back Back

Fino Payments Bank’s QR code UPI solution to drive P2M digital payments

By Leandra Monteiro

July 28, 2021


Fino Payments, Bank, QR code, UPI, digital paymentsTaking 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 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.

Previous Article

July 28, 2021

Worldline & STAAH partner to provide Next Gen Payment Gateway

Read More
Next Article

July 28, 2021

Equifax signs definitive agreement to acquire Teletrack from CoreLogic

Read More

IBSi Daily News Analysis


July 19, 2024

SMEs leverage cloud to gain competitive edge, study shows

Read More

IBSi FinTech Journal

  • Most trusted FinTech journal since 1991
  • Digital monthly issue
  • 60+ pages of research, analysis, interviews, opinions, and rankings
  • Global coverage
Subscribe Now

Other Related News


LTIMindtree extends multi-million-dollar contract with Absa Bank

Read More

July 18, 2024

Jamaica’s First Global Bank partners with Profile Software

Read More

July 16, 2024

TISA goes live with Oracle’s core banking system, Flexcube 14.7

Read More

Related Reports

Sales League Table Report 2024
Know More
Global Digital Banking Vendor & Landscape Report Q2 2024
Know More
NextGen WealthTech: The Trends To Shape The Future Q4 2023
Know More
IBSi Spectrum Report: Supply Chain Finance Platforms Q4 2023
Know More
Treasury & Capital Markets Systems Report Q1 2024
Know More

IBSi Sales League Table

The industry acknowledged barometer of global banking technology vendor performance!
Get your copy now!
Get your copy now! IBSi Sales League Table 2024