Banking at your Door-step
Imagine paying your utilities bill at your nearest super market, while buying your regular groceries. Payments banks will bring a whole new world of easy banking to your door-step.
Stop looking for ATM
Easy to Open Account
Opening an account in payments bank will be much easier than normal banks. Income level restrictions will not be there to open an account in payments bank.
A payment bank customer can use his account to make daily or monthly cash transactions through debit card or mobile. It will be more safe, as you will have only smaller balance in your account.
Transfer Money Faster
Parents can easily transfer money to their children living far away from home to meet their needs like fees and other expenses.
Small firms can pay their salary to employees using payments bank. This can avoid the risk of paying out in cash.
Lower Fees
Lower transaction fees compared to normal banks will encourage small businesses to switch over their transactions through payments bank.
More vibrant goodies are awaiting for the customers of payments bank, since they want to retain their customers with a long term relationship.
Everyone Benefits
The days are not too far to see your nearest store providing services like a bank. And you will be paying your Driver or Maid directly to their bank account in their hometown, so that they do not have to go and stand in queue to send money order to their family.
In rural areas, where people do not have access to banks or other financial institutions. They keep their hard earned money as cash in boxes or clay pots, which remains the same even after years without any interest on it. Payments bank will change this whole scenario in rural areas with more and more people opening up bank accounts with simple KYC regulations.
Easy to Deposit
The days are not far, where you can deposit money to your savings account in a payments bank through nearest petrol pump, grocery shop or even super markets. It will be almost easy as you top-up your mobile phone balance.
India post is one among the 11 organisations, who got approval to start payments bank. They have 89% of their post offices in rural areas (1,39,144 out of 1,55,015). This will definitely offer its partner a wider reach to rural areas.
Future Proof Ready
National Payments corporation(NPCI) is increasing its server capacity to handle 100million transactions in a day, which is more than double its present capacity (peak 13million as of Aug 2015). Getting ready for a future-proof system, as they expect the transactions to increase by multiples in the coming.