Taking digital payments adoption a step further, Fino Payments Bank is facilitating Person-to-Merchant (P2M) payments through QR code-based UPI solution. Fino’s initiative comes amidst a surge in QR-code based payment solutions riding on increased smartphone penetration, usage of high speed internet and Aadhaar linked bank accounts. Also, change in customer expectations due to instant payments specially for ecommerce is driving demand for superior paperless, faster andseamless experience.
Ashish Ahuja, Chief Operating Officer, Fino Payments Bank said, “For millions of small and mediumbusiness owners who accept payments in cash, QR code-based UPI payment solution is a great way to go digital. It helpsinitiate and accept P2M payments using mobile phones instead of swiping cards on POS machines. We aim to empower our extensive merchant network with the UPI QR code to accept payments and provide customers an avenue to make seamless, safe and secure digital payments, even if they are without cash or card.”
Fino Payments Bank has over 6 lakh tech-enabled merchant points spread across the
country providing assisted digital banking services to customers of any bank. Now the
network will be empowered as UPI merchants to accept small value digital payments.
To register as Fino UPI merchant, one needs to download the bank’s mobile banking app BPay, select ‘I am Merchant’ option under Menu and provide the required business details. It takes less than three minutes to register and there are no charges.