Net Banking: In recent years, there has been a fast effort to offer convenience to bank clients and to facilitate quick online payment transfers. As per the latest reports, the National Payments Corporation of India (NPCI) is collaborating with five to six major banks to establish links between net banking and mobile banking.
The merging of net banking and mobile banking to create a new system is called Interoperability in the making. A date has not been scheduled for the start of its initial phase. However, the project is anticipated to begin in the upcoming year.
As per the report in Economic Times, NPCI will launch this program with major banks in the initial stage. The rest of the banks will be put into action during the second and third stages. Someone involved in this situation mentioned that ICICI Bank and HDFC Bank are in the last phases of merging… This project is currently being conducted in collaboration with three to four banks. Nevertheless, the date for the release of this feature remains unknown.
Details on this matter may also be revealed shortly. After netbanking becomes interoperable, consumers will have the ability to select the net banking option from any bank when buying items from e-commerce websites. At present, banks require collaborations to team up with payment aggregators, who then link merchants for netbanking transactions. Once the interoperability begins, this issue will be resolved.
An individual connected to this issue commented that its introduction will assist in alleviating the burden on UPI payments. UPI has experienced significant growth in recent years. Due to the growing popularity of UPI, the demand for debit card payments and net banking has decreased. RBI Governor Shaktikanta Das discussed granting approval to NPCI Bharat Bill Pay to commence operations for netbanking interoperability.