When it comes to providing a cohesive payments service few countries can offer greater challenges than India. It should not be surprising really, with a population of 1.2 billion, many of whom live in rural areas, reaching customers, potential customers and payees was never going to be easy. Add to that the fact that a significant majority of Indians remain unbanked, and the potential headaches multiply.
Enter private sector Federal Bank of India’s double-pronged overhaul of its payments services, designed to boost the accessibility of banking channels for the banked and unbanked alike, as well as improving the provision of electronic payments.
