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UPI app to be loaded with more features

Incorporating the bill payments function and setting up its own check on the number of transactions per user per day to prevent suspicious transactions are among additional features that the National Payments Corporation of India is working on to make its newly-launched payments solution Unified Payments Interface (UPI) more comprehensive and secure. Currently, two applications — for person-to-person money transfer and for e-commerce transactions — are available on the smartphone-based UPI, which was launched on August 25. UPI enables sending and receiving money in real-time through a mobile application. Banks — 20 at last count — have uploaded their UPI app on Google Play Store. The service facilitates ‘virtual payment address’ as a payment identifier for sending ...

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Changes with the UPI APP

The reserve bank of India along with the national payments corporation of India (NPCI)   has launched the unified payment interface app which has brought revolutionary changes in the payment methods. You can instantly pay to the restaurants, shops, cabs.  The NPCI is an organization that takes care of all the retail payments that are made in India. Using unified payment interface app the user with a bank account can create a virtual address which is known as the virtual payment address which is like the normal email. He can link multiple bank accounts with a single interface. He can also monitor the other bank accounts by downloading the singly UPI app. They need not download different app for different banks.  The payments can be made effortlessly by using UPI on ...

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Change the way you pay with Unified Payments Interface

Imagine paying for everyday purchases directly from your bank, without the need for carrying cash. The RBI's new interface helps you do just that. Reserve Bank of India Governor Raghuram Rajan launched the Unified Payments Interface (UPI) system on Monday, as its latest offering in boosting digital money transfers. The interface has been developed by National Payments Corporation of India (NPCI), the umbrella organisation for all retail payments in the country. The UPI seeks to make money transfers easy, quick and hassle free. Ten major banks — SBI, Canara Bank, BOI, ICICI Bank, HDFC Bank, Punjab National Bank, Bank of Baroda, HSBC, and Citi Bank — are integrating the interface with their mobile apps. “29 banks had concurred to provide UPI service to their customers...

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Benefits Of The UPI App For The Customers

Unified payment interface app was a brain child of the reserve bank of India and the NPCI (National Payment Corporation of India). It was step taken to contribute towards a digital society.  The UPI app which was earlier adopted by the leading 21 banks now is coming up with more banks. You can download this UPI app for free from the Google play store.  The best part about the UPI app is that you can link multiple bank accounts to a single interface.  This is will also allow you to make payments from any of the bank accounts. So when the next time when you make payments you don't need to use tour debit or credit cards you can simply use the UPI App for money transfer.  Hence you don't need to remember the bank accounts details like the bank account number, the I...

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Importance of UPI app

UPI which is unified payment interface app was designed in order to lead for a cashless society.  The UPI is a payment interface which enables you to make payments through a single interface from multiple bank accounts. Unified payment interface app was earlier adopted by 21 major leading banks, but now there are more banks that have taken up UPI due to its features, given its interoperability and flexibility.  Unlike the IMPS and NEFT UPI is more flexible. You can make payments for 365 days 24*7 even on Sundays and bank holidays. Also the transfer of funds that take place happens through the two way verification method. So it is secure and you need not worry about fraud or other cases. When you use the UPI app for making payments you don't need other details like the bank...

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What is the benefit of the UPI app for the merchants?

Unified payment interface app has a win-win scenario for both the customers as well as the merchants.  The unified payment interface app is called a future of digital or virtual payments.  It is set to benefit the ecommerce business in India. Unified payment interface is set up by the National Payment Corporation of India. Hence, the UPI asp facilitates the transfer of payments across the bank accounts using a single interface app. The digital payment and collection can be done from multiple bank accounts with any bank account that has been linked. Hence, you need not download a new app for a new bank. With the UPI app India payments can be made from the phone of the account holder. Hence, the payments can be made for 24 hours and 365 days of a year. Even on sundays ...

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NPCI, Reliance launches India's first in-store UPI Payments facility

The National Payments Corporation of India (NPCI) and the Reliance Retail announced the launch of a new in-store payment solution that will enable customer payments via Unified Payments Interface (UPI) platforms like BHIM or other bank-promoted UPI payment apps. The platform is architected by Bangalore-based Innoviti Payment Solutions, with process support from Axis Bank.Reliance Retail is the first organised retail chain in the country to offer its customers the option of mobile-based UPI app payments at its stores. This new in-store UPI payment facility is currently live in more than 200 Reliance Retail stores in Mumbai across formats including Reliance Fresh, Reliance Smart, Reliance Digital, Reliance Trends, and Reliance Footprint among others. The facility will be progressively rol...

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Indian Bank rolls out UPI app

Indian Bank has introduced a few technology products, including one that aims to tackle transactions with ease, following demonetisation. The Chennai-headquartered public sector bank has joined the list of banks that have rolled out UPI (Unified Payment Interface) app. The app will enable Indian Bank customers to send and receive money using their smartphones. UPI is a system that powers multiple bank accounts into a single mobile application, merging several banking features, seamless fund routing and merchant payments, according to a statement. It introduced USSD banking, under which customers and merchants can register their details through their mobile phone by calling *99*58#. This unique platform will empower the customers to make payment directly to, among oth...

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Is UPI the way to kill ‘CASH’ obsession in India

Decoding the Term- UPI or Unified Payments Interface is a revolutionary Payment Method connected to leading banks to carry out transactions between two parties launched by the National Payment Corporation of India (NCPI). As a payment interface, UPI seeks to transform India into a Cashless Economy. UPI allows an individual to receive and transfer funds without entering or storing their account details and the related card information, simply by acting as a unique identifier. As a Mobile Interface, it has been designed to carry out transactions using the IMPS or the Immediate Payment Services which has been found to be faster than NEFT and works around the clock. UPI aims at encouraging non- cash transactions, which stand at mere 6 transactions per person in a year. Benefits UPI c...

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Uniqueness of UPI app

Unified payment interface free is an effective system for transfer of funds.  By using the UPI app you can carry out the transaction of funds between two bank accounts using a smart phone. It is built on the basis of immediate payment service and this enables to send and receive money between two bank accounts using a unique identity address.  This unique identity address is referred to as virtual payment address. When you download the unified payment interface free you can carry out transaction without disclosing the beneficiary details like the bank account number, the IFSC code, the passwords and all. You can simply exchange the VPA code  to send and receive money through the UPI app. Unlike NEFT and RTGS you can carry fund transfer with UPI even on Sundays , holiday...

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