Online payments will become easier with Net-Banking 2.0: Transactions can also be done through QR code, use of AI to prevent fraud

NPCI Bharat Billpay has launched NetBanking 2.0. The name of this payment settlement system is Banking Connect. It is focused on making net banking payments easier. This system completes the transaction by taking customers directly to their banking app. Payment option is also available through QR code.

In this system, there is no need to fill ID-password on the webpage like before. Many times users forget the login ID-password, due to which the payment gets stopped midway. Keeping this in mind, NetBanking 2.0 has been developed. This new platform is built on a mobile-first approach.

Process to use Banking Connect

You will get the choice of payment in three ways, security through AI

The company’s MD and CEO Nupur Chaturvedi said that with the arrival of NetBanking 2.0, customers will get three options for payment. Using the bank app, scanning the QR code or visiting the old website (if the bank has not migrated). With this, users will get the choice to make payment.

There is a special focus on netbanking security. A fraud management system has been created with AI and ML technology, which will spot suspicious transactions and send alerts to the bank. Chaturvedi said, “We are using new technologies so that fraud can be detected quickly.

New system will be useful in payment like insurance premium, fees

Nupur Chaturvedi said- There will be mainly two types of customers using this new facility. First – business people, who make huge value payments. Such as paying taxes, insurance premiums or other high-value payments. Secondly – ​​common people, who do large amount transactions, like paying college fees, investing in stocks or mutual funds, etc.…

About 30 crore transactions are taking place every month through net banking.

Chaturvedi said that the company is not focusing on the target of any number, but is seeing that as many banks and payment players as possible join this new system. According to him, the more people join, the more the confidence of customers will increase and the entire payment network will become stronger. He said that at present around 30 crore transactions are being done through net banking every month and it is expected that this number will go up further in the coming time.

The main reason for growth is the resilience of the rural economy. Rural spending increased due to improved agricultural output. Let us understand this with an example. Imagine, a farmer’s field had a good harvest this time, so purchases from soap to smartphones increased. This is rural demand, which accounts for 60% of GDP.

On the other hand, machines are running loudly in factories. Manufacturing showed 9.1% growth, much better than last year’s 2.2%. The government spent 31% more on capital expenditure – on roads, bridges and infra. Exports also up 8.8%, helped by shipments before US tariffs.

But the whole story is not so bright. Urban demand still a bit sluggish, private capex stalled at 7.3%. Agriculture grew just 3.5%, mining contracted 0.04%. Nevertheless, the tertiary sector (services) balanced the growth with 9.2% growth. Real GVA up 8.1%, Nominal GDP up 8.7%.

People spent more, hence GDP increased

Common people like you have approximately 60% stake in our entire economy (GDP). This is called private consumption. That is, the new phone you bought, your children’s school fees paid, bike EMI paid, groceries bought – all this money together becomes private consumption.

In the last quarter (July-September 2025), the pace of this expenditure increased from 6.4% last year to 7.9%. Last year at this time, people were a little stingy, but this time people started spending openly in both villages and cities. outcome? This 60% engine started running at full speed again.

Apart from consumption, the reason for strong economic performance is the growth of the manufacturing sector. It stood at 9.1% in the second quarter, whereas it was only 2.2% in the same period last year.