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Unified Payments Interface

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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

Background

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 can be used for multiple common banking tasks. 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.

With the above context in mind, NPCI conducted a pilot launch with 21 member banks. The pilot launch was on 11th April 2016 by Dr. Raghuram G Rajan, Governor, RBI at Mumbai. Banks have started to upload their UPI enabled Apps on Google Play store from 25th August, 2016 onwards. How is it unique?

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 – Aligned with the Regulatory guidelines, yet provides for a very strong feature of seamless single click payment. 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. Best answer to Cash on Delivery hassle, running to an ATM or rendering exact amount. 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. Participants in UPI Payer PSP Payee PSP Remitter Bank Beneficiary Bank NPCI Bank Account holders Merchants

UPI - Benefits to the Ecosystem participants Benefits for banks:

Single click Two Factor authentication Universal Application for transaction Leveraging existing infrastructure Safer, Secured and Innovative Payment basis Single/ Unique Identifier Enable seamless merchant transactions Benefits for end Customers:

Round the clock availability Single Application for accessing different bank accounts Use of Virtual ID is more secure, no credential sharing Single click authentication Raise Complaint from Mobile App directly Benefits for Merchants:

Seamless fund collection from customers - single identifiers No risk of storing customer’s virtual address like in Cards Tap customers not having credit/debit cards Suitable for e-Com & m-Com transaction Resolves the COD collection problem Single click 2FA facility to the customer - seamless Pull In-App Payments (IAP)

Registration in UPI enabled application Steps for Registration:

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

User selects the bank account from which he/she wants to initiate the transaction User clicks one of the option -

a. Mobile Banking Registration/Generate MPIN

b. Change M-PIN

In the case of 3(a) -

User receives OTP from the Issuer bank on his/her registered mobile number User now enters last 6 digits of Debit card number and expiry date User enters OTP and enters his preferred numeric MPIN (MPIN that he would like to set) and clicks on Submit After clicking submit, customer gets notification (successful or decline)

In case of 2(b) –

User enters his old MPIN and preferred new MPIN (MPIN that he would like to set) and clicks on Submit After clicking submit, customer gets notification (successful or failure)

Performing a UPI Transaction:

A. PUSH – sending money using virtual address

User logs in to UPI application After successful login, user selects the option of Send Money / Payment User enters beneficiary’s / Payee virtual id, amount and selects account to be debited User gets confirmation screen to review the payment details and clicks on Confirm User now enters MPIN User gets successful or failure message

PULL – Requesting money:

User logs in to his bank’s UPI application After successful login, user selects the option of collect money (request for payment) User enters remitters / payers virtual id, amount and account to be credited User gets confirmation screen to review the payment details and clicks on confirm The payer will get the notification on his mobile for request money Payer now clicks on the notification and opens his banks UPI app where he reviews payment request Payer then decides to click on accept or decline In case of accept payment, payer will enter MPIN to authorize the transaction Transaction complete, payer gets successful or decline transaction notification Payee / requester gets notification and SMS from bank for credit of his bank account


Product

A. Financial Transactions: UPI supports the following financial transactions viz.

a) Pay Request: A Pay Request is a transaction where the initiating customer is pushing funds to the intended beneficiary. Payment Addresses include Mobile Number & MMID, Account Number & IFSC and Virtual ID

b) Collect Request: A Collect Request is a transaction where the customer is pulling funds from the intended remitter by using Virtual ID.

B. Non-Financial Transactions: UPI will support following types of non-financial transactions on any PSP App viz.

Mobile Banking Registration*

  1. Generate One Time Password ( OTP)
  2. Set/Change PIN
  3. Check Transaction Status
  4. Raise Dispute/ Raise query
  • Mobile Banking Registration is possible only if the mobile number (which is to be registered) is registered with the Issuer Bank for SMS Alerts/mobile alerts.

UPI can be accessed on all platforms viz. Android / iOS & Windows – As of now, the Apps have been developed by members only on Android platform.


How it works

Any Android smartphone user who has an account with a UPI-partnered bank can download a UPI app.[3]

Currently, the following 27 banks provide UPI-based services as PSP and issuer:[4] {{Columns-list|colwidth=15em|

  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. Central Bank of India
  9. DCB Bank
  10. Federal Bank
  11. HDFC Bank
  12. ICICI Bank
  13. IDFC Bank
  14. IndusInd Bank
  15. Karnataka Bank
  16. Kotak Mahindra Bank
  17. Oriental Bank of Commerce
  18. Punjab National Bank
  19. RBL Bank
  20. South Indian Bank
  21. State Bank of India
  22. TJSB Bank
  23. UCO Bank
  24. Union Bank of India
  25. United Bank of India
  26. Vijaya Bank
  27. Yes Bank

The following 6 banks art issuers only:[4]

  1. Dena Bank
  2. HSBC
  3. IDBI Bank
  4. Indian Bank
  5. Standard Chartered Bank
  6. Syndicate Bank


The Following are Bank codes for short dial Eg.

  • *99*41# for SBI Menu
  • *99*41*1# For SBI direct balance enquiry


Direct codes for banks:

  • * 99* 41#-State Bank of India
  • * 99* 42#- Punjab National Bank
  • * 99* 43#-HDFC Bank
  • * 99* 44#-ICICI Bank
  • * 99* 45#-AXIS Bank
  • * 99* 46#-Canara Bank
  • *99* 47#- Bank Of India
    • 99* 48#-Bank of Baroda
    • 99* 49#-IDBI Bank
    • 99* 50#-Union Bank of India
    • 99* 51#-Central Bank of India
    • 99* 52#-India Overseas Bank
    • 99* 53#-Oriental Bank of Commerce
    • 99* 54#-Allahabad Bank
    • 99* 55#-Syndicate Bank
    • 99* 56#-UCO Bank
    • 99* 57#-Corporation Bank
    • 99* 58#- Indian Bank
    • 99* 59#-Andhra Bank
    • 99* 60#- State Bank Of Hyderabad
    • 99* 61#- Bank of Maharashtra
    • 99* 62#- State Bank of Patiala
    • 99* 63#- United Bank of India
    • 99* 64#-Vijaya Bank
    • 99* 65#-Dena Bank
    • 99* 66#-Yes Bank
    • 99* 67#-State Bank of Travancore
    • 99* 68#-Kotak Mahindra Bank
    • 99* 69#-IndusInd Bank
    • 99* 70#- State Bank of Bikaner and Jaipur
    • 99* 71#- Punjab and Sind Bank
    • 99* 72#-Federal Bank
    • 99* 73#-State Bank of Mysore
    • 99* 74#-South Indian Bank
    • 99* 75#-Karur Vysya Bank
    • 99* 76#-Karnataka Bank
    • 99* 77#-Tamilnad Mercantile Bank
    • 99* 78#-DCB Bank
    • 99* 79#- Ratnakar Bank
    • 99* 80#-Nainital Bank
    • 99* 81#-Janata Sahakari Bank
    • 99* 82#-Mehsana Urban Co-Operative Bank
    • 99* 83#-NKGSB Bank
    • 99* 84#-Saraswat Bank
    • 99* 85#-Apna Sahakari Bank
    • 99* 86#-Bhartiya Mahila Bank
    • 99* 87#- Abhyudaya Co-Operative Bank
    • 99* 88#-Punjab & Maharashtra Co-operative Bank
    • 99* 89#-Hasti Co-Operative Bank
    • 99* 90#- Gujarat State Co-Operative Bank
    • 99* 91#- Kalupur Commercial Co-Operative Bank.

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. ^ a b "UPI".
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