6 Things People Using Net Banking Need To Know

Net Banking is the new way out to all tribulations these days. Be it transferring funds, making transactions for purchases or bill payments, net banking is the one-stop answer for all finance associated distress that once consumed a person’s precious time and energy. Net banking has opened a new arena for people giving way to devices to make banking transactions, shunning
the old practice of standing in long serpentine queues for hours. Though net banking has a series of benefits it might prove to be a nuisance if not used cautiously. Here are some net banking tips you need to be acquainted with and follow as a consumer

1. Passwords- Never use your date of birth, phone number, mobile number or any other information linked to you that is simple to guess as your password. By no means should you stick to using the same password for ages. Always change your password as frequently as you can. One is suggested to not use the same password for more than a period of 3 months.

2. Do Not Share Your Details- Do not share your login id and password with any person as there are a probability of your account being mishandled when the information is out in public. Also do not transact on websites that inquire for your login id and password as there are chances that it could be a scam. The best payment gateway will never request for such delicate minutiae as they follow the customer security guidelines in their dealings. Never shop on an e-commerce gateway that asks for your password as it may possibly come from an unreliable source.

3.      Detach the Internet Connection When Not In Use- Always disengage your internet connection and detach the plug from the socket when not in use. Keeping your internet connection active when not in use increases the likelihood of your computer getting hacked by malicious sources. This can result in hackers accessing your delicate information and misusing it too.

4.      Keep a Tab on Your Account- Whether you know how much money you have in your account or not if you use your account for net banking and bill payment check your account as frequent as possible. Inform your bank immediately if there is a miscalculation of funds.

5.    Use A Licensed Anti-Virus Software- Always use a licensed anti-virus software even though it means spending few hundreds. Though there are various free versions of anti-virus software that are obtainable all over the internet they are not as half as effective in fighting viruses as licensed software. Update the software as per the update notifications to help it combat new viruses.

6.      Sign out- Last but not the least sign out of your account after use. Also do not forget to clear the cache and close your browser. Not signing out of an account correctly is cited as one of the chief reasons that lead to faulty transactions. 

RENEW- THE INNOVATION STORY IN PAYMENT TECHNOLOGY

Innovation is all about 5 vital steps that race in synergy with each other to RENEW life. Payment Technology is not a recent RENEW exercise. We have been witnessing this transition in history right from the time when man gave away the barter system and moved to coins, to paper exchange, to cards to finally today when we are merging the forces of new generation technology with the sheer brilliance of the human mind. I believe there have risen three Innovations that have appealed universally to a wider audience, right from the affluent business class to the small time baniya, the London School of Commerce graduate to the Manubai College pass out. For a simple reason. They fit into the RENEW design in every sense.

Innovation 1- Mobile POS: Conceptualized by Jack Dorsey and James Kevkelvy in the year 2006, Mobile Point Of Sales is a dongle that can be connected to a phone’s audio jack to enable credit/debit card swiping and further allow payments. In the past few years, nothing has really democratized the payments space as the simple dongle. This unique blend of mobile along with a dongle allowed any individual the freedom to collect payments electronically with being mobile. Thus springing a great number of use cases. People who are providing any kind of service can start accepting card payments technically, at a low cost. We shouldn’t be surprised that at some stage we would have our own bhajiwallas, paanwala, carpenters also accept card payments.

Innovation 2 - Interactive Voice Response (IVR) based Payments: Interactive Voice Response (IVR) has extended telephony and has been applied by businesses to help customers get into a self-assist model for availing services whether it is finding out balances or knowing the list of items. IVR technology works on a very humble principle. Almost every individual in our country is connected to voice technology through their handsets or desk phones. Keeping this significant detail in mind, IVR allows your customers to make payments over a phone call through agent assisted integrated / non-integrated IVR options or a fully automated voice driven menu option (both inbound as well as outbound). In a country like India with over 900 million mobile phone subscribers, an IVR  payments can truly push the case for electronification of payments as bulk of the consumers are aware and have access to telephones. The technology requires just a basic handset to dial out to a number of the merchant. Also customers need not provide the card details to a call center agent. They can comfortably enter the card details over a menu assisted dialing through IVR, which makes it completely secure.

Innovation 3- Interbank Mobile Payment Systems: Interbank Mobile Payment Service (IMPS) is one of the path breaking innovations created by National Payments Corporation of India (NPCI). It offers 24x7 instant interbank electronic fund transfer service. To avail IMPS, the bank customer needs to have just mobile banking enabled. Thereafter he/she can easily access his accounts to transfer funds to another account in any another bank in realtime. IMPS’s interoperability is the key factor that boosts its empowerment motto. Fund transfer through IMPS can be executed technically through any channel – whether it is Internet, IVR or mobile. Its reach to every economic zone is clearly unbeatable. In the last few years, most of the innovations have occurred around the mobile phone only. One innovation which was not mentioned was Near Field Communication (NFC), which has been piloted around the globe for quite some time. However, the biggest use case for this has been in transit and tolling. Ultimately whatever be the innovation, it is the customer who will decide what works and what doesn’t. Of course, in an increasingly stressed world, it does pay to be simple and it is the RENEW paradigm that works across technology barriers – Sundar, sasta, tikaao as we say in India.