NPC rolled out Unified Payments Interface, Points guide to get started

Author yuvamind

National Payments Corporation of India on Friday rolled out Unified Payments Interface regarding a mobile payment solution. According to experts, it is the potential to revolutionize the payment system in the country.
The UPI app is part of the Reserve Bank ' s opening move to enhance a cashless society. At the present time, customers of 21 banks can use the new payment system. More banks are expected to join the UPI app platform later. Some features have been given below:-
  • The UPI app offers the facility to identify a bank customer with an email-like virtual address. Since bank account details are not given in this virtual address, the customer can freely share the UPI financial address with others. Users have needed to download the app including register before using it.
  •  A customer, for example, can also decide to use a mobile number or a short name for the virtual address such as XYZ@icici or 123456789@axis
  •  The UPI app allows a customer to have multiple virtual addresses for multiple accounts in various banks.
  •  For making payment, the transaction will be complete once the customer authenticates the transaction by a secure PIN.
  •  The other benefits of this mobile payment mechanism include its round-the-clock availability and faster checkout.
  •  Customer can use the UPI app instead of paying cash on delivery (COD) on receipt of product from online shopping websites, and can pay for miscellaneous expenses like utility bills, over the counter payments and school fees.
  •  The Unified Payments Interface is an advanced version of the existing payment system IMPS, which offers instant 24X7 inter bank electronic fund transfers across India through mobile, internet and ATMs.
  •  According to NPC, the UPI app will be available in next two to three working days for the customers to download and start using.
  •  More banks-Andhra Bank, Axis Bank, Bank of Maharashtra, Canara Bank, DCB Bank, Federal Bank, ICICI Bank, Oriental Bank of Commerce, Karnataka Bank, UCO Bank, Union Bank of India, United Bank of India, Punjab National Bank are some of the banks that have joined the UPI platform.
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