How Unified Payment Interface (UPI) can change the way you bank

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• How Unified Payment Interface (UPI) can change
  the way you bank

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• Mobile banking has gained momentum in India like
  never before. It has grown by 212 per cent in
  value terms in February 2016 over the same period
  in 2015 and by 131 per cent volume. In such a
  scenario, the launch of Unified Payments
  Interface (UPI) would further bring about a
  significant shift in the way mobile banking
  transactions are conducted in India.
• By using UPI, customers would no longer need to
  wait for hourly batches of National Electronic
  Funds Transfer (NEFT) to send or receive funds or
  seek MMID code for Immediate Payment Service
  (IMPS) transactions. Thus, instant money
  transfers every minute will actually be a reality
  now.
• Here is everything you need to know about UPI and
  how it can make banking easier like never before.

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• What exactly is UPI?
• Developed by the National Payments Corporation of
  India (NPCI) and the Reserve Bank of India (RBI),
  UPI is a payment system that allows money
  transfer between any two bank accounts by using a
  smartphone, thus, enabling instant transfer of
  money using a cashless system.
• Through UPI, you would be able to pay directly
  from a bank account to different merchants, both
  online and offline, without the hassle of typing
  credit card details, IFSC code, or net
  banking/wallet passwords. Using UPI services, all
  what you will need is the smartphone, mobile
  number of the recipient and your banking app to
  make the transactions in a secure environment.
  UPI is very safe as you will be required to share
  only the virtual address and no other sensitive
  information. Further, UPI will be based on the
  IMPS framework making transactions highly
  encrypted and fully secure to use. UPI is all set
  to go live for customers with 21 banks in India.

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• Where to download the UPI app?
• The Best Upi App of 19 banks i.e., Andhra Bank,
  Axis Bank, Bank of Maharashtra, Bhartiya Mahila
  Bank, Canara Bank, Catholic Syrian Bank, DCB
  Bank, Federal Bank, ICICI Bank, TJSB Sahakari
  Bank, Oriental Bank of Commerce, Karnataka Bank,
  UCO Bank, Union Bank of India, United Bank of
  India, Punjab National Bank, South Indian Bank,
  Vijaya Bank and YES Bank will be available on the
  Google Play Store of Android phones in the next
  few days for customers to download. According to
  NPCI, two banks i.e., IDBI Bank and RBL Bank are
  on-boarded as issuers. The customers of the two
  banks can download any UPI enabled apps and link
  their account. Versions for Apples iOS operating
  system will take up to six more months to go live

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• Pros of UPI
• Universal single app for accessing through
  multiple accounts of different banks
• Since Best Upi App will run on IMPS, the service
  will be available real time and 24X7
• 3.Highly secure system with no need of sharing
  any credential with use of Virtual ID
• Instant cashless transaction with no timeout
  scenario
• Seamless fund transfer with Push and Pull
  facility.
• Cons of UPI
• The transaction limit for UPI is Rs.1 lakh as
  against the transaction limit for IMPS which is
  Rs.2 lakhs per transaction.
• In a nutshell
• With UPI set to revolutionise mobile banking in
  India, the customers can look forward to the
  various benefits offered by it. What more? The
  service will be available real-time and 24x7.

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