Canara Bank on Saturday, launched yet another set of techno-savy initiatives to make banking easier for its customers. RK Dubey, chairman and managing director of Canara Bank launched Canara m-Wallet, Canara easyCash and Canara P-Serve.
Speaking to the media, Dubey said these products would provide more flexibility to customers to transact through the technological channels. "The software has been developed by our in-house team,'' Dubey said.
Canara m-wallet is designed to make transactions card-free and cashless, also ensuring that the amount is safely assigned to m-Wallet. "This facility provides a simple and secured way of extending utility payment services through mobile phones to our customers who have registered their mobile numbers with us for this facility," he said.
Canara m-Wallet provides facilities such as card-free merchant payments, transactions between cell phone and m-Wallet, wallet summary, mobile top-ups, online shopping and utility bill payments.
To avail this facility, customers need to follow these procedures: download m-Wallet app, get a wallet ID through internet banking or from any Canara Bank branch, validate the mobile and PIN using ''verify'' option in m-Wallet app and re-login in the application to avail the Canara m-Wallet services.
The minimum balance required in m-Wallet for operations is Rs100, which will be automatically deducted from the account of customers on creation of a wallet ID. "As the transactions are done through m-Wallet, customers can assign the money as per their requirements,'' he said.
Canara easyCash service is designed to serve the migrant population, who do not have access to formal banking channels. This service facilitates fund transfers of small value for these customers, pushing the process of financial inclusion. This will also benefit the student community who will be able to receive funds without having an account.
"Canara easyCash is the instant money transfer (IMT) service, that allows our customers to send money to any user having mobile, with the help of an ATM at any point in time. The beneficiary need not be a customer of any bank, and yet can withdraw cash. They can do so through an IMT-enabled Canara Bank ATMs without any card, instantly by using the one time password (OTP) received through SMS," said VS Krishnakumar, executive director of the bank.
Canara P-Serve is a facility provided through touch screen kiosks installed in e-lounges of Canara Bank. It provides personal services platform for the customers in the e-lounges.
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