit cards, credit cards, contactless payment, mobile
wallets, etc. Besides, the services provided by payment banks https://www.financialexpress.com
are gaining popularity day-by-day and are showing a transition https://cio.economictimes.indiatimes.com
by advancing towards a propitious future of speculative https://www.business-standard.com
prospects in conjunction with the technological innovations. The www.jagranjosh.com
organizations through payment banks are able to share the
experience by giving the consumers various options like cash www.bijlipay.co.in
https://blog.bankbazaar.com/
back, product/service comparison, payment preferences, etc.
https://www.livemint.com/opinion/online-views/the-survival-
The first thing that payment banks will add to the industry struggle-of-payments-banks-
is competition. Mr.Pravindra Kumar Union Bank STC Kolkata. T

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