Union Bank of India has launched its super-app named UnionNXT and digital transformation project SAMBHAV, with an investment outlay of around Rs 1,000 crore for the current financial year 2022-23 (FY23). The public sector lender expects recovery from the spending in two years and aims to have 50 per cent of business originating on the digital platform by 2025.
Buy Prime Test Series for all Banking, SSC, Insurance & other exams
A banking super-app essentially combines a number of services, such as payments, online shopping, bill payments, recharges, investment, loans, and fund transfer, on a single platform. UBI’s super-apps is similar to the super-apps by other large lenders such as State Bank of India’s Yono, Bank of Baroda’s Bob world and HDFC Bank’s PayZapp and ICICI Bank’s iMobile.
Mumbai-based public sector lender will expand the ambit of super-app for the marketplace, that being able to use app features to make purchases of consumer products and services in the next phase. However, it did not specify a timeline for such an offering for the marketplace.
Important takeaways for all competitive exams:
World AIDS Vaccine Day, also known as HIV Vaccine Awareness Day, is observed annually on…
The Indian government has announced plans for public sector companies like Coal India, NMDC, and…
In April, India's merchandise exports saw a modest 1% increase, reaching $34.99 billion, driven by…
The Open Network for Digital Commerce (ONDC), a digital infrastructure initiative launched in 2021, has…
In response to rising credit demand and falling liquidity, State Bank of India (SBI) has…
The Indian Army is poised to elevate its air defense capabilities with the impending delivery…