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
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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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