Fino Payments Bank Rolls Out BPay Mobile Banking App

September 22, 2024         By: Steven Anderson

Mobile banking in India is taking off at about the same rate as mobile payments in general. One of the most recent entrants in the field comes from Fino Payments Bank, who’s rolling out its new BPay mobile banking app, which will not only offer some new services, but build on some earlier releases as well.

Fino Payments Bank, which counts 410 branches and 25,000 individual access points throughout India, is eager to make banking easier, whether it’s for current clients or for those currently without a home bank. With its new BPay app, meanwhile, it’s poised to do just that. It’s currently only available for Android—which makes sense given that it’s targeting the unbanked; the unbanked aren’t likely Apple users—but offers up a healthy slate of services.

BPay users can get access to online bill payment systems, as well as mobile and card recharges, fund transfers, or insurance purchasing. It’s even possible to go from unbanked to banked, as Fino allows users to sign up for a Fino bank account directly from the app itself, all without the need to go to a Fino branch or talk to a representative. Fino plans to update the app further later, adding in new “customer-centric offerings and services,” though just what these are is unclear as yet.

Fino Payments Bank managing director and CEO Rishi Gupta commented “Over a decade ago we pioneered digital banking in rural India through biometric solutions. Going forward we believe rural India or Bharat, where mobile internet usage is growing at 26 per cent year-on-year, will drive mobile banking adoption. BPay app will play a critical role in our endeavor to bring banking closer to 50 million customers in five years, largely driven by tech savvy rural youth.”

There’s often a percentage to be made in bringing services to places where there were no services before, and Fino is likely to make some great inroads on this front. The notion of turning the unbanked into the banked from a simple smartphone interface is a masterstroke, and is likely to help drive a lot of business for Fino as a whole. Though Fino will have plenty of competition on this front, its push into comparatively virgin territory isn’t a bad plan at all.