Karur Vysya Bank launches FASTags, UPI app, utility bill payment service
COIMBATORE: To keep pace with technology across the globe, Karur Vysya Bank (KVB) today launched three technology services for the benefit of customers.
Briefing reporters on the services, KVB Managing Director and CEO K Venkataraman said FASTag was launched in association with Indian Highways Management Company, a subsidiary of National Highway Authority of India, wherein pre loaded tags affixed to vehicles help them move on without having to join queues at toll plazas and handing cash for payment.
FASTags can be pre-loaded with amounts and the toll amount will automatically be debited by the toll plazas through sensors, he said.
The tags can be reloaded as and when required and tags are valid at all toll lazas throughout the country, Venkataraman said.
The second service, United Payments Interface (UPI) is a mobile app that helps customers to transfer funds inter-bank, 24 X 7 through their smartphones, he said.
A single mobile application can access different bank accounts without the customer having to share his bank details or having to remember user IDs and passwords, he said.
The transfer is effected through the Immediate Payment Service platform of NPCI (National Payment Corporation of India), he said.
Supported by the security of two factor authentication, payment requests can be initiated by the beneficiary or scheduled by the remitter, he said adding that the KVB UPI can be downloaded from Android Play Store.
The third one is Bharat Bill Payment System (BBPS), a facility offered through NPCI where in customers can make utility bill payments like electricity, water, gas, DTH and telecom services through a single utility, instead of accessing multiple sites, Venkataraman said.
Briefing reporters on the services, KVB Managing Director and CEO K Venkataraman said FASTag was launched in association with Indian Highways Management Company, a subsidiary of National Highway Authority of India, wherein pre loaded tags affixed to vehicles help them move on without having to join queues at toll plazas and handing cash for payment.
FASTags can be pre-loaded with amounts and the toll amount will automatically be debited by the toll plazas through sensors, he said.
The tags can be reloaded as and when required and tags are valid at all toll lazas throughout the country, Venkataraman said.
The second service, United Payments Interface (UPI) is a mobile app that helps customers to transfer funds inter-bank, 24 X 7 through their smartphones, he said.
A single mobile application can access different bank accounts without the customer having to share his bank details or having to remember user IDs and passwords, he said.
The transfer is effected through the Immediate Payment Service platform of NPCI (National Payment Corporation of India), he said.
Supported by the security of two factor authentication, payment requests can be initiated by the beneficiary or scheduled by the remitter, he said adding that the KVB UPI can be downloaded from Android Play Store.
The third one is Bharat Bill Payment System (BBPS), a facility offered through NPCI where in customers can make utility bill payments like electricity, water, gas, DTH and telecom services through a single utility, instead of accessing multiple sites, Venkataraman said.
