Unified Payments Interface (UPI) How does UPI System work ?
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
- Payee PSP
- Remitter Bank
- Beneficiary Bank
- NPCI
- Bank Account holders
- Merchants
- UPI - Benefits to the Ecosystem participants
No comments:
Post a Comment