Unified Payments Interface (UPI) is a system that powers more than one bank accounts into a single mobile application (of any participating bank), combines 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.

Unified Payments Interface (UPI) is an instant payment system developed by the National Payments Corporation of India (NPCI), an Reserve Bank of India (RBI) regulated entity. UPI is built over Immediate Payment Service (IMPS) for transferring funds which allows us to instantly transfer money between any two parties’ bank accounts, without storing funds in its owns account.
The aim of this product is to transform India into a ‘less-cash’ society.
Unified Payments Interface (UPI) has been termed as the revolutionary product in payment system.

Features of Unified Payment Interface (UPI)
• Immediate money transfer without any time limit and holidays, which means 24*7 and 365 days.
• Single mobile application for accessing different bank accounts.
• Single Click 2 Factor Authentication – Aligned with the Regulatory guidelines, yet provides for a very strong feature of seamless single click payment.
• Virtual address of the customer for Pull & Push provides for incremental security with the customer not required to enter the details such as Card no, Account number; IFSC etc.
• We can share bill with friend.
• Best answer to Cash on Delivery hassle, running to an ATM or rendering exact amount.
• Merchant Payment with Single Application or In-App Payments.
• Utility Bill Payments, Over the Counter Payments, Barcode (Scan and Pay) based payments.
• Donations, Collections, Disbursements Scalable.
• Raising Complaint from Mobile App directly.
Participants in Unified Payment Interferance (UPI)
• Payer PSP
• Payee PSP
• Remitter Bank
• Beneficiary Bank
• Bank Account holders
• Merchants
Benefits for banks:
• Single click Two Factor authentication
• Universal Application for transaction
• Leveraging existing infrastructure
• Safer, Secured and Innovative
• Payment basis Single/ Unique Identifier
• Enable seamless merchant transactions
Benefits for Customers:
• 24*7 and 365 days availability
• Single Application for accessing different bank accounts
• Use of Virtual ID is more secure, no credential sharing
• Single click authentication
• Raise Complaint from Mobile App directly
• When you shop-online, you can pay through UPI when you see UPI as a payment option
Benefits for Merchants:
• Seamless fund collection from customers – single identifiers
• No risk of storing customer’s virtual address like in Cards
• Tap customers not having credit/debit cards
• Suitable for e-Com & m-Com transaction
• Resolves the COD collection problem
• Single click 2FA facility to the customer – seamless Pull
• In-App Payments (IAP)


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