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 smart phone penetration, usage of high speed internet and Aadhaar linked bank accounts. Also, change in customer expectations due to instant payments especially for ecommerce is driving demand for superior paperless, faster and seamless experience.
Ashish Ahuja, Chief Operating Officer, Fino Payments Bank said, "For millions of small and medium business owners who accept payments in cash, QR code-based UPI payment solution is a great way to go digital. It helps initiate 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.
Following which Fino merchants can generate their own QR code and virtual payment address (VPA) ID that needs to be linked to their Fino Current Account or with UPI enabled account of any bank.
Once activated and live, customers can scan the QR code from any UPI app on their mobiles and make seamless digital payments. The mechanism completely removes the need for swiping cards on POS devices, providing ease and convenience to both customers and merchants.