Top 7 Benefits of Using Payment Banks – Features of Payment Banks

Everyone is talking about payment banks! Many are searching for what exactly it is! You must be one of them. What is payment bank? What are its benefits? Which are payment banks? Don’t worry!  Well, in this article we have included everything about it. Have a look at it.

 
Payment bank is a kind of non-full service niche bank of in India which is licensed as payment banks and it only can receive deposits as well as give payment. The payment bank can receive deposit restricted to Rs 1 Lakh per customer and also permitted to pay customers interest on the money which is deposited by them. Moreover, the customer can use their money for either current account or savings account. Some companies have activated as mobile wallets and this is a great step forward as it will increase funds limit, allow interest to be paid on the deposits, and it will be more supportive for users to store their money with a Paytm or e-paisa.

Salient Features of Payment Banks:

Moreover, like the regular bank, payment banks can’t give loan money to people as well as they even can’t issue the credit cards. In addition, the payment banks are allowed to invest the money customers deposit into government securities. Do you know which the best thing in payment banks is? The best thing is that you can not issue credit card but you are allowed to issue the debit and ATM cards. Well, the 11 new licensed companies already have mobile wallets and the ability to use ATM card will help them close the loop and virtual money will be converted into cash and vice versa.

Furthermore, the payment banks will be incorporated with your savings bank accounts via NEFT and IMPS transfers. In addition, as we talked about the payment bank ATM cum Debit card, you will be able to use the Payment Bank debit card will wok on all bank’s ATM machines. However, Payment Banks can’t accept NRI deposits!

1. Customers will be able to transfer and payment money through mobile.

2. Customers will get services like automatic payment of bills, purchases in cashless and chequeless transactions via a mobile phone.

3. ATM card and Debit Card will be issued and it will be utilizable at all bank’s ATM machines.

4. Payment Bank can transfer money directly to the bank accounts at “NO COST”. (WOW)

5. They are also able to provide forex cards to travelers and it is utilizable again as a debit or ATM card all over India.

6. Payment Bank will provide Forex services at lower charges as compared to banks.

7. Moreover, payment banks also offer card acceptance mechanism to third parties like “Apple Pay”.

The Reserve Bank of India gave approval to the following companies to be the “Payment Banks of India”. Have a look!

1. Aditya Birla Nuvo Limited
2. Airtel M Commerce Services Limited
3. Cholamandalam Distribution Services Limited
4. Department of Posts
5. Fino PayTech Limited
6. National Securities Depository Limited
7. Reliance Industries Limited
8. Shri Dilip Shantilal Shanghvi
9. Shri Vijay Shekhar Sharma
10. Tech Mahindra Limited
11. Vodafone M-Pesa Limited

How it is? Well many things will change due to this payment banks. Are you ready to enjoy the services of Payment Banks in India? Well, this Payment Bank technology has proved to be the best and popular in other developing countries to store money, transfer money, and make purchases to friends and relatives. Why don’t you give it a try?

Do you have any questions regarding it? If you have any then please leave comment in the comment box given below. We are here to help! Your comments are always appreciated. Share you views on Payment Banks here!

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