Sunday, August 28, 2016

UPI - The future of Payment Transfer System in India

Posted by Sharath
What is UPI ?

        It's an app and abbreviated as Unified Payments Interface. It is one of unique payment solutions that is going to be future of Banking for the common people. As smart phone industry is reached to the roots of the individuals, this kind of solution will be definitely useful for the individuals.

How it works?

       As we told, it an app available in Android/iOS platforms (soon it will be available if you arr not getting) - and the main three features of this app is
  •      It reduces the time to add beneficiaries such as A/C name, A/C Number, IFSC and bank details etc.
  •          Interoperability between person to merchant payments. (Push and Pull)
  •          It will work round the clock.

How it different from the current system?


What all the banks has this app.?

Currently RBI approved this payment system for 21 banks. Some of the banks which have gone live Andhra Bank, Axis Bank, Bank of Maharashtra, Bhartiya Mahila Bank, Canara Bank, Oriental Bank of Commerce, Union Bank of India and Vijaya Bank.. etc

Benefits for the customers?

Very easy to payments and its quicker. In contrast to the present payments process, which involves entering numerous account/card details and multi-level interventions, UPI will provide a highly secure hassle-free digital payments experience - the giant ecommerce Flipkart replied. It is proving that India transforming towards Digital India.  

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