Chennai: Karur Vysya Bank has launched three new technological services named FASTag, Unified Payment Interface (UPI) and Bharat Bill Payment System (BBPS) aimed to make banking more convenient for its customers.
FASTag is a service launched by KVB in association with Indian Highways Management Company Limited, a subsidiary of National Highways Authority of India, wherein preloaded tags affixed to the vehicles help them to move on without having to join the queues at toll plazas and handling cash for payment of toll.
FASTag can be preloaded with amounts and the toll amount will automatically be debited by the toll plazas through sensors. The tags can be reloaded as and when required.These tags are valid at all toll plazas throughout the country.
United Payments Interface (UPI) is a mobile app that helps customers to transfer funds inter-bank, 24 X 7 through their smartphones. The transfer is effected through the IMPS platform of NPCI. 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.
Supported by the security of two factor authentication, payment requests can be initiated by the beneficiary or scheduled by the remitter. The KVB UPI app can be downloaded from Android Play Store.
Bharat Bill Payment System (BBPS) is a facility offered through NPCI wherein customers can make utility bill payments like electricity, water, gas, DTH and telecom services through a single utility, instead of accessing multiple sites.
These three are the latest offerings from Karur Vysya Bank for its customers. The bank is also working on its existing tech platforms to enhance customer experience.
