Unified Payment Interface - Towards cashless economy
Posted by mkumar on January 3rd, 2017
National Payments Corporation of India (NPCI) announced on 26th August that bank applications for the Unified Payment Interface have officially become operational. Within 3 days apps of 19 banks went live on Play Store. In this post, we are going to discuss all about UPI (Unified Payment Interface)
What is UPI and what can a user do with the app?
UPI is a payment system that allows money transfer between any two bank accounts by using a smartphone. UPI allows a customer to pay directly from a bank account to different merchants, both online and offline, without the hassle of typing credit card details, IFSC code, or net banking/wallet passwords.
How can I start using UPI?
If you already have apps of the below banks, just update the app from play store. If not downloaded then now it's a good time to start using banking through mobile app.
The UPI app of 19 banks have gone live - Andhra Bank, Axis Bank, Bank of Maharashtra, Bhartiya Mahila Bank, Canara Bank, Catholic Syrian Bank, DCB Bank, Federal Bank, ICICI Bank, TJSB Sahakari Bank, Oriental Bank of Commerce, Karnataka Bank, UCO Bank, Union Bank of India, United Bank of India, Punjab National Bank, South Indian Bank, Vijaya Bank and YES Bank
Good Old SBI is not on the list, if you are searching, like I did.
I have the new app unified payment interface, now what?
1. Create virtual address
2. Set your bank account to receive and pay from
That's all. You are on the way to start using it. Just share your virtual address to your friends and business parties.
How safe is UPI?
It is safe as the customers only share a virtual address and provide no other sensitive information.
Here is my Virtual address manishkumar@axis . Simple. You can also think of this virtual address as your email ID. (of-course you cannot send emails through it, haha)
What kind transactions can be performed via UPI?
1. Merchant payments,
3. Bill payments among others.
The per transaction limit is Rs.1 lakh.
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