India completes yet another step towards a cashless society. Unified Payments Interface (UPI), the contrivance Â of the Reserve bank of India (RBI) is now operational. RBI sanctioned the use of UPI apps for prompt digital payments.This system is modeled to bring in a revolution in peer to peer payment system in the country. The bank applications will be made available on the Play Store for download for users.
The payment system was launched officially by RBI governor Raghuram Rajan on April 11 in Mumbai.But it still needed modulation and was in the final stages of integration and testing with the banks and the National Payments Corporation of India (NPCI).
It is finally ready and available for users. By this system, the payment system is now more simplified. For instance, if you have chosen COD [ cash on delivery] as an option upon your online order with this new UPI app there is no more need to do physical transactions or handling the cash. You just need to provide the delivery guy your unique Â UPI (Unified Payment Interface) app, insert the e-commerce firmâ€™s unique identifier and payment is done within seconds.
How to get started:
The infograph below clearly outlines the simple steps through which one can get started with this app. Have a look.
Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Image Source- NPCI.NFS
Let us analyse some of the important points of the functionality of this app:
- The services for the app system now prolonged along spheres such as entertainment, shopping groceries from a local market , paying for dinner bill at the roadside Dhaba, acquiring tickets of railways/airline/bus, payment of insurance premium and even charity purposes.
- UPI will be operational Â 24*7 every day in a week, throughout the year
- Transactions as low as Rs 50 to as high as Rs 1,00,000 can be done using UPI apps
- This app is presently available in Google Play Store for android users but if you are an iPhone user then you need to wait for 4-6 months for getting their UPI apps
A.P. Hota, MD AND chief executive of NPCI, notified that RBI has given the approval for a public launch and several banks have been asked to upload their UPI-enabled apps within few days. As soon as the apps are placed in the application store, public in general could use it.
Instantaneously after RBIâ€™s final stamp of approval, there are numerous banks that have already launched the app or in between the process of doing it. The list of participation includes banks such as:
- UCO Bank
- Union Bank of India
- United Bank of India
- Punjab National Bank
- South Indian Bank
- Vijaya Bank
- Yes Bank
- Axis Bank
- Andhra Bank
- Bank of Maharashtra
- Bhartiya Mahila Bank
- DCB Bank
- Canara Bank
- Catholic Syrian Bank
- Federal Bank
- ICICI Bank
- Oriental Bank of Commerce
ICICI Bank that already have an app will upgrade their existing iMobile app and Pockets App to Â accommodate UPI-based payments. Axis bank will also upgrade their apps with Â UPI .However big banks such as HDFC, SBI and Kotak Mahindra Bank are yet to have an UPI app but they Â are in the process of developing the application in coming 2-3 weeks.
Image Source – thehindubusinessline.
The app proposition has got quite an overwhelming response from banks all over. If you access Google Playstore, you can Â found UPI app from banks such as Punjab National Bank, Union Bank, DCB Bank, South Indian Bank, Bank of Maharashtra, already available.
Each bank has launched a different product for their UPI interface app so if you are looking for the app but unable to find please refer to names listed below in accordance to the individual bank:
- Federal Bank-Lotza
- Bank of Maharashtra-Maha UPI
- TJSB Bank- TRANZAPP-UPI
- Karnataka Bank-KBL SMARTZ (UPI)
- DCB Bank Â Â Â -DCB Bank UPI App
- Union Bank-Union Bank UPI App
- Vijaya Bank-VIJAYA UPI
- United Bank-UNITED UPI
- Punjab National Bank-PNB UPI
- Axis Bank-Axis Pay
- South Indian Bank-SIB M-Pay (UPI Pay)
- Catholic Syrian Bank-CSB-UPI
Bank officials also seemed very inundate by this evolution. Deepak Sharma, chief digital officer, Kotak Mahindra Bank explained that they are already in between the process of development and certification of the UPI-enabled app and they plan to launch it in 4-6 weeks.
Through Unified Payments Interface (UPI) reimbursement Â can be made between friends, to merchants. How it will be helpful is yet to be analysed. Let the time speak.
For deeper insight Â check out the video:
Article curated by eCommerce Consultant @Â purplestores
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Information Source- economictimes
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