Tuesday, 12 April 2016

Unified Payment Interface System, UPI NPCI Mobile Payment & Process


Unified Payment Interface System
The Unified Payment Interface (UPI) is a project from NCPI.
It is known as National Payments Corporation of India hits the market on 11 April. The UPI has been started to provide the information that how mobile banking transactions are conducted in India. It also allows the users to make payments using mobile phones.


From this facility the users do not need an electronic wallet. The people will be able to use various electronic purses as interoperability with UPI. This system will allow a one click, two-factor authentication on mobile phones through bank accounts.

Define Unified Payment Interface:

·         Use to transfer money and make payments

·         It is available 24 x 7

·         More than 100 members that allowed IMPS

·         UPI only requires one ID and does not disclose the details of your bank account.


Working Process:

·         The bank needs to activate the service payment interface (UPI) based on the unified system for you.

·         According NPCI, now, only 29 banks have agreed to start this service.

·         To start a transaction, you can use two types of global or local address.

·         Global address includes your bank account numbers, mobile number & Aadhaar card number.

·         A local address can be a virtual address. Say your bank gives you a virtual identifier similar to your email ID (for example, name @ company name).

·         This virtual address will allow you to send and receive money from several banks and issuers prepaid.

·         So you will need to use a particular application to send and receive money.

·         Now you will receive a message requesting mobile phone authentication

·         This process does not require the driver or share bank details.

·         Unified Payment Interface (UPI) NPCI earn 50 paise


Conclusion:
The launch of the Unified System Interface Payment (UPI) will also have an impact on portfolios, including the services that exist only as a product that allows for ease of operation. It can be used without having a customer of that bank.











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