Faceless: There’s no physical bank visit or face-to-face interaction between the payee (one who receives payment) and the payer (one who makes the payment). Because everything happens online, you need not see any person/official of the bank while availing banking services.

Paperless: There are no physical documents involved. Thus, no paper forms. You can open an account or avail any banking service online by sending your digital documents. In fact, the money is also transferred digitally.