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Unified Payments Interface (UPI)

  Dec 31, 2016

Unified Payments Interface (UPI)

Unified Payments Interface (UPI) is a system that powers multiple bank accounts into a single mobile application (of any participating bank), merging several banking features, seamless fund routing & merchant payments into one hood. It also caters to the “Peer to Peer” collect request which can be scheduled and paid as per requirement and convenience. UPI was launched by National Payments Corporation of India with Reserve Bank of India's (RBI) vision of migrating towards a 'less-cash' and more digital society. UPI is built on the Immediate Payment Service(IMPS) platform. Banks have started to upload their UPI enabled Apps on Google Play store from 25th August, 2016 onwards. 

How is it unique?
  1. Immediate money transfers through mobile device round the clock 24*7 and 365 days.
  2. Single mobile application for accessing different bank accounts
  3. Single Click 2 Factor Authentication – Aligned with the Regulatory guidelines, yet provides for a very strong feature of seamless single click payment.
  4. Virtual address of the customer for Pull & Push provides for incremental security with the customer not required to enter the details such as Card no, Account number; IFSC etc.
  5. Bill Sharing with friends.
  6. Best answer to Cash on Delivery hassle, running to an ATM or rendering exact amount.
  7. Merchant Payment with Single Application or In-App Payments.
  8. Scheduling PUSH and PULL Payments for various purposes.
  9. Utility Bill Payments, Over the Counter Payments, Barcode (Scan and Pay) based payments.
  10. Donations, Collections, Disbursements Scalable.
  11. Raising Complaint from Mobile App directly.
 
Benefits to the Ecosystem participants
Benefits for banks:
  1. Single click Two Factor authentication
  2. Universal Application for transaction
  3. Leveraging existing infrastructure
  4. Safer, Secured and Innovative
  5. Payment basis Single/ Unique Identifier
  6. Enable seamless merchant transactions
Benefits for end Customers:
  1. Round the clock availability
  2. Single application  for accessing different bank accounts
  3. Use of Virtual ID is more secure, no credential sharing
  4. Single click authentication
  5. Raise Complaint from Mobile App directly
Benefits for Merchants:
  1. Seamless fund collection from customers - single identifiers
  2. No risk of storing customer’s virtual address like in Cards
  3. Tap customers not having credit/debit cards
  4. Suitable for e-Com & m-Com transaction
  5. Resolves the COD collection problem
  6. Single click 2FA facility to the customer - seamless Pull
  7. In-App Payments (IAP)