Industrialization of Kerala: The Insiders’ Perspective

 

Payment banks in India: Customer Awareness and Satisfaction

 

Nazeem A & Biju S K

Abstract

Payments banks are offering limited banking services started with the objective to serve the people of rural and remote area with banking services through mobile banking; and also to have a large sphere of urban customers with low cost deposits and high saving interest rates. The cost structure of payment banks will be lower in comparison to the universal banks. And to compete with the payment banks the existing banks have to make many changes and opt new technology which will raise the cost of running operations. It is an extension to the existing banking system as their primary objective is to be the growth of the economy. Payment bank has a great role to promote digital, paperless and cashless banking in our nation. Through payment bank, customer acquisition is very easy. Payment banks offer interest rate similar to other banks. Payment bank can't accept the recurring and fixed deposit. Payment banks are likely to aid the disadvantaged groups to carry out transactions electronically eliminating the role of middle man while at the same time facilitating organized finances throughout the country. In this juncture, this study analyse the satisfaction level and awareness about the activities and services offered by the payment banks in India.

 

 

1. Backdrop

Payment bank is a part of a special category of banks which are authorised to offer a limited range of services to its customers. Which include providing remittance and receiving payments. These banks are different from other banks by the fact that they are not authorised to carry out lending services in the form of giving loan or issuing credit cards. The Reserve Bank of India gave "in-principal" licence to eleven entities to launch Payment bank. The in-principal licence was valid only for 18 months within which the entities must fulfil the requirement and they were not allowed to engage in banking activities within the period. RBI will grand full licence after they satisfy the conditions.

 

Payment banks will carry on their operations through agent, vendor, mobile phones and web. Payment banks are stated with motive of providing banking services to each and every person of the country. The main motive is to provide banking facilities to rural people as they carry all their transaction in cash. In payment bank a person can open an account on the basis of unique mobile number. They can conduct a transaction or payment through internet or mobile app. The user of the account in payment bank can withdraw cash or deposit cash in their accounts through retail shop, vendors, agents or ATM which are registered under the payment bank service provider. So the payment bank operations are very easy.

 

The main objective of setting up of the payment bank is to ensure the financial inclusion by providing payment or remittance service to migrant labour workforce, opening up small savings account and workers of the unorganised sector. In India both the payment bank and the commercial working under the Banking Regulation Act, but there is a huge difference between the functions of the commercial banks and payment banks. The commercial bank can accept any amount of deposit per customer but the payment bank will be restricted to holding a maximum amount to individual customers. Payment bank can't accept deposit from Non-Resident Indians who have settled abroad, while commercial banks can accept deposit from NRIs. Payment bank must use the word Payment bank in their name to look different from other banks.

 

The payment banks should be fully networked from the beginning. The bank can accept utility bills. It cannot form subsidies to undertake non-banking activities. The payment bank has an important role in the Indian financial system. Payment bank is trying to deliver financial services at a minimum cost to the lower-income segment of the society. There are many of them have no access to various type of financial services which are provided by different financial institutions like bank, mutual fund, and life insurance companies. Reserve Bank of India approves to 11 companies to start payment bank services in India. They are Aditya Birla Nuvo Ltd., Airtel M Commerce Service Ltd., India department of Post, Fino pay tech Ltd., National Securities Depository Ltd., Reliance Industries Ltd., Cholamandalam Distribution Services Ltd., Shri Vijay Shekar Sharma, Tech Mahindra Ltd. and Vodafone M-Pesa Ltd.

2. Statement of the Problem

Payment bank is a newly emerged concept. India has a large population, majority of the people does not avail banking facilities due to geographical reach, lack of connection, regional disparities. Payment banks focus on providing small savings account to migrant labour work force, low income household, small business and other unorganised sectores. Even the RBI also has taken many initiatives to reach all the sectors of people. Payment bank has a great role in the development of Indian economy. It empowers the citizen who have only transact in cash, to head towards formal banking. Millions of Indians don't have access to banking facilities. They can not avail of government benifits and loans and insurance, and even interest on their savings. The payment bank should try to give a wide variety of services to their customers. There is a necessary to study whether the people are aware about the payment bank and its facilities. And to understand the level of satisfaction. Hence there is a need to study the awareness of people towards payment bank.

3. Objectives of the Study

·       To study the awareness level of customers towards Payment banks.

·       To assess the extent of utilization of Payment banks' services.

·       To assess the satisfaction level of customers in using  Payment bank facility.

·       To suggest remedies to increase the awareness of bank customers..

4. Payment banks in India

Payment banks are the latest initiative from the Reserve Bank of India (RBI) with the primary motive to promote digital, paperless and cashless banking in our nation. It is an approach in which other non-banking financial organisations are granted the authority to offer basic bank services to every Indian citizen. A payments bank is a differentiated bank with the specific objective of catering to the unbanked and under banked. Although the Pradhan Mantri Jan Dhan Yojana has brought down the number of unbanked individuals in the country, there are still millions who do not have bank accounts. According to a World Bank report, India is home to 21% of the world’s unbanked adults. Payments banks aim to service these customers, especially migrant workers and those from lower-income households, as well as bring them into the formal financial system. It also has the added benefit of secured, technology-driven transactions which can easily be tracked without any loophole for black money.

 

Traditional banks can do everything payments banks can, but due to their structures and business priorities, they may be unable to cater to certain segments and geographies. For instance, while it’s impossible for a bank to open branches in every village across the country, payments banks can fill this gap through the use of mobile phones. There are two main ways in which payments banks are different from traditional banks: they can accept deposits of only up to Rs 1 lakh, and they cannot lend. Since payment banks aren’t allowed to lend, they make their profits by selling third party products. While payments banks themselves cannot offer certain services to customers, they can always partner with traditional banks for providing loans and selling investment products.

 

On July 17th, 2014, a draft of the set of guidelines was released by the Reserve Bank of India, in order to introduce the concept of payment banks to interested entities. Consequently, these set of guidelines were finalized on 27th November  2015. The first organisation to be authorised as a payment bank is Bharti Airtel, followed by India Post Payments Bank (IPPB) and Paytm. On August 19th, 2015, 11 companies were officially granted payment banks license by the Reserve bank of India. Of the 41 applicants, the list of RBI approved for provisional payments bank licenses are:

 

1.     Aditya Birla Nuvo Limited

2.     Airtel M Commerce Services Limited

3.     Cholamandalam Distribution Services Limited

4.     India Department of Posts

5.     Fino PayTech Limited

6.     National Securities Depository Limited

7.     Reliance Industries Limited

8.     Shri Dilip Shantilal Shanghvi

9.     Paytm Payments Bank Limited

10.  Tech Mahindra Limited

11.  Vodafone m-pesa Limited

 

These payment banks provide all basic banking services and allow cash deposits of up to Rs 1 lakh per account. Since these banks primarily target low-income groups, they offer a minimal fee for every transaction. Additionally, few of them offer a higher interest rate in the range of 4% to 7% on the money deposited compared to the interest rate of 3 to 4% offered by most commercial banks.

 

4.1. Objectives of Payment Bank

The main objective of payment bank is to increase financial inclusion by offering small savings account and payment remittance services to low income household, migrant labour workforce, Small business and other unorganised sector entities and other similar users. It will also enable high volume low value transaction in deposit and payment/ remittance services in a technology driven environment

4.2. Importance of payment bank

This is the first time in Indian history the RBI has granted banking authority to other non-banking financial sectors and has provided a second set of differentiated licenses to small-scale banks already. This initiative is aimed at redefining the Indian economy by providing a secure payment gateway for all transactions. It also reaches out to the migrant labourers and lower-income groups by providing all services on mobile phones and issuing a very low transaction fee for every service. After demonetization, this is the RBI’s second move to eliminate black money and promote cashless transactions to digitise India. Since it is an initiative to go cashless, it. Utilising the plenty of banking services offered by payment banks can help you prevent fraud in your business due to the secured gateway it provides.

 

 

4.3. Payment Banks Guidelines by RBI

 

RBI has spelt out clear guidelines for payment banks. While it is expected that these guidelines would evolve the coming years the following is what has been laid out as the initial set of guidelines.

 

Ø  Minimum entry capital for the payment banks is fixed at Rs.100 crores. The committee had been recommended an amount of Rs.50 crores but it seems to be that RBI has chosen to play safe and doubled the amount. This high amount of initial capital would remain that innovation would be slow because the risk to the payment banks model is very limited.

 

Ø  Payment banks can accept demand deposits. The restriction therein is that the maximum balance per customer can only be Rs.1,00,000.This can be for both current and savings accounts. All deposits have to be invested in government bills and securities, thereby indicating that the fee income for the transaction is what would probably be the biggest revenue driver for payment banks.

 

Ø  Payment banks would primarily provide remittance and payment services. The boundary condition here is that the total credits into an account should not be more than Rs.1,00,000. This means that payment banks would only make a sense to lower economic strata of the Indian banked and unbanked population.

 

Ø  Payment banks must be the banking correspondent of commercial banks where they can offer services like marketing of bank‟s loan products etc.

 

Ø  Commercial banks can also leverage. This model by the launching a payment bank subsidiary.

 

Ø  Currently, RBI has not talked about the pricing for the services of the payment banks. Given tough regulatory framework for payment banks, pricing flexibility would be essential.

 

Ø  Payment banks "Internet-only" it is a very interesting proposition and it can remains to be seen if this is the path that the India‟s first digital bank would take. With the increased usage of the mobile, social media and internet, possible value has increased in the last few years.

 

4.4. Services offered by payment banks:

 

Ø  A payment bank can accept deposits up to a maximum of Rs.1 lakh only per individual customer.

Ø  Demand deposits and saving bank deposits can be accepted from individuals, small firms and other entities.

Ø  You can open a savings bank account or a current account with these payment banks.

Ø  Payment banks pay interest on the deposits just like normal banks.

Ø  Payment banks are allowed to transfer payment through any channels like branches, Automated Teller Machines (ATM), business correspondents etc.

Ø  Payment banks can issue debit cards/ ATM cards to their customers.

Ø  Mobile banking can be accessed through these payment banks.

Ø  Internet banking services can be provided by a payment bank that includes payment mechanism as approved by RBI such as RTGS/NEFT/IMPS.

Ø  A payment bank app can be used to make utility bill payment as well.

Ø  A payment bank can involve in providing basic financial services be like access to mutual funds, the insurance products, the pension products and forex services subject to conditions set by the RBI.

 

 

5. Customers Awareness on Payment Bank

                        In order to evaluate the level of awareness of customers on Payment bank, data were collected from respondents belonging to various Payment bank Customers. The collected data  is analyzed and interpreted for making meaningful judgment.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 

5.1.  Residential status of the customers

Table 1: Residential status of the customers

#	Residence	Number of Respondents	Percentage
1	Urban	20	20
2	Rural	58	58
3	Semi Urban	22	22
	Total	100	100

           Source: Primary Data

The table 4.7 clearly point out that residence wise classification of the respondents. It is observed from the table, 58 percent of the respondents is living in rural areas, 22 percent of the respondents is living in Semi - Urban areas and 20 % of the respondents living in urban areas. It has been observed from the table that majority of the respondents (58 percent) are living in rural areas.

5.2. Source of Information

From the Figure 1, it can be analyzed that majority of the respondent (57 percent) of the customers get information about payment bank through friends and relatives. 25 percent of the customers get information about payment bank through newspapers, 10 percent of the customers get information about payment bank through TV/Radio and only 8 percent of the customers get information of payment bank through other sources.

 

 

Figure 1: Classification on the basis of Source of Information

 

5.3.  Types of Payment Bank

Figure 2: Preferred channel for transacting

The figure 2 shows that out of 100 respondent 40 percent of the Customers have paytm payment bank account, 30 percent of the Customers have Airtel payment bank account, 20 percent of the Customers have India post payment bank account, 8 percent of the Customers have jio payment bank account, and 2 percent of the Customers have other payment bank account,
5.4.  Type of Payment Bank Account

 

Figure 3: Type of Payment Bank Account

The Figure 3 shows the type of payment bank account of the customers. It is clear that the majority (80 percent) of the customers has a savings bank account and only 20 percent of the customers have a current account.

5.5.  Customer’s intention to increase savings in future

Table 2: Customer’s intention to increase savings in future

Sl.no	Opinion	Number of Respondents	Percentage
1	Yes	96	96
2	No	4	4
	Total	100	100

                   Source: Primary Data

Table 2 shows that 96 percent of the customers are intended to increase their savings in future. Only 4 percent of customers are not intended to increase their savings in future.

5.6.  Period of usage of payment bank

From the figure 4, it can be observed that 52 percent of the customers using payment bank for 1-2 years, 36 percent of the customers using payment bank for less than 1 year and 12 percent of the customers using payment bank for more than 2 years. To measure the awareness level of customers on payment bank, the responses were analyzed on a three-point scale. It ranges from fully aware, partially aware and unaware. The interpretation was based on the following criteria.

Figure 4: Period of usage of payment bank

5.7.  Level of awareness of Payment Bank

            To measure the awareness level of customers on payment bank, the respose were analyzed on three point scale. It ranges from fully aware, partially aware and unaware.

Table3: Level of awareness of Payment Bank

Sl.no	Particulars	Weighted score	Median score
1	Maximum amount of transfer	242	200
2	Maximum amount of deposit	236	200
3	Service charge	204	200
4	Working Hours	300	200
5	Passbook/ mini statement	245	200
6	Overdraft Facility	150	200
7	Interest on deposit	250	200
8	Cash withdrawal limit	219	200
9	Free Transaction per day	185	200
10	ATM facility	280	200

         Source: Primary Data

 

5.8. Awareness about Payment banks

 

Figure 5: Level of awareness of Payment Bank

On analysing the awareness level of customers on payment bank, it is observed that in respect of ‘maximum amount of transfer’, the weighted score was 242 indicating fully aware. Regarding ‘maximum amount of deposit’, the respondents indicate a fully awareness with point 236. They also indicate fully aware of ‘service charge’ with a weighted score of 204.

           On analysing the awareness on payment bank on the basis of information given by the customers, it was observed that, they are fully aware on ‘working hours’ with 300 points, ‘passbook/ mini statement’ with 245 points, ‘Interest on deposit with 250 points, ‘cash withdrawal’ with 219 points, and ‘ATM facility’ with 280 points

           From the above analysis, it is vivid that, they are unaware of ‘Overdraft facility’ with a 150 point and also on ‘free transaction per day’ with 180 points. It is also inferred that customers are fully aware on Payment bank on the majority (eight out of ten) of variables.

5.9. Ranking of reasons for choosing Payment bank

Table4: Ranking of reasons for choosing Payment bank

Sl.no	Particulars	Weighted score	Position
1	Save time	558	2
2	24 hour availability	636	1
3	Easy to use	427	4
4	Cheap transaction cost	478	3
5	Security	320	5
6	Curiosity	289	6
7	Better rate of interest	169	7
8	Discount	134	8
9	Others	17	9

            Source: Primary Data

On analysing reasons for choosing payment bank facility, it is observed that ‘24 hour availability’ is the prime consideration (636 points) among the payment bank customers. ‘Time-saving’ is the second rank given with 558 points. The reason for choosing payment bank the third rank given for ‘cheap transaction cost’ with 427 points and fourth rank is given to ‘easy to use’ with 427 points.

           It is observed that, fifth rank given to ‘security’ reason with 320 points, sixth rank given to ‘curiosity’ with 289 point, seventh rank given for ‘better rate of interest’ with 169 point, eighth rank given for ‘Discount’ with 134 points and the last position ninth rank for ‘other’ reasons with 17 points.

           Thus it was observed that any time availability is the strongest reason for choosing payment bank. The least consideration given to other reasons.

5.10. Average monthly spending

Table 5: Average monthly spending

Sl.no	Monthly spending	Number of respondents	Percentage
1	Less than 100	15	15
2	100-1000	51	51
3	1000-5000	27	27
4	More than 5000	7	7

               Source: Primary Data

 

Table 5 shows that majority of the customers (51 percent) monthly spend Rs 100-1000. 27 percent of the customer’s monthly spend Rs 1000-5000, 15 percent of the customer’s monthly spend less than 100 rupee and 7 percent of the customer’s monthly spent more than 5000 rupee.4.17 Frequency of usage

5.11. Frequency of usage

Table 6: Frequency of usage

Sl.no	Particulars	Percentage of use
		Nil	Weekly	Monthly	Yearly
1	Money transfer	0	43	26	31
2	Mobile recharge	0	12	74	14
3	Bill payment	5	2	82	11
4	DTH recharge	2	0	78	20
5	Book ticket	49	0	5	46
6	Insurance premium	82	0	0	18
7	Online shopping	0	42	38	20
	Total	138	99	283	180

        Source: Primary Data

From the table, it is observed that per week 43 percent of the customers using payment bank for money transfer. 74 percent of customers using payment bank facility per month to mobile recharge. Most of the customers (82 percent) using the payment bank facility to bill payment per month. 78 percent of the respondents use payment bank per month to DTH recharge, only 5 percent of the customers use payment bank facility to book ticket, 82 percent of the customers do not use payment bank facility to pay insurance premium and Per week 42 percent of the customers using payment bank for online shopping. From the table, it is inferred that the majority of the customers using payment bank for money transfer and mobile recharge.

4.18 Level of satisfaction on using Payment Bank

On analysing the satisfaction level of customers on payment bank it is observed that in respect of ‘Safety & security’, the weighted score was 384 indicating satisfied. Regarding ‘Transaction speed’, the respondents indicate a ‘Highly satisfied’ with point 456. They also indicate ‘Highly satisfied’ concerning ‘Convenience’ with a weighted score of 422.

           On analysing the satisfaction level of customers on payment bank on the basis of information given by the customers, it was observed that, they are ‘satisfied’ on ‘Add on service’ with 350 points, ‘Software issue’ with 360 points, ‘Anywhere transaction’ with 412 points, ‘Reliability’ with 401 points, and ‘Interest rate’ with 370 points

           From the above analysis, it is vivid that, they are ‘dissatisfied’ of ‘Service charge’ with a 264 point. It is also inferred that customers are fully aware of Payment bank on the majority (eight out of nine) of variables

 

Figure 6: Level of satisfaction

 

6. Status of Payment Bank Usage

 

Ø  Majority of the respondent (57 percent) of the customers gets information of payment bank through friends and relatives.

Ø  Only 5 percent of families are coming under above 4 members have a payment bank account

Ø  Out of 100 respondent 40 percent of the Customers has paytm payment bank account.

Ø  Majority (80 percent) of the customers has a savings bank account.

Ø  Most of the customers (80 percent) are intended to increase their savings in future.

Ø  Only 12 percent of the customers using payment bank for more than 2 years.

Ø  Customers are fully aware on Payment bank on the maximum amount of transfer, the maximum amount of deposit, service charge, working hours, passbook/ mini statement, Interest on deposit, cash withdrawal and ATM facility.

Ø  Customers are unaware of the Overdraft facility and free transaction per day.

Ø  24 hour availability is the strongest reason for choosing payment bank. The least consideration given to other reasons.

Ø  Only 7 percent of the customer’s monthly spent more than 5000 rupee.

Ø  Majority of the customers using payment bank for money transfer and mobile recharge

7. Satisfaction in Payment Bank Services

 

Ø  Customers are Highly satisfied to Transaction speed and Convenience

Ø  Customers on payment bank is satisfied on Add on service, Safety & Security, Software issue, Anywhere transaction, Reliability and Interest rate.

Ø  Customers are dissatisfied’ of Service charge.

8. What to do to improve?

 

Ø  Payment bank should add safety and security features so that it minimizes its risk

Ø  Payment bank should promote their services through various media

Ø  Payment bank should use discount and offers to make customer use their services

Ø  Payment bank should address issues like privacy and misuse of the customer personal details through payment bank app services.

Ø  Linking aadhar card with the payment bank should not be mandatory to gain maximum customers.

Ø  Financial literacy is a major concern, there should be free seminars conducted across cities, especially in the under-banked and unbanked areas; which would increase awareness among the people.

Ø  It is suggested that these Payment banks should also keep innovating new options to make it easier for the customers according to their preferences.

Ø  Payment banks must maintain a fine balance between their costs and benefits. Example: - Airtel payments bank offers a 7.5% interest rate to attract customers, but, also charges high inter-banking transaction fees. Similarly, the investments of payment banks are limited to government securities and fixed deposits, while they cannot lend to the public. So, their net income is low when correlated with the high volume(customers) and low margin (yield on investments) of doing business.

Ø  Payment Banks are approved by Government, people tend to think it’s purely private companies and a sort of hesitation to keep their huge deposits (i.e. up to 1 lakh) in Payment Banks. Hence the companies can create a complete awareness about Payment Banks which helps for digitalized India.

9. Conclusion

“Banks are a true reflection of the economy”. Banks maintained money market and financial sector. The economy depends on banks and financial institutions. India’s economy is closely related to the growth of the banking industry. Intending to expand banking services in the country, RBI is responsible for the Nachiket Mor Committee to explore the development of a specific category of banks and provide recommendations to provide small businesses to small businesses and low-income families. One such recommendation was to create payment banks primarily to facilitate financial inclusion. Payment banking is a way to a cashless economy and connecting Indians to banking and at last to technology-driven country. The competition between traditional and payment banks will lead to widening and improvement in the quality of banking services are reduced costs and which may finally lead results in financial inclusion. Numerous bottlenecks need to be addressed before the real benefits of payment banks. With the entry of payment banks, the process of shifting money from bank accounts to wallets will become truly seamless, and thus many customers may open payment bank accounts in addition to their regular bank accounts. They may segregate small-ticket payments from other bank payments by holding separate accounts. This is a key-value proposition and would be really a game change in the Indian Banking System. But as it is a new instill in India, many people are still not aware about Payment Banks, its services, benefits and security norms. Hence, the holders of Payment Banks have to create awareness among people.

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