Chennai: Karur Vysya Bank has launched three new technological services called FASTag, Unified Payment Interface (UPI) and Bharat Bill Payment System (BBPS) aimed to make banking more convenient for its customers.
A press release said that the FASTag, was launched in association with Indian Highways Management Company Limited, a subsidiary of National Highways Authority of India. FASTag can be preloaded with amounts and the toll amount will automatically be debited by the toll plazas through sensors. The tags can be reloaded as and when required.
These tags are valid at all toll plazas throughout the country. United Payments Interface (UPI) is a mobile app that helps customers to transfer funds inter-bank, 24 X 7 through their smartphones. A single mobile application can access different bank accounts without the customer having to share his bank details or having to remember user IDs and passwords.
Bharat Bill Payment System (BBPS) is a facility offered through NPCI wherein customers can make utility bill payments like electricity, water, gas, DTH and telecom services through a single utility, instead of accessing multiple sites.