Jump to content

Unified Payments Interface: Difference between revisions

From Wikipedia, the free encyclopedia
Browse history interactively
← Previous editNext edit →
Content deleted Content added
VisualWikitext
m →‎How it works: South Indian Bank is repeated twice.Removed the duplicate
No edit summary
Line 49: Line 49:
3. Enter the OTP received from your bank and create a 4-6 digit M-PIN
3. Enter the OTP received from your bank and create a 4-6 digit M-PIN


Currently, the following 30 banks<ref>{{cite web|title=UPI|url=http://www.npci.org.in/UPI_Livemembers.aspx}}</ref> provide UPI-based services:
Currently, the following 32 banks<ref>{{cite web|title=UPI|url=http://www.npci.org.in/UPI_Livemembers.aspx}}</ref> provide UPI-based services:


'''Banks live as PSP and Issuer:'''
'''Banks live as PSP and Issuer:'''
# [[Andhra Bank]]
# Allahabad Bank
# [[Axis Bank]]
# Andhra Bank
# [[Bank of Maharashtra]]
# Axis Bank
# [[Canara Bank]]
# Bank of Baroda
⚫
# Bank of Maharashtra
# [[Catholic Syrian Bank]]
# [[DCB Bank]]
# Canara Bank
# [[Karnataka Bank]]
# Catholic Syrian Bank
# [[Union Bank of India]]
# DCB Bank
# [[United Bank of India]]
# Federal Bank
# [[Vijaya Bank]]
# HDFC Bank
# [[Punjab National Bank]]
# ICICI Bank
# [[Oriental Bank of Commerce]]
# IDFC Bank
# TJSB Sahakari Bank
# IndusInd Bank
# [[Federal Bank]]
# Karnataka Bank
# [[ICICI Bank]]
# Kotak Mahindra Bank
# [[UCO Bank]]
# Oriental Bank of Commerce
# [[South Indian Bank]]
# Punjab National Bank
# [[HDFC Bank]]
# South Indian Bank
# [[State Bank of India]]
# State Bank of India
⚫
# TJSB Bank
⚫
# [[Standard Chartered|Standard Chartered Bank India]]
# UCO Bank
⚫
#[[Bank of Baroda]]
# [[Yes Bank]]
# Union Bank of India
# [[Kotak Mahindra Bank]]
# United Bank of India
# [[Allahabad Bank]]
# Vijaya Bank
# Yes Bank



'''Banks live as Issuer:'''
'''Banks live as Issuer:'''


# [[RBL Bank]]
# Central Bank of India
# [[IDFC Bank]]
# Dena Bank
# HSBC
⚫
# [[IDBI Bank]]
# [[Central Bank of India]]
# IDBI Bank
# [[IndusInd Bank]]
# Indian Bank
# RBL Bank
⚫
# Standard Chartered Bank


'''Non-Bank UPI Apps:<ref>https://www.yesbank.in/media/press-releases/fy-2016-17/yes-bank-launches-first-of-its-kind-upi-proposition-with-50-companies</ref>'''
'''Non-Bank UPI Apps:<ref>https://www.yesbank.in/media/press-releases/fy-2016-17/yes-bank-launches-first-of-its-kind-upi-proposition-with-50-companies</ref>'''

Revision as of 16:47, 14 December 2016

Unified Payments Interface
IndustryFinance
Founded11th April, 2016
FounderReserve Bank of India
HeadquartersMumbai, Maharashtra, India[1]
ProductsOnline platform for transactions
ParentNational Payments Corporation of India
WebsiteOfficial site

Unified Payments Interface (UPI) is a system that powers multiple bank accounts (of participating banks), several banking services features like fund transfer (P2P), and merchant payments in a single mobile application.[2] 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 has built on the Immediate Payment Service(IMPS) platform.

UPI platform can be used for:

    • Immediate money transfer through mobile device round the clock 24*7 and 365 days.
    • Single mobile application for accessing different bank accounts
    • Single Click 2 Factor Authentication .
    • 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.
    • Bill Sharing with friends.
    • Merchant Payment with Single Application or In-App Payments.
    • Scheduling PUSH and PULL Payments for various purposes.
    • Utility Bill Payments, Over the Counter Payments, Barcode (Scan and Pay) based payments.
    • Donations, Collections, Disbursements Scalable.
    • Raising Complaint from Mobile App directly.

How it works

Any Android smartphone user who has an account with a UPI-partnered bank can download a UPI app.

Registration in UPI enabled application: [3]

Steps for Registration: 

   1. User downloads the UPI application from the App Store / Banks website.
   2. User creates their profile by entering details like name, virtual id (payment address), password etc.
   3. User goes to “Add/Link/Manage Bank Account” option and links the bank and account number with the virtual id

Generating M – PIN: 

   1. User selects the bank account from which they want to initiate the transaction
   2. Add required detail like 'Last 6 digits of Debit Card' and 'Expiry Date'
   3. Enter the OTP received from your bank and create a 4-6 digit M-PIN

Currently, the following 32 banks[4] provide UPI-based services:

Banks live as PSP and Issuer:

  1. Allahabad Bank
  2. Andhra Bank
  3. Axis Bank
  4. Bank of Baroda
  5. Bank of Maharashtra
  6. Canara Bank
  7. Catholic Syrian Bank
  8. DCB Bank
  9. Federal Bank
  10. HDFC Bank
  11. ICICI Bank
  12. IDFC Bank
  13. IndusInd Bank
  14. Karnataka Bank
  15. Kotak Mahindra Bank
  16. Oriental Bank of Commerce
  17. Punjab National Bank
  18. South Indian Bank
  19. State Bank of India
  20. TJSB Bank
  21. UCO Bank
  22. Union Bank of India
  23. United Bank of India
  24. Vijaya Bank
  25. Yes Bank


Banks live as Issuer:

  1. Central Bank of India
  2. Dena Bank
  3. HSBC
  4. IDBI Bank
  5. Indian Bank
  6. RBL Bank
  7. Standard Chartered Bank

Non-Bank UPI Apps:[5]

  1. Alphapay
  2. Finmo
  3. Jugnoo Pay
  4. Mypoolin
  5. Paysay
  6. PhonePe
  7. Splitkart
  8. Trupay

See also

References

  1. ^ "National Payments Corporation of India". Npci.org.in. Retrieved 16 March 2011.
  2. ^ "Unified Payments Interface". www.npci.org.in. Retrieved 11 July 2016.
  3. ^ "Unified Payments Interface". NPCI.
  4. ^ "UPI".
  5. ^ https://www.yesbank.in/media/press-releases/fy-2016-17/yes-bank-launches-first-of-its-kind-upi-proposition-with-50-companies
Retrieved from "https://en.wikipedia.org/w/index.php?title=Unified_Payments_Interface&oldid=754808007"