India's Unified Payments Interface goes live with 21 banks

[proud_indian]

India's Unified Payments Interface goes live with 21 banks​

5 hours ago | 1437 views | 0

India's Unified Payments Interface (UPI) is going live for customers of 21 banks, paving the way for a P2P payments revolution in the country.

Run by the National Payments Corporation of India (NPCI), the UPI generates a virtual address as a payment identifier for sending and collecting money over the counter and online and works on single click 2 factor authentication.

It also provides an option for scheduling push and pull transactions for various purposes like sharing bills among peers. Customers will be able to have multiple virtual addresses for multiple accounts in various banks and identify themselves merely as their mobile number.

The platform has been running since a soft launch in April, mainly being used by bank employees to sniff out any technical glitches.

Now, banks with 1000 pilot customers, 5000 transactions and success rate of around 80% are being permitted to put UPI-enabled mobile apps on the Google Play Store. Among the firms set to roll out the service in the next couple of days are Axis Bank, Icici and Yes Bank.

The UPI is seen as a critical part of the Indian government's strategy to push the migration from cash to electronic payments as a way to improve financial inclusion.

This could get another boost from PayPal, which has launched its own P2P payments feature, called PayPal.me. To use the service, Indians create a PayPal.me personal URL link to their PayPal account which they can share with others to request payment.

https://www.finextra.com/newsarticl...ents-interface-goes-live-with-21-banks/retail


What’s the big deal about Unified Payments Interface

​

 

[proud_indian]

NPCI's UPI app goes live: All questions about real-time money transfer system answered

Mumbai - National Payments Corporation of India (NPCI) on Thursday said the Unified Payments Interface (UPI) is live and currently available for customers of 21 banks.


Representational image. AFP
Here are the key facts you need to know about the new payments system:

What is UPI?
UPI is an app - a payment solution which empowers a recipient to initiate the payment request from a smartphone. It facilitates virtual payment address as a payment identifier for sending and collecting money and works on single click 2-factor authentication. A government press release explains the system as follows: The product will enable money transfers – both ‘Push’ and ‘Pull’ through smart phones. According to it, the two important features of UPI are, (i) it facilitates customer convenience by eliminating the need for providing detailed account/beneficiary details, through the use of virtual address and (ii) it facilitates interoperability of person-to-merchant payments (both push and pull).
The soft launch of UPI was announced by the outgoing Reserve Bank Governor Raghuram Rajan in April this year and was under pilot run, mainly with employee-customers, for some time.
After assessing the success of pilot run, RBI had accorded its final approval for public launch of the product.

How exactly does this work? How is it different from the online payment system presently in use?
Currently to to make an online payment, first you need to add the beneficiary details, including the individual's name, bank account number, IFS code, etc. While using UPI app, these processes are not required as the identifier is the virtual payment address or the unique ID of the beneficiary. This unique ID can be your phone number tagged along with the name of your bank.
Once you have the unique ID of the beneficiary, enter the app, put amount to be paid, the unique ID and click 'send' button. The banks will have to make their apps UPI-enabled.
Also, unlike RTGS and NEFT, UPI app can be used to transfer funds 24 hours.
According to NPCI, which developed the system, the UPI app will be made available on Google Play Store by banks.

Which all banks have gone live with the app now?
Customers of as many as 21 banks can avail of the app's services. Some of the banks which have gone live Andhra Bank, Axis Bank, Bank of Maharashtra, Bhartiya Mahila Bank, Canara Bank, Oriental Bank of Commerce, Union Bank of India and Vijaya Bank, among others.
NPCI's decision was to allow only those banks with 1,000 customers, 5,000 transactions and success rate of around 80 percent during the pilot runs to go live. The threshold criteria helped banks to refine their systems and procedure, NPCI said.

How is it beneficial for the customers?
It makes payments easier and quicker. As e-commerce marketplace Flipkart, which recently bought out a UPI startup PhonePe, says, "In contrast to the present payments process, which involves entering numerous account/card details and multi-level interventions, UPI will provide a highly secure hassle-free digital payments experience."
The app also provides an option for scheduling push and pull transactions for various purposes like sharing bills among peers. One can use UPI app instead of paying cash on delivery on receipt of product from online shopping websites and can pay for miscellaneous expenses like paying utility bills, over the counter payments, barcode (scan and pay) based payments, donations, school fees and other such unique and innovative use cases.

Why is it important?
This is a step towards transforming India into cashless economy.
According to this article, only six percent of the merchants and retailers in the country have the infrastructure for accepting card payments. So the transactions are mostly made in cash, which makes it difficult to arrest tax evasion. UPI's significance has to be seen in this context. Cashless transactions will arrest generation of black money and increase the tax compliance, boosting the revenue for the government.
For e-commerce companies in particular this is likely to give a big leg-up. Announcing the buyout of PhonePe, Flipkart CEO Binny Bansal said, "Payment has been one of the biggest hurdles for mass adoption of online shopping in India. UPI has the potential of transforming the entire payments ecosystem in the country."
Moreover, as NPCI Managing Director and CEO AP Hota says, "Real-time sending and receiving money through a mobile application at such a scale on inter-operable basis had not been attempted anywhere else in the world."

http://www.firstpost.com/business/n...e-money-transfer-system-answered-2977006.html



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[Skull and Bones]

This can be massive someday.

 

[proud_indian]

This can be massive someday.

this is the plan

 

[danger007]

good thought..

 

[Skull and Bones]

this is the plan

So it works like Venmo?

 

[proud_indian]

So it works like Venmo?

I don't know how venmo works.
plz watch the video in the first post to understand it properly

 

[GuardianRED]

How is this different from paytm or paypal etc?

 

[liall]

How is this different from paytm or paypal etc?

Yoou need to transfer your money frm your bank account to Paytm wallet to do transactions. With UPI money stays in your account and is automatically deducted when you make a transaction. UPI makes payment wallets like PayTM obsolete.

 

[GuardianRED]

Yoou need to transfer your money frm your bank account to Paytm wallet to do transactions. With UPI money stays in your account and is automatically deducted when you make a transaction. UPI makes payment wallets like PayTM obsolete.

Thanks. Just saw the Video, the application is great!, has anywhere - such an app exist?

 

[unbiasedopinion]

Yoou need to transfer your money frm your bank account to Paytm wallet to do transactions. With UPI money stays in your account and is automatically deducted when you make a transaction. UPI makes payment wallets like PayTM obsolete.

Yes, and sometimes with Paytm kinds of app, you end up loosing your money as the amount required for next transaction is always more than the balance in paytm valets.
This could be a game changer and will force these valet based gateways to update themselves in order to remain in the market. But UPI being government's own transaction gateway, Government can push it in big bang across all the government -government dealing to government to public dealing which will be massive

 

[liall]

Thanks. Just saw the Video, the application is great!, has anywhere - such an app exist?

Not really. There is a need in India because people do not have access to banking but they do have phones. Developed countries do not need such an interface. Just need to open bank account once and need a smart phone. That is all.

 

[danger007]

Yoou need to transfer your money frm your bank account to Paytm wallet to do transactions. With UPI money stays in your account and is automatically deducted when you make a transaction. UPI makes payment wallets like PayTM obsolete.

You can't transfer from account to paytm or another directly.. there is an intermediate temporary account..

your account - Intermediate accnt - Paytm .. that's why whenever transaction failed, they will refund you after 2+ working days..

Recently i tried to book bus ticket from an App, used free charge wallet.. Amount deducted but ticket not booked.. When i contacted Free charge they told me to contact bus booking App, but neither Bus booking app, free charge nor my banker able to refund deducted amount.. Am just amazed where the hell my money gone.. it was not first time but second.. Amount around 3k..

 

[Hephaestus]

NPCI's UPI app goes live: All questions about real-time money transfer system answered

Mumbai - National Payments Corporation of India (NPCI) on Thursday said the Unified Payments Interface (UPI) is live and currently available for customers of 21 banks.


Representational image. AFP
Here are the key facts you need to know about the new payments system:

What is UPI?
UPI is an app - a payment solution which empowers a recipient to initiate the payment request from a smartphone. It facilitates virtual payment address as a payment identifier for sending and collecting money and works on single click 2-factor authentication. A government press release explains the system as follows: The product will enable money transfers – both ‘Push’ and ‘Pull’ through smart phones. According to it, the two important features of UPI are, (i) it facilitates customer convenience by eliminating the need for providing detailed account/beneficiary details, through the use of virtual address and (ii) it facilitates interoperability of person-to-merchant payments (both push and pull).
The soft launch of UPI was announced by the outgoing Reserve Bank Governor Raghuram Rajan in April this year and was under pilot run, mainly with employee-customers, for some time.
After assessing the success of pilot run, RBI had accorded its final approval for public launch of the product.

How exactly does this work? How is it different from the online payment system presently in use?
Currently to to make an online payment, first you need to add the beneficiary details, including the individual's name, bank account number, IFS code, etc. While using UPI app, these processes are not required as the identifier is the virtual payment address or the unique ID of the beneficiary. This unique ID can be your phone number tagged along with the name of your bank.
Once you have the unique ID of the beneficiary, enter the app, put amount to be paid, the unique ID and click 'send' button. The banks will have to make their apps UPI-enabled.
Also, unlike RTGS and NEFT, UPI app can be used to transfer funds 24 hours.
According to NPCI, which developed the system, the UPI app will be made available on Google Play Store by banks.

Which all banks have gone live with the app now?
Customers of as many as 21 banks can avail of the app's services. Some of the banks which have gone live Andhra Bank, Axis Bank, Bank of Maharashtra, Bhartiya Mahila Bank, Canara Bank, Oriental Bank of Commerce, Union Bank of India and Vijaya Bank, among others.
NPCI's decision was to allow only those banks with 1,000 customers, 5,000 transactions and success rate of around 80 percent during the pilot runs to go live. The threshold criteria helped banks to refine their systems and procedure, NPCI said.

How is it beneficial for the customers?
It makes payments easier and quicker. As e-commerce marketplace Flipkart, which recently bought out a UPI startup PhonePe, says, "In contrast to the present payments process, which involves entering numerous account/card details and multi-level interventions, UPI will provide a highly secure hassle-free digital payments experience."
The app also provides an option for scheduling push and pull transactions for various purposes like sharing bills among peers. One can use UPI app instead of paying cash on delivery on receipt of product from online shopping websites and can pay for miscellaneous expenses like paying utility bills, over the counter payments, barcode (scan and pay) based payments, donations, school fees and other such unique and innovative use cases.

Why is it important?
This is a step towards transforming India into cashless economy.
According to this article, only six percent of the merchants and retailers in the country have the infrastructure for accepting card payments. So the transactions are mostly made in cash, which makes it difficult to arrest tax evasion. UPI's significance has to be seen in this context. Cashless transactions will arrest generation of black money and increase the tax compliance, boosting the revenue for the government.
For e-commerce companies in particular this is likely to give a big leg-up. Announcing the buyout of PhonePe, Flipkart CEO Binny Bansal said, "Payment has been one of the biggest hurdles for mass adoption of online shopping in India. UPI has the potential of transforming the entire payments ecosystem in the country."
Moreover, as NPCI Managing Director and CEO AP Hota says, "Real-time sending and receiving money through a mobile application at such a scale on inter-operable basis had not been attempted anywhere else in the world."

http://www.firstpost.com/business/n...e-money-transfer-system-answered-2977006.html



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This is gonna be huge.

 

[proud_indian]

Bank of Maharashtra launches UPI-based advanced mobile payment app

http://rtn.asia/r-r/21708/bank-maharashtra-launches-upi-based-advanced-mobile-payment-app




Karnataka Bank launches KBL-SMARTz app based on UPI platform

http://timesofindia.indiatimes.com/...ased-on-UPI-platform/articleshow/53869283.cms




Federal Bank goes live with its UPI application
http://economictimes.indiatimes.com...-its-upi-application/articleshow/53870663.cms




SIB launches unified payment interface
http://economictimes.indiatimes.com...ed-payment-interface/articleshow/53869226.cms