payments interface-what it is and how useful is it for you-National
Payments Corporation of India (NPCI) launched the much awaited (UPI)Unified
Payments Interface. It is considered to be a great change in the country’s
financial sector. The concept is not new and has already been adopted by a
large number of banks worldwide and eminent private payment processors like
paypal, payza etc. important features of (UPI)Unified Payments Interface are
(UPI)Unified Payments Interface
(UPI) Unified Payments Interface is a system designed to make instant, online
payments through banks.
make payments through The (UPI) Unified Payments Interface you need not to know
the details like name, bank account number, bank name and branch name, IFSC
code of the bank branch of the beneficiary.
the sender and recipient will need a (UPI) Unified Payments Interface ID
registered at a member bank.
(UPI) Unified Payments Interface registered ID may be something like xxxxxx@sbi,
ssssss@sbbj or ppppp@pnb etc.
send money to someone, the sender need to know only the beneficiary’s (UPI)
Unified Payments Interface ID only.
(UPI) Unified Payments Interface ID may also be used for online shopping like debit
cards. You will need to just enter your UPI ID, get an alert on your phone and
verify the transaction.
Payments Interface) is built on top of the IMPS(Immediate
Payment Service), it is immediate, and works 24x7, throughout the year
and has no specific working hours like NEFT or RTGS services.
UPI(Unified Payments Interface) use the registered phone to verify
transactions, hence it is considered to be more secure because someone else
can't use your phone to verify the transactions.
Payments Interface) can also used for merchant transactions as it allows sendingrequests for money or an invoice to get
payment for any goods or services from your account to their account.
30 of the public sector and private sector banks have already agreed to provide
UPI(Unified Payments Interface) services, and it is expected that the rest of
the banks will join it before the end of this year.