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UPI Makes Rupee Go Mobile

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UPI Makes Rupee Go Mobile

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  1. UPI Makes Rupee Go Mobile

  2. The National Payments Corporation of India (NPCI) has garnered a lot of buzz off late, ever since its announcement of implementing the Unified Payments Interface (UPI). An ambitious project by the government of India, RBI and NPCI, UPI aims to simplify and standardize mobile payments across platforms and bring about an interoperable, cashless economy. The current mobile payments market consists of many players who use different technologies and procedures to enable payments. For an average customer in India, especially someone who isn’t tech savvy, using mobile payments can be a very daunting task. To ease this confusion, NPCI aims to standardize the payment interface across mobile banking and payment apps in such a way that paying someone is as easy as making a phone call or using the phone book.

  3. UPI does so by enabling payments with a single identifier instead of bank account or payment instrument details. This identifier can be anything from the individual’s phone number or Aadhaar number or a virtual payment address of the user. According to NandanNilekani, former chairman of the UIDAI, “there are 250 million Aadhaar payment bank accounts, which collectively make 1.2 billion transactions a year across 77,000 micro ATMs.” He feels UPI can take advantage of Aadhaar’s reach. • UPI uses simple push messages to allow payments between multiple banks and payment providers. The customer just has to exchange a unique virtual address without any of their payment details and authenticate the transaction with an MPIN to transfer funds or make payments. The customer doesn’t even have to be a member of a participating bank to enroll, but they can use this service irrespective of their bank account.

  4. The service will work real-time around the clock, as it uses IMPS technology developed by the NPCI to transfer funds. At present 30% of online transactions in India is done through IMPS. With Upibased on the IMPS framework, merchants would be able to send debit requests to customer accounts, similar to a debit/credit card swipe instead of just performing fund transfers. • A P Hota, MD & CEO, NPCI said, “This unified layer, which offers next generation peer-to-peer immediate payment just by using personal phone, uses existing systems such as IMPS, AEPS, to ensure settlement across accounts. The usages of existing systems ensure reliability of payment transactions across various channels,”

  5. A key feature of UPI is its high interoperability. Since it is an open source platform, all banking and payment or wallet apps can be made to work with Upi. According to reports around 30 banks have already signed up to embed the technology into their services. Currently NPCI has State Bank of India, Punjab National Bank, Canara Bank, Bank of Baroda, Union Bank of India, Bank of India, ICICI Bank, HDFC Bank and host of other banks as partners. The technology is also said to bring about higher interoperability between banks and financial institutions as customers from one bank would be able to use another bank’s services as long as they have an account with UPI. Apart from this, UPI also boasts of useful features such as scheduling payment for later date, or peer-peer fund transfer.

  6. The biggest challenge ahead of the NPCI and UPI is to implement the technology and enable these services by coordinating with various banks and payment providers. The customer also needs to be educated on the ease of use, security and benefits of using the service. • The challenge for fintechs and bank technology developers will be to improve upon the capabilities of UPI and sync it with their services. The UPI interface could be improved upon by enabling one-click payments. Apart from that, technologies such as ToneTag could allow customers to send the single payment identifier to the merchant through sound in a frictionless way, instead of having to divulge this information. This could make the payment process much more secure, simple and quick. Source: http://bit.ly/2kc5szj

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  8. Click to know more on“Upi ” https://play.google.com/store/apps/details?id=com.upi.axispay

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