The National Payments Corporation of India’s (NPCI) subsidiary NPCI Bharat BillPay Limited (NBBL) has introduced a digital payments platform that aims to simplify both internet and mobile banking.
For context, NBBL’s Bharat Connect platform is an interoperable net banking solution which aims to standardise and simplify high-value online transactions across banking institutions as well as payment aggregators.
In addition, the NBBL claims that there will be greater oversight of net banking transactions with Banking Connect, including payments linked to cryptocurrency and gaming.
“Today, banking operates as a mesh of bilateral ties between different merchants, payment aggregators and banks,” said Noopur Chaturvedi, who is the Managing Director (MD) and Chief Executive Officer (CEO) of NBBL.
Importantly, Chaturvedi claims that the new digital payments platform is going to shift the ‘heavy lifting’ of managing multiple banking connections from merchants and aggregators to NBBL.
What Does The Banking Connect Platform Claim To Solve?
NBBL says that the Banking Connect system is designed to reduce the complexity of current net banking processes, which frequently require multiple integrations and varied customer credentials, as well as non-standard settlement flows.
Notably, the immediate change for customers will be the availability of three payment pathways, namely:
- using their bank app
- scanning a QR code
- or continuing with the existing net banking website if one’s bank has not yet migrated to Banking Connect
Chaturvedi said that the ultimate aim is to give users a choice while also providing clearer information about grievances, chargeback timelines, and merchant settlements.
Importantly, she remarked that the current net banking process often pushes users to a webpage where they must enter an ID and password. And notably, forgetting these details can lead to the payment process dropping midway.
Chaturvedi said that the Banking Connect platform removes this impediment by taking customers directly to their own banking apps, making the transaction journey relatively familiar and easier.
“The customer gets routed to their own banking apps, and they can complete the transaction in the comfort of a familiar app,” Chaturvedi explained.
Furthermore, NBBL claims that the Banking Connect platform offers interoperable workflows and support for biometric authentication. It also claims to remove transaction caps and introduce standardised application programming interfaces (APIs) in order to reduce delays, redirections and timeout errors.
What Does RBI Stand to Gain from the NBBL Banking Connect?
In terms of monitoring net banking transactions across the Indian banking ecosystem, Chaturvedi said that the Reserve Bank of India (RBI) receives transaction data with a lag of about seven days, which expands further when it comes to smaller banking entities.
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