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Is Unified Payment Interface The Future Of Banking?

Make instant and secure payments from any of your linked accounts with VPA process using Axis Upi App. No need to remember your bank account number & IFSC.

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Is Unified Payment Interface The Future Of Banking?

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  1. Is Unified Payment Interface The Future Of Banking?

  2. Mobile phones have penetrated deep into our lives. From banking to online shopping, mobile phones are surging ahead of all other channels. Thanks to the unprecedented growth in smartphone users and 3G and 4G broadband becoming accessible at affordable cost, mobile banking is set to grow exponentially in India, which is already on its way to become the Mobile first country. Going one step closer to cashless banking, the introduction of Unified Payment Interface (UPI) is going to bring major transition in the banking sector in near future. UPI to revolutionize Indian banking  • National Payments Corporation of India (NPCI) has recently launched UPI to empower users to turn their smartphones into the bank. UPI enables users to perform instant push and pull transactions seamlessly. The next generation online payment solution which encourages ‘cashless and digital economy, is set to revolutionize an Indian banking sector. According to the statistics of RBI, India’s mobile banking transactions touched INR 49,029 crores in December 2015. Corporate accounts, especially small and medium enterprises (SMEs) are bigger growth drivers than individual accounts.

  3. With UPI, more users are expected to connect with Mobile banking. As per media reports, 29 banks would be enabled with this interface under the 1st phase; and then gradually other banks would be brought into the system in a phase manner giving much better banking experience to its customers.

  4. UPI Offers Ease Of Banking • The UPI is a system for instant, online bank payments. It makes money transfer as simple as sending a text message. It facilitates ‘virtual address’ as a payment identifier for sending and collecting money and works on a click 2 factor authentication. It also provides an option for scheduling push and pull transactions for various purposes like sharing bills among peers. • The interface is the advanced version of NPCI’s Immediate Payment Service (IMPS) which is a 24*7*365, unlike NEFT or RTGS services, which have specific working hours for funds transfer service. Download Upi App eliminates the need of knowing the recipient’s name, their bank account number, and IFSC code giving an easy of doing banking transactions. UPI also facilitates cardless transactions. • Instead of entering debit card number, expiry date, and CVV code, followed by waiting for the OTP, user now can just enter UPI ID, and get an alert on phone to verify the transaction. Due to this ease of doing banking transactions, more customers are expected to align with the digital payment platform.

  5. Download Upi App aims to boost the concept of Digital India by incorporating digitization in the financial sector, however, it also has certain limitations. Handset operability is the basic challenge in Mobile banking. Though the majority of Indian population uses smartphones, there is a substantial amount of the population who use feature phones, especially in the villages. Also, compatibility is another major issue with the mobile banking which may slower the speed of online transactions. • Security is the other major concerns in mobile banking. Since a customer is no longer required to give their personal credentials like account details, security pins, it increases the possibility of fraud. Smartphones have been the most preferred target of cyber-criminals with smartphones related cyber-crimes are escalating you. According to a study by Trend Micro, 95 percent of Android devices were affected by cyber-attacks in 2015. Another challenge for the CIOs and CTOs of the banks is to scale-up the mobile banking infrastructure to handle the exponential growth of the customer base. On top of that, connectivity plays a crucial role in mobile banking transactions

  6. UPI is going to be the future of the banking industry in India, believe experts, with more emphasis on next generation digital payment platform gaining preference among the customers. Digital India initiative will further fuel the growth of digital payment platforms such as UPI by boosting the growth of mobile banking. Source: http://bit.ly/2pfNPEy

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