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

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 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. User clicks on required option

Currently, the following 26 banks[4] provide UPI-based services:

Banks live as PSP and Issuer:

  1. Andhra Bank
  2. Axis Bank
  3. Bank of Maharashtra
  4. Canara Bank
  5. Catholic Syrian Bank
  6. DCB Bank
  7. Karnataka Bank
  8. Union Bank of India
  9. United Bank of India
  10. Vijaya Bank
  11. Punjab National Bank
  12. Oriental Bank of Commerce
  13. TJSB Sahakari Bank
  14. Federal Bank
  15. ICICI Bank
  16. UCO Bank
  17. South Indian Bank
  18. HDFC Bank
  19. State Bank of India
  20. Standard Chartered Bank India

Banks live as Issuer:

  1. Yes Bank
  2. RBL Bank
  3. IDFC Bank
  4. IDBI Bank
  5. Allahabad Bank
  6. Kotak Mahindra Bank

Initially, 29 banks had tied up with NPCI for the launch. However, only 21 banks have been able to meet the criteria so far.

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".

External Links

  • AwesomeUPI - List of links to official UPI bank apps.
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