Bank of Baroda Partnered with Truecaller (Software Scandinavia AB, which is a privately held company in Stockholm, Sweden) for offering UPI payment services of BHIM Baroda Pay UPI app to users on their app (Truecaller Pay app which resides under its parent app) via secured API gateway. With this tie-up users of any bank can link their bank account on Truecaller Pay for payments, such as Utility Bill Payment, P2P funds transfer, payment via QR code, request payment and check balances. Users can directly send money to their contacts, without any need to remembering / sharing their, bank account number, mobile number and VPA (Virtual Payment Address). The mode of payment is very simple, which gets completed instantly and funds gets debited and credited instantly, online. Both the users get notifications of their app about the status of payment and they can also share the transaction receipt on WhatsApp. Users no need to keep multiple apps for payments anymore.
Sound Based Payment
Bank of Baroda partnered with ToneTag for contactless proximity communication using sound wave. The app SDK is integrated with Bank of Baroda’s M-Connect Plus mobile banking application for making payment on ToneTag enabled POS terminals.
Collaboration with Razorpay, a payment gateway with the aim to revolutionize online payments by providing clean, developer-friendly APls and hassle-free integration.
Bank of Baroda is founding member in two major Blockchain communities to explore, build and implement blockchain solutions in a collaborative environment. BankChain community has total 37 member banks across the globe, which is managed by Primechain Technologies Pvt. Ltd. Another community which is managed by EdgeVerve Pvt. Ltd having nine major Indian banks in it. The communities were formed with an objective to enable banks to minimize fraud and maximize efficiency, security and transparency. Bank of Baroda is experimenting with around 10 interesting use-cases on Blockchain.
Baroda Finathon Challenge
Bank had introduced “Baroda Finathon Challenge”, a hackathon contest, inviting the techies, developers, students and start-ups to come up with exciting, innovative, novel and viable solutions themes such as Innovation, Customer Acquisition, Customer Experience, Conversational Banking, Collections, Compliance and Operational Efficiency. The challenge successfully concluded by sifting out the most innovative solutions out of 4,600 teams. On 26th Feb, the Finale was conducted in Mumbai to adjudge 3 winners amongst 8 shortlisted teams.