Unified Payments Interface (UPI) is a system that powers multiple bank accounts into a single mobile application (of any participating bank), merging several banking features, seamless fund routing & merchant payments into one hood. It also caters to the “Peer to Peer” collect request which can be scheduled and paid as per requirement and convenience.
With the above context in mind, NPCI conducted a pilot launch with 21 member banks. The pilot launch was on 11th April 2016 by Dr. Raghuram G Rajan, Governor, RBI at Mumbai. Banks have started to upload their UPI enabled Apps on Google Play store from 25th August, 2016 onwards.
Benefits for banks:
Benefits for end Customers:
Benefits for Merchants:
Steps for Registration:
Generating UPI – PIN:
a. Change M-PIN
In the case of 3(a) -
In the case of 2(b) -
A. PUSH – sending money using virtual address
A. Financial Transactions: UPI supports the following financial transactions viz.
Pay Request: A Pay Request is a transaction where the initiating customer is pushing funds to the intended beneficiary. Payment Addresses include Mobile Number & MMID, Account Number & IFSC and Virtual ID
Collect Request: A Collect Request is a transaction where the customer is pulling funds from the intended remitter by using Virtual ID.
B. Non-Financial Transactions: UPI will support following types of non-financial transactions on any PSP App viz.
* Mobile Banking Registration is possible only if the mobile number (which is to be registered) is registered with the Issuer Bank for SMS Alerts/mobile alerts.
UPI can be accessed on all platforms viz. Android / iOS – The Apps have been developed by members on Android 4.2.2 and above/iOS 8.1 and above platforms.
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