Unified Payments Interface (UPI)
The Unified Payments Interface (UPI) is a system that integrates various bank accounts, smooth fund routing, and merchant payments into a single mobile application (of any participating bank). Additionally, it supports "Peer to Peer" collection requests that can be planned and paid for according to need and convenience.
In light of the aforementioned circumstances, NPCI carried out a pilot launch with 21 member banks. Dr. Raghuram G. Rajan, Governor of the RBI, launched the pilot programme on April 11, 2016, in Mumbai. Beginning on August 25, 2016, banks have begun to submit their UPI-enabled apps to the Google Play store.
What makes it special?
Instantaneous money transfers on mobile devices every day of the year, 24/7.
Multiple bank accounts can be accessed using a single mobile application.
Single Click 2 Factor Authentication - Compliant with regulatory requirements while offering a highly potent single click payment functionality.
With no need for the consumer to submit information like their card number, account number, IFSC, etc., the virtual address of the customer for Pull & Push offers incremental protection.
The best solution to the problems with Cash on Delivery, going to the ATM, and providing correct change is a QR code.
Payment by a merchant using an individual application or an app.
Utility bill payments, cash payments made in person, and payments made via QR codes (scan and pay).
Scalable donations, collections, and disbursements.
Directly filing a complaint with a mobile app
UPI participants
- Payer PSP
- Payee PSP
- Remitter Bank
- Beneficiary Bank
- NPCI
- Bank Account holders
- Merchants