National Payments Corporation of India (NPCI) has changed the way banking is done on smartphones with the launch of Unified Payments Interface (UPI). Launched by Reserve Bank Governor, Raghuram Rajan, alongside Nandan Nilekani from NPCI, UPI app is aimed at making the smartphone into a portable bank for users.
UPI is a channel that powers different financial balances into a mobile application of any bank, consolidating a few managing an account highlights, consistent asset steering, and vendor installments into one place. It will enable the mobile banking users to perform ‘push and draw’ exchanges and change the way individuals make installments today.
NPCI is following RBI’s vision of relocating towards a more advanced society. NPCI has dependably been at the bleeding edge to improve and present new items and administrations at standard with worldwide principles, informed NPCI CEO, A P Hota.
UPI App Highlights
Hota said a couple of banks have run live with UPI, and different banks will be participating this year. Nilekani said that this app was like a jump for them. It is made conceivable because NPCI had assembled Immediate Payment Service (IMPS) stage, and this is a layer that they put on that. IMPS didn’t have the simple charge ability, and that is tended to by this stage.
UPI encourages ‘virtual location’s as an installment identifier for sending and gathering cash and deals with single user click confirmation. It additionally gives an alternative to planning push and force exchanges for different purposes like sharing bills among associates.
How To Use
One can utilize UPI application for multipurpose like paying money on receipt of products from web shopping sites and can perform operations like paying service bills and over the counter installments. Also, standardized installments, gifts, school charges and other such services can also be performed through this user-friendly app that is very easy to the US.
The spread of web technology and online banking has done marvels for India’s advanced payment economy and the number is set to become exponentially. This app is just a start and is the second biggest thing after Aadhaar Card system.