Wallets include admin transactions like Wallet Configuration, KYCKnow Your Customer refers to the activities related to customer due diligence that banks must perform to identify their clients and ascertain relevant information pertinent for doing financial business with them; and bank regulation which governs those activities. Management, generation of KYC Report, Wallet Open Today Report, Transaction Activity Report etc. and customer transactions like Wallet registration, Add Funds, Request Funds, Requested Funds, Pay from wallet, Unclaimed Fund etc.
Today’s need of a user is to make fast and easy payment using a hand held device. To know recipient’s bank details or entering it while making a payment (or maintaining it) is tedious and time consuming. Payment using a contact number or email id is far more convenient to the user as it is hassle free and requires no maintenance of payment details.
In order to facilitate easy and fast payments for users, a digital channel introduced as ‘Wallets’. Wallets will serve easy payments to the recipients just by entering the recipient’s email id or mobile number.
With wallet, user can perform basic banking using a simple and easy to use user interface.
Wallets include following features: