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Net banking in India is set to change in a big way with the introduction of a new system designed to make online payments simpler and safer for users.
Speaking to ANI, Noopur Chaturvedi, MD and CEO of NPCI Bharat BillPay Limited, explained how the new "NetBanking 2.0" experience unlocks a smoother way for customers to complete digital transactions. Chaturvedi said the current net banking process often pushes users to a webpage where they must enter an ID and password, which many people forget, causing the payment to drop midway. She said the new system removes this friction by taking customers directly to their own banking apps, making the journey more familiar and easier. "The customer gets routed to their own banking apps, and they can complete the transaction in the comfort of a familiar app," she said. The platform also adds a QR-based option, which uses a dynamic QR code generated during a transaction. Customers can scan it using their bank app to finish the payment. According to Chaturvedi, this design reflects how people have become comfortable with QR-based payments in recent years. "We have also incorporated a manner in which a dynamic QR gets shown up, and the customer can use their banking app to scan it and complete the payment," she said, adding that the entire system is built with a mobile-first approach as smartphone use continues to rise across India. Chaturvedi said the company is not focusing on numerical targets but on how many banks and payment players join the new system. More participation, she said, will help build confidence and strengthen the payment network. She noted that existing net banking transactions stand at nearly 300 million a month, and the hope is to exceed that number eventually. On safety, Chaturvedi said fraud prevention was an important aspect for the system from the very beginning. She said they are using new technologies to alert banks if a suspicious transaction appears. "We attempt to use new technologies like AI and ML to create fraud management systems which can identify and trigger a message to the bank," she said. She added that having a central settlement platform makes spotting fraud easier because it provides a clearer view of activity across the ecosystem. For customers, the immediate change will be the availability of three payment paths: using their bank app, scanning a QR code, or continuing with the existing net banking website if their bank has not yet migrated. She said the aim is to give users a choice while also providing clearer information on grievances, chargeback timelines, and merchant settlements. "A lot of transparency, standardisation and ease is what everyone in the ecosystem can expect immediately," she said. Chaturvedi clarified that earlier references to cash payments pertained only to bill payment systems and were not linked to the new net banking platform launched today. (ANI)
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