Canara

The evolution of digital payment methods has significantly transformed the way we conduct banking transactions. With the rise of mobile wallets, UPI payments, net banking and other digital solutions, the financial landscape is becoming increasingly cashless.

Let's explore some of the top digital payment methods that are shaping the future of banking and how we are making these innovations accessible to our customers.

UPI Payments:

A Revolution in Instant Transfers.

Unified Payments Interface (UPI) is one of the most prominent digital payment methods that has revolutionized banking in India. UPI allows for real-time, peer-to-peer payments and is one of the simplest, fastest and most secure ways to transfer money.

Canara Bank's UPI services provide an array of features to enhance user convenience:

• Scan any BHIM QR & Pay: Simply scan the QR code of any merchant or individual to make payments instantly.
• Pay to any UPI App: You can send money to any UPI-enabled app, not limited to just one platform.
• Request Money: Request payments from contacts or other UPI users directly.
• Canara-Fastag Recharge: UPI can be used to recharge your FASTag for seamless toll payments.

With features like these, UPI payments are at the forefront of a cashless economy, providing a seamless and secure method for users to transfer funds.

Net Banking:

The Gateway to Convenient Online Services.

Net banking has become an integral part of everyday banking. It allows customers to manage their bank accounts, make payments and transfer funds from the comfort of their homes or offices.

Canara Bank offers a variety of net banking services to cater to your financial needs:

• Alternatives for SMS OTP in Internet Banking: Ensuring enhanced security with alternative authentication methods.
• Online Account Opening: Open a new account directly through internet banking.
• Foreign Transactions (FX4U): Easily manage foreign currency transactions for your international needs.
• Grievance Redressal / Service Request: Raise service requests or track issues with ease.

Net banking provides access to a wide range of services, from simple transactions to complex financial management, making it an essential tool for modern banking.

NEFT and RTGS:

Secure and Timely Fund Transfers.

National Electronic Fund Transfer (NEFT) and Real Time Gross Settlement (RTGS) are two popular systems for transferring funds between banks. These methods are ideal for larger, more urgent payments and can be used for a variety of financial transactions:

• RTGS (Real Time Gross Settlement):

RTGS is a real-time transfer system that processes transactions individually, making it the fastest way to transfer large sums of money across banks. It is primarily used for high-value transactions, with a minimum transfer amount of Rs. 2 lakh.

• NEFT (National Electronic Fund Transfer):

NEFT operates in batches and allows transfers of any amount, making it perfect for both small and large transactions. NEFT operates 24/7 in 48 half-hourly batches, ensuring that your payments are processed efficiently.

Both RTGS and NEFT are critical in enabling secure, large-value fund transfers that are processed in real-time or in batches, ensuring timely and reliable transactions.

Benefits of Digital Payment Methods for Banks and Customers

The rise of digital payment methods has brought numerous benefits to both banks and their customers:

• Convenience: Digital payments eliminate the need for physical cash, making transactions quicker and more convenient.
• Security: With robust encryption and authentication processes, digital payments are secure, reducing the risk of fraud.
• Cost-Effective: Digital transactions are typically cheaper than traditional payment methods, helping reduce operational costs for banks.

Accessibility: Digital payments can be made from anywhere, at any time, making banking more accessible to people across the country.

As digital payments continue to evolve, they will shape the future of banking by making transactions faster, more secure and more accessible. Whether you are using UPI for everyday purchases or relying on RTGS and NEFT for large-value transfers, Canara Bank offers a suite of services designed to meet your financial needs in the digital age.

So, embrace the future of banking with Canara Bank’s digital payment methods and experience the convenience of seamless, secure and fast transactions.