Unified Payments Interface (UPI) How does UPI System work ?

Unified Payments Interface (UPI) How does UPI System  work ?

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, seamlass fund routing & merchant payments into one hood. It also caters to the “Peer to Peer” collect request which can be schedulad and paid as per requirement and convenience.

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



How is it unique?

• Immediate money transfar 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 Reguletory guidelines, yet provides for a very strong feature of seamless single click payment.
• Virtual address of the customer for Pull & Push provides for incremantal security with the customer not required to enter the details such as Card no, Account number; IFSC etc.
• QR Code
• Best answar to Cash on Delivery hassle, running to an ATM or rendering exact amount.
• Merchant Payment with Single Application or In-App Payments.
• Utility Bill Payments, Over the Counter Paymants, QR Code (Scan and Pay) based payments.
• Donations, Collections, Disbursaments Scalable.
• Raising Complaint from Mobile App directly.

IMPORTANT LINK

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Participants in UPIPayer PSP

• Payee PSP
• Remitter Bank
• Beneficiary Bank
• NPCI
• Bank Account holders
• Merchants
• UPI - Benefits to the Ecosystem participants