Equitas Bank launches FASTag
the first self-service FASTag in the country
·
First
Small Finance Bank to integrate Unified Payments interface (UPI) in its wallet,
PURZ& go live on FASTag
·
introduces
Adhaar Enabled Payment System (AePS) andhost of other digital services
In first of its kind move aimed at disrupting the digital payments landscape across India by a Small
Finance Bank, Equitas Bank, the first private sector bank from Tamil Nadu
post-Independence, has introduced Self
Service facility for customers to avail FastTAG (RFID Sticker) for their vehicles,
online registration and payment can be made by clients. This makes the process of getting the FastTAG sticker hassle
free for the customer.
Equitas is the first SFB and
one of the seven banks in the countryto issueFASTags and launch its own walletPURZ,which is integrated to
NPCI’s Unified Payments interface (UPI).
Equitas FASTag is a perfect
solution for a hassle-free trip on national highways.It enables automatic
deduction of toll charges and lets the driver pass through the toll plaza
without stopping for the cash transaction.
While the bank is also
offering m-VISA and Digital POS services,
it is in the process of enabling Aadhaar
Enabled Payment System (payment service empowering a bank customer to use
Aadhaar as his/her identity to access his/her respective Aadhaar enabled bank
account and perform basic banking transactions like balance enquiry, cash
deposit, cash withdrawal, remittances through a Business Correspondent) andBharat Bill Payment System (For
integrated and interoperable bill payment services to customers across
geographies).
Commenting on this strategy,
P N Vasudevan, MD & CEO, Equitas
Small Finance Bank, said, “Some of our unique offerings are dynamic hot
listing and setting limits on cards through our mobile app, integrating software of fleet operators for real-time
FASTag usage monitoring, digital fee collection service for colleges etc.
83% of our banking transactions are through our digital channels. At a time
when our country is striving to revolutionise the landscape of electronic
payments and reduce the usage of cash in the economy, it isindeed a moment of
honor and pride to introduce host of digital services to our customers in safe
and secured way.”
Mr.
A. P. Hota, MD & CEO, National Payments Corporation of India (NPCI)
said, “We appreciate Equitas Bank for making use of all available payment
services offered by NPCI for their customers. We believe that suchinitiatives will
encourage other small finance banksto join the digital bandwagon.”
Mr. Ravichandran
Ashwin, Indian Cricket Player said, “It is my pleasure to
be associated with a new age high tech bank which is working in sync with Prime
Minister of India’s mission of banking the masses. My best wishes for their
vision of empowering Indian households through financial inclusion.”
Equitas offers variety of
digital services such as net and mobile banking, mobile top-ups, corporate net
banking, POS at merchants, QR based acquiring, payment solutions for
educational institutions, issuing FASTag etc. The soon to be launched AEPS
through BC channel is expected to enable large number of low income clients to
transact through their neighborhood outlets using latest technology. Equitas
hopes to clearly emerge as the digital leader in the banking space and use this
to promote financial inclusion of the underserved segment in the country over
time.
Targeted at youth, PURZ is the mobile wallet
offering from Equitas. Anyone, including non-Equitas Bank customers can
download it from Google Play Store
and start transacting immediately. Through PURZ, they
can also make merchant payments by scanning Bharat QR and transact for various
utilities.
About Equitas Small Finance Bank
Equitas Small Finance Bank
Limited is a Small Finance Bank (SFB), licensed by Reserve Bank of India under
Section 22 of the Banking Regulation Act, 1949 to carry on the business of Small
Finance Bank. The Bank has commenced the business of SFB on September 5,
2016. It is the first Private Sector Bank from Tamil Nadu to commence
operations post Indian Independence.
ESFBL was formed by the
Merger of two wholly owned subsidiaries of EHL viz., Equitas Micro Finance
Limited [EMFL] and Equitas Housing Finance Limited [EHFL] with Equitas Finance
Limited [EFL].ESFBL, with pan India operations, is focused on providing
financing solutions for individuals and micro and small enterprises (MSEs) that
are underserved by formal financing channels while providing a comprehensive
banking and digital platform for all.
True to its tag line – “Its
Fun Banking”, the bank offers customized savings products with a focus towards
giving children, youth, families and entrepreneurs across India, a new and a
fun way to bank.By FY18, ESFBL plans to roll out the entire network of 412 bank
branches spread across 13 States in India. Of these 412 branches, 50% will be
in South, 30% in West and the remaining 20% in North.
About 25 per cent of the
bank branches will be located in rural, unbanked villages. Currently, the bank
has an AUM of around Rs.7,181 Cr, of which about 49% is contributed by Micro
Finance, 26% by Used Commercial Vehicle Finance and the remaining 24% by MSE
and affordable Housing Finance.
About
NPCI
National
Payments Corporation of India (NPCI) was set up in 2009 as the central
infrastructure for various retail payment systems in India and was envisaged by
the Reserve Bank of India (RBI) as the payment utility in the country.
For further details contact:
|
Vignesh Murali
Equitas Small Finance Bank
Ltd
+91 9952020629 or +91
9840168185
NPCI
|
Gaurav Kapoor/Deepti Jha
Adfactors PR
+91 9819775507/+91 9967988867
|
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