#bank of baroda upi atm

[industrynewsupdates]

ATM Services Procurement Intelligence, 2030: Key Factors to Consider

The ATM Services category is anticipated to grow at a CAGR of 5.6% from 2023 to 2030. Asia Pacific region accounts for the highest ATM usage. According to Asian Banking & Finance, the Asia Pacific region accounted for more than 40% of the number of automated teller machines globally in 2021. Owing to technological advancement, the category has seen a drastic transformation and has changed the cash systems. Banks are aiming to enhance the speed, security, and user-friendliness of their ATMs. Some of the key trends in the industry include cash recycler, contactless transactions, cash withdrawals, more appealing user interfaces, mobile integration, biometric identification, and remote teller assistance to name a few. Cash recycling would help the machines to accept, sort, validate, and store banknotes. This can enable customers to use machines to withdraw and deposit cash eventually reducing labor costs. According to UK’s RBR 2023 report, from 2020 to 2021, the number of cash-recycling ATMs installed globally grew from 973,000 to more than a million.

Cardless ATMs technology, an emerging feature, allows users to withdraw money through apps installed on their mobiles without the necessity to physically operate the machines. In June 2023, the Bank of Baroda, a nationalized bank in India, announced the launch of a cardless cash withdrawal facility, where users can withdraw cash using the UPI system at the bank’s ATM. Additionally, face biometrics at cardless machines is enabling face-based authentication in order to avoid fraud through the use of stolen cards or fake cards. According to biometric update.com’s June 2023 report, around 13,000 of Japan’s seven bank ATMs possess face biometric technology.

Full-service machines can act as a customer's initial point of contact with the bank. Rather than solely performing transactions, ATMs have the potential to become instruments for fostering relationships between banks and customers by offering services such as opening accounts, issuing cards instantly, printing checkbooks, and utilizing other versatile technologies. Through Remote Teller Technology, video banking allows customers to engage with the bank and carry out a majority of branch activities using real-time communication and video.

Order your copy of the ATM Services Procurement Intelligence Report, 2023 - 2030, published by Grand View Research, to get more details regarding day one, quick wins, portfolio analysis, key negotiation strategies of key suppliers, and low-cost/best-cost sourcing analysis

Manufacturing and installation of the machines may cost around USD 50,000 to 55,000. Cash services such as transporting cash between points, which is the major cost component, account for around 35 to 50% of the total cost. In-house service may cost up to 35% of the entire annual operational cost for the financial institutions whereas outsourcing the entire operations can save them up to 25%. ATM installation, maintenance, security, cash management, and compliance are some of the major cost components. Maintenance charges may vary on the basis of where the machine is located, and how much traffic it generates. Installation of ATMs may range from USD 200 to 300 per machine. ATM machine prices can range from USD 2,000 to 8,000. Carefully evaluating the nature of the service provider and the expenses associated can help the vendor to save on overall costs. 

The threat of substitutes is moderate. Although advancements in digital banking and online payment systems have reduced the dependence on physical cash, ATMs still play a crucial role in providing convenient access to cash withdrawals, balance inquiries, and other services. However, the emergence of alternative payment methods like mobile payment apps and digital wallets could potentially pose a substitute threat in the long run.

The category saw a slight reduction during the COVID-19 pandemic owing to lockdowns, travel restrictions, and social distancing measures that resulted in reduced foot traffic at ATMs. According to the Payments Industry Intelligence 2022 report, it is observed that there was a reduction in the number of ATMs by 2% in 2021 worldwide. Post-pandemic, as everything normalized, ATM usage saw an increase but precautions such as contactless transactions gained momentum which has resulted in the implementation of cardless services.

Outsourcing of ATM software development, testing, and distribution is the most preferred type of sourcing by banks. Banks, financial institutions, and other users are continuously seeking to outsource their category operations to third-party operators who can handle maintenance, cash management, and other responsibilities. This enables the banks, and financial institutions staff to deal with other priorities along with significantly saving on cost. Shifting the managing task to a third party can also boost customer satisfaction. Maintaining long-term relationships with the service provider is also considered to be beneficial as it helps the vendor such as banks, and financial institutions to know the service provider better and save on searching and evaluating new service providers. The use of such practices in sourcing the services can ensure customer satisfaction, and quality services over the long run.

ATM Services Procurement Intelligence Report Scope

• ATM Services Category Growth Rate: CAGR of 5.6% from 2023 to 2030

• Pricing growth Outlook: 5 - 10% (annual)

• Pricing Models: Full Service Outsource Pricing, Price for services offered, Competition based pricing

• Supplier Selection Scope: End-to-end service, cost and pricing, compliance, security and data protection, service reliability and scalability

• Supplier selection criteria: Machine quality, services offered, post-sale services, end to end services, track record and reputation, cash management, traffic handling capacity, technical support, upgrade timeline and options, multifunctional machine

• Report Coverage: Revenue forecast, supplier ranking, supplier matrix, emerging technology, pricing models, cost structure, competitive landscape, growth factors, trends, engagement, and operating model

Browse through Grand View Research’s collection of procurement intelligence studies:

• Debt Collection Services Procurement Intelligence Report, 2023 - 2030 (Revenue Forecast, Supplier Ranking & Matrix, Emerging Technologies, Pricing Models, Cost Structure, Engagement & Operating Model, Competitive Landscape)

• Accounting Services Procurement Intelligence Report, 2023 - 2030 (Revenue Forecast, Supplier Ranking & Matrix, Emerging Technologies, Pricing Models, Cost Structure, Engagement & Operating Model, Competitive Landscape)

Key companies profiled

• Diebold Nixdorf

• AGS Transact Technologies Ltd. 

• Brink’s Incorporated 

• AEPS India

• NCR Corporation

• Loomis Armored US, LLC

• Prineta LLC

• NationalLink Inc.

• ATM USA, LLC

• Hyosung Global

Brief about Pipeline by Grand View Research:

A smart and effective supply chain is essential for growth in any organization. Pipeline division at Grand View Research provides detailed insights on every aspect of supply chain, which helps in efficient procurement decisions.

Our services include (not limited to):

• Market Intelligence involving – market size and forecast, growth factors, and driving trends

• Price and Cost Intelligence – pricing models adopted for the category, total cost of ownerships

• Supplier Intelligence – rich insight on supplier landscape, and identifies suppliers who are dominating, emerging, lounging, and specializing

• Sourcing / Procurement Intelligence – best practices followed in the industry, identifying standard KPIs and SLAs, peer analysis, negotiation strategies to be utilized with the suppliers, and best suited countries for sourcing to minimize supply chain disruptions

[viralbake]

https://www.viralbake.com/bank-of-baroda-upi-atm-step-by-step-guide-for-cash-withdrawal-without-debit-or-credit-card/

[parentnashik]

Bank of baroda launches UPI atm facility: Now you can withdrawal cash without card

Bank of baroda launches UPI atm facility: Now you can withdrawal cash without card

[royaladmin]

bank has started the facility of withdrawal through UPI, you can withdraw without ATM card.

If you have forgotten your ATM at home and you have to withdraw cash, then many people have to face such problems, the ATM machine does not work without an ATM, but Bank of Baroda has made this very good facility and available to its customers that you can withdraw cash from Bank of Baroda ATM. You can withdraw only twice in a day and its limit will be ₹ 5000.

#royaladmin #upipayment #bankofbaro

#cardlesspayment

[techtalks07]

[round-pay]

Roundpay Merchant App is highly secure gives an ease of access to the merchants to work effectively & efficiently. Roundpay App Features: ★ Easy Merchant Registration: Simple process to become Roundpay Money Merchant / Agent all you need is mobile number & basic KYC documents ★ Mobile and DTH Recharge: Recharge your Customer's prepaid mobile and DTH for all telecom operators like Jio, Airtel, Vodafone, Idea, Reliance,BSNL,Dish TV, Sun Direct,Videocon D2H & others. ★ Cash Withdrawal (Micro-ATM): Merchants can help customers to withdraw cash from ANY bank account (SBI, PNB, Allahabad Bank, Bank of Baroda, ICICI + 180 more banks) with Aadhaar number & fingerprint only ★ Easy movement of money to Bank : Roundpay Merchant can transfer earned money in bank account in few taps. ★ Money Transfer (DMT): Merchants/Agents can take cash from customers and transfer money to any bank accounts across India. ★ MPOS – Merchants can accept payments through credit cards/ debit cards with the help of their mobile phone and MPOS machine. ★ Bharat Bill Payment (BBPS): Merchant can fetch & pay utility bills of their customers which includes: Gas, Electricity, Water,Education Fees,Insurance Premium) ★ Railway Ticket:Become IRCTC authorized agent and use Roundpay wallet as payment method at booking check out ★ Travel: Roundpay Merchant can book Domestic and Internation Flights Ticket Air, Domestic and Internation Hotels Oyo Rooms for their customers. ★ Pancard Services: Merchant can create new PAN card for their customers online From UTI With Help of Our Expert. ★ Wallet Upload: On the go wallet upload feature using digital payments like UPI, NetBanking, Credit Card, Debit Card. ★ App Notifications: Stay updated with various attractive offers. ★ Transaction History: Roundpay provides you with a detailed Account Statement of your online shop. See all your transaction and how much have you earned on them. Control your online business with relevant reports at your disposal. ★ 24*7 Availability: Provide hassle free services to customer available 24*7 ★ User Friendly Interface: Fast, simple & easy interface ★ Secure & Robust: Secure mobile app with multiple layers of authentication to ensure security and Most advanced Level (RD service) AEPS integration from four biometric companies - Morpho, Mantra

 visit here for information: https://www.roundpay.in/

Source Link: https://youtu.be/YoQIorj6C-Q 

[iserveutechnologies]

Easy Ways to Send Money from one bank to another in India. Nowadays, one can choose from the plethora of fund transfer options. From the traditional way of fund transfer to online bank transfer, you can pick the best way to save your time and hassle. If you are wondering about easy ways to send money from one bank to another in India then, you don’t have to worry. You need to do some research before going for any option to save yourself from any deduction. Check out how to transfer money online from one bank account to another. Online Payment Method RTGS (Real-Time Gross Settlement) The instantaneous fund transfer system continuously settles payment on an individual order basis once the transaction is done, it can’t be reversed. It’s a great way to do bank to bank transfer. The purpose of RTGS is to be used for high-value interbank transactions as there is less risk in settlements. Reserve Bank of India manages the payment system so, you can count on it for sending & receiving funds. All RTGS charges may incur higher costs to customers, while fund transfer ranges anywhere between Rs.25 to Rs.55. For the digital transactions, the maximum amount of limit per day is as per the customer’s TPT limit for the HDFC account holder. Information required for an RTGS transaction: The amount to be transferred in rupees

Name of the payee/beneficiary

Name of beneficiary bank and bank branch

IFSC code of the payee/beneficiary

Account number of the payee/beneficiary

NEFT (National Electronic Fund Transfer)

The online bank to bank transfer fund system that allows interbank fund transfer. It is one of the popular ways of transferring money from bank to bank digitally. You can transfer funds from your bank branch to anyone, without visiting the bank. Earlier to transfer the funds, one had to withdraw the amount and then pay it in cash or cheque. Now, one can transfer a sum of money from his account to another person’s account, through the process of NEFT. NEFT offers the ease of funds transfer from any NEFT- enabled bank account of any branch to any NEFT- enabled account located in any geographical area.

Transaction timing will be 48 half-hourly batches every day. The first batch settlement will start after 30 minutes. The operation will be permitted round the clock and all day of the year, including holidays. No upper and lower limit is set for amount transfer via NEFT.

The charges for transfer money from bank to bank range from Rs. 2.50 to Rs. 25 on the amount range from Rs. 10,000 to the amount more than Rs. 2 Lakh.

IMPS (Immediate Payment Service) Apart from RTGS and NEFT, you can choose another way for fund transfer that is IMPS. It provides instant round the clock digital fund transfer services that you can use on your smartphones. E-wallets Similar to Credit cards and debit cards, E-wallets are a type of electronic card. It is used for online transactions and treated as the prepaid account in which you can store funds that you can use in the future for any instant payment like for booking train tickets, flight tickets, groceries, online purchases, etc. First, you need to install the app on your mobile and give the relevant data after that, the data will be stored in the database so, you don’t need to fill the form after any purchase. It is also used for cryptocurrencies like bitcoins. UPI UPI has made online payment much easier and faster, you can transfer money through your mobile phones and make instant bank to bank transfers, payments, or any purchase. This method of payment is developed by the NPCI (National payments corporation in India) and regulated by RBI( Reserve bank of India). You can add multiple bank accounts into a single app. Some of the popular UPI mobile applications are Airtel, Amazon Pay, Google pay, BHIM, Jiopay, Phonepe, Paytm, WhatsApp pay, and much more. UPI method solved many issues like earlier we use to rush to ATM for payments, sharing bills among friends, utility bill payments, collection, and distribution of money. The best thing about UPI is round a clock availability. The maximum fund Transfer Value is up to 1 lakhs.

Banking Apps With the advancement of technology, financial transactions have become easier, and visiting banks become a rarity. You can make payments through your smartphones round the clock. There are several banking apps but some are the best apps that you should use for making payments. ICICI Bank’s iMobile Application is the highest-rated banking app on the Google play store. It permits its user’s easy fund transfer solution, convenience in payment of the utility and credit card bills, open FD RD anytime & manage your other policies. Also, the app is updating itself continuously to enhance the user experience. With 4.3 ratings on the Google play store, HDFC Bank Mobile Application is one of the best apps for online transactions in India. Other popular apps like Axis Mobile Application, SBI anywhere personal app, M- connect app by Bank of Baroda is designed for the faster and quicker transaction through your mobile phones. 2.Telephone Transfer In this payment method, all you need to do is call the telephone number of your bank. You will be guided by some bank’s customer services representative or through an automated recording. 3.In-branch Bank Transfer If you carry the money in cash, you can go to the bank and pay it into the account of the person directly. Details required for transfer money from bank to bank Date of payment

Person’s name or business you’re paying. IFSC Number of the branch

Account Number A payment references Sender’s name and bank address Conclusion: The answer to how to transfer money online from one bank account to another is simple as due to the advancement of technology, many ways of an online bank transfer are being introduced by Government. By these payment methods, we don’t have to follow the traditional way of paying bills and transferring funds. The regular visits to banks and standing in a long queue are also minimizing. With online banking, we can make payments quickly, safely, and conveniently.

[dibyaprakashtechconsultant-blog]

CASHLESS VILLAGES: A FLEETING FAD OR THE FACE OF A NEW DIGITAL INDIA

While most of India seems to be happy handing out paper money for small and large transactions alike, a handful of villagesare penning a defining chapter in the making of India’s ‘cashless economy’. Cashless villages as they are called, rely on plastic money and online/mobile payments for their everyday transactions. Albeit initial hiccups, these villages have been successful in minimizing their dependency on cash to a large extent with initiatives from government bodies and banks. From the country’s larger perspective, its sustainability and benefits throw open a lot of points that are debatable. In this article, we evaluate these angles, in the light of the success stories that these villages have recorded.

A for Akodra

The proud feat of being India’s very first cashless village goes to Akodra, located in Gujarat's Sabarkantha district. Adopted by ICICI Bank, the village has witnessed a rapid wave of modernization including Wi-Fi access, CCTV coverage, an ATM booth and a tablet-savvy aanganwadi.Almost every adult in Akodrahas a savings bank account with ICICI. And today, for the 1200 people who callAkodra their home, most everyday transactions, whether it is buying a packet of biscuits or selling milk at the local co-operative, are carried out with a few clicks on their mobile phones. 

The Changing Face of India’s Hinterland

Akodra is not alone in paving the way for India’s digital future. In the aftermath of the demonetization drive, several other villages have also taken the bold step of going cashless. Currently, there are six villages, including Akodra, that have bravely gone digital – Dhasai in Maharashtra, Ibrahimpur in Telengana, Dharmasagaram in Tamil Nadu, and Basti of Maner, Bind Toli of Kurji and Patsa Village of Bihta, all in Patna.

As mentioned earlier, banks are playing a key role in heralding this digital revolution. ICICI Bank in Akodra, Bank of Baroda in the three villages in Patna and Andhra Bank in Ibrahimpur are working closely with local administrative bodiesto briskly implement changes necessary for this economic transformation. While the end objective might be the same, there are differences in the transaction models being implemented in these villages.  For instance, the villagers of Akodra rely on mobile banking for their day to day transactions, while inIbrahimpur and Dhasai, all shops including provision stores, have been provided with point of sale (PoS) machines or EDC machines, so that everyday purchases can be made with the simple swipe of a card.

The Modi Government on its part has launched a number of initiatives to promote cashless transactions in both rural and urban India, noteworthy among which is the BHIM app. Named after Dr. Bhimrao R. Ambedkar, and based on the Unified Payments Interface (UPI), the BHIM app allows users to send and receive money to other UPI accounts or virtual addresses. The stand out feature that gives BHIM the edge over payment apps like Paytm andMobikwik is its ability to be linked directly to multiple bank accounts.

But how do these changes in the payment ecosystem really benefit the common man?

The Case for a Cashless Economy

The move towards a cashless economy raises a cache of concerns for India.Among other things, the low literacy rates in rural India and infrastructural limitations like patchy internet access and inconsistent power supply are hurdles on the path of India’s digital dream. However, the question that needs to be asked is whether the challenges outweigh the benefits of digitisation, and how does the growth in cashless transactions fuel the economy. Let’s take a closer look at some of these benefits.

Minimal maintenance

Given how the RBI spends crores printing currency notes, cashless economies directly help in the reduction of the costs borne by the government. Besides, it decreases process and labour driven costs incurred in the operation and maintenance of numerous financial institutions.

Transparent taxation and book keeping While there is no way to put a number to the black money centred transactions that are running in India, it is safe to say that it accounts for a significant percentage of the economy. Digitization makes transactions accountable, thereby obligating all parties involved to legitimize their transactions. This transparency can go a long way in mitigating corruption.

Banking for all Despite the numerous drives that the government has championed, personal banking in India is far from being ubiquitous. However, mobile banking is likely to change this by bringing banks closer to the people. This way the focus can steadily shift from generating prototype transactions to actually nurturing prolific bank users in rural India.

Cashless villages like Akodra are a great example of how access to technology can bring about social and economic change. However, the dream of a truly cashless economy for India can only be accomplished in tandem with infrastructural developments in rural areas of India. But with mobile and internet penetration at an all-time high, we can honestly say that real change is just around the corner.

Author : The author of the post is Dibya Prakash. Dibya Prakash is a technology consultant, strategist and mentor. He consults and mentors different enterprise teams on high-end & emerging technologies. More about him on LinkedIn.