What is VPS full form in Banking?

The VPS full form in banking is the voice payment system. VPS is a Mobile Banking System that allows rural bank customers to perform conventional banking operations via a self-service menu. These include balance inquiries, funds transfers, bill payments, and remittances. The interface to this Mobile Banking system is entirely voice-driven, allowing rural customers to conduct transactions via a natural voice dialog in vernacular language with the bank’s computer. Another novel feature of the VPS is that it does not require a customer to remember a PIN, but instead uses the user’s speech as a speech Biometrics authentication, which is exceptionally safe and secure because voice cannot be stolen or copied.

Bringing rural customers into mainstream banking:

Bringing the rural people into mainstream banking has always been a burden for bankers. VPS accomplishes this by offering rural customers a native language voice interface to banking that can be accessed via mobile phones. VPS provides customers with services such as balance inquiries, funds transfers, remittances, merchant payments, bill payments, loan repayments, insurance payments, and government payments.

How does VPS work?

The customer must telephone the bank’s phone number, and VPS will instruct them via a natural speaking medium. The consumer does not need to memorize a PIN, which may be taken by the Business Correspondent or readily compromised; instead, the user is authenticated using voice biometrics.

• VPS full form in banking is a virtual private server