UPI App: Real Time Money Transfer System by NPCI
UPI App: On Thursday, 24th November, 2016, National Payments Corporation of India launched the Unified Payments Interface (UPI) app. Recently this app is available for customers of 21 banks.
What is Unified Payments Interface (UPI)???
Unified Payments Interface (UPI) is an app – a payment solution which empowers a recipient to initiate the payment request from a Smartphone.
This app facilitates virtual payment address as a payment identifier for sending and collecting money. It works on single click 2-factor authentication.
Features of UPI:
There are two important features of UPI:
- It facilitates customer ease by eliminating the need for providing detailed account/beneficiary details, through the use of virtual address.
- It also facilitates interoperability of person-to-merchant payments.
How It Works? How UPI App is Different from the Other Online Payment System?
To make an online payment, you require some beneficiary details like the individual’s name, bank account number, IFS code and many more.
But while using UPI App, you don’t need any beneficiary details to proceed online payment. But there is one unique ID that can be your phone number tagged along with the name of your bank.
Once you have unique ID, put id and the amount to be paid in the app. After then click on send button. According to NPCI, the UPI app will be made available on Google Play Store by banks.
Which Bank Have UPI App Now?
Customers of 21 banks can advantage of the UPI app’s services. Some of the banks which have gone live that are Andhra Bank, Axis Bank, Bank of Maharashtra, Bhartiya Mahila Bank, Canara Bank, Oriental Bank of Commerce, Union Bank of India and Vijaya Bank, among others.
How UPI App is Beneficial to Customers?
This app makes payments easier and quicker. Recently, Flipkart recently bought out a UPI startup PhonePe. This app also provides an option for scheduling push and pull transactions for various purposes like sharing bills among peers.