NPCI's Unified Payments Interface to go live for 21 bank customers -The Total Investment & Insurance Solutions

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25Th Aug 2016

The National Payments Corporation of India (NPCI) on Thursday said the Unified Payments Interface (UPI) will go live for customers of 21 banks. The Total Investment & Insurance Solutions

The relevant details of the service would be available on the website of 21 banks, the NPCI said.

According to NPCI, the UPI application of 19 banks can be downloaded from Google Play Store in next two to three working days. The Total Investment & Insurance Solutions

UPI is a unique payment solution which empowers a recipient to initiate the payment request from a smartphone. It facilitates 'virtual payment address' as a payment identifier for sending and collecting money and works on single click two factor authentication. It also provides an option for scheduling push and pull transactions for various purposes like sharing bills among peers. One can use UPI app instead of paying cash on delivery on receipt of product from online shopping websites and can pay for miscellaneous expenses like paying utility bills, over the counter payments, barcode (scan and pay) based payments, donations, school fees and other such unique and innovative use cases.    
 

NPCI (The Total Investment & Insurance Solutions) 

The interface is the advanced version IMPS, which is a 24X7 funds transfer service. UPI will allow a customer to have multiple virtual addresses for multiple accounts in various banks. In order to ensure privacy of customer's data, there is no account number mapper anywhere other than the customer's own bank. This allows the customer to freely share the financial address with others. A customer can also decide to use the mobile number as the name instead of the short name for the virtual address like 1234567890@xyz. The Total Investment & Insurance Solutions

The list of banks providing the app on Google Play Store are: 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. The Total Investment & Insurance Solutions

According to NPCI, two banks -- IDBI Bank and RBL Bank -- are on-boarded as issues. The customers of the two banks can download any UPI enabled apps and link their account.

"This is a success of enormous significance. Real-time sending and receiving money through a mobile application at such a scale on interoperable basis had not been attempted anywhere else in the world. Now the UPI App will be made available on Google Play Store by banks," A.P. Hota, MD and CEO, was quoted as saying in the statement.The Total Investment & Insurance Solutions