Home / Companies / News /  Fino Payments Bank starts QR-based payments for merchants

MUMBAI: Fino Payments Bank on Monday said it is facilitating person-to-merchant (P2M) payments through QR code-based unified payments interface (UPI) solution.

Fino's initiative comes amidst a surge in QR-code based payment solutions riding on increased smartphone penetration, usage of high-speed internet and Aadhaar-linked bank accounts.

Also, change in customer expectations due to instant payments especially for e-commerce is driving demand for superior paperless, faster and seamless experience, it said.

Ashish Ahuja, chief operating officer, Fino Payments Bank said that 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 point of sale (PoS) machines. We aim to empower our extensive merchant network with the UPI QR code to accept payments and provide customers with an avenue to make seamless, safe and secure digital payments, even if they are without cash or card," said Ahuja.

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.

To register as a 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. Following this, Fino merchants can generate their own QR code and virtual payment address (VPA) that needs to be linked to their Fino current account or with UPI enabled account of any bank, the lender said on Monday.

“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," it added.

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