Unified Payments Interface in India.

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• Unified Payments Interface in India.

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• Unified Payments Interface (UPI), which will help
  move India towards a cashless economy, is all set
  to go live in next two to three working days with
  21 banks. The UPI app will be available on the
  Google Play Store in next two to three working
  days for the customers to download and start
  using for 19 banks - 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. IDBI Bank and RBL Bank will be issuers
  of UPI, which will enable customers to download
  any UPI enabled Apps mentioned above and link
  their account.

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• Unified Payments Interface (UPI) is developed by
  National Payments Corporation of India (NPCI),
  the umbrella organisation for all retail payments
  system in India. According to Bankbazaar' CEO
  Adhil Shetty, "In the long run, UPI may replace
  the current NEFT, RTGS, and IMPS systems as they
  exist today.

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• This is how new Upi App Download will work for
  you. A unique UPI ID is created by using your
  phone number that is linked to your bank account.
  This ID is just like an ordinary email ID. For
  example if your mobile number is 123456789 and
  you have a bank account with the Punjab National
  Bank, your UPI id may be 123456789_at_PNB. To send
  money from any party, all the sender has to do is
  open the banking app installed in his or her
  phone, go to 'Send money' section, and facilitate
  transactions through UPI mode. In the recipient
  details, the sender needs to add id of the
  recipient (for example 123456789_at_PNB). The money
  gets transferred instantly to the bank account of
  the recipient once approved by the sender.

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• Here are 5 things to know about Unified Payments
  Interface and how it makes customers life easy
  vis-a-vis payments
• 1. Since it has been launched keeping cashless
  transaction, you no longer will have to wait for
  hourly batches of NEFT to send or get funds or
  seek Mobile Money Identifier (MMID) code for IMPS
  transactions anymore
• 2. As RBI Governor Raghuram Rajan has said during
  its soft-launch in APril this year, UPI will turn
  your smartphone into a payment bank. All you need
  is a smartphone and your banking app to send and
  receive funds instantly or to make a payment
  while any retail purchase

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• 3. Presently, sending or receiving money is done
  through either NEFT, RTGS, or IMPS system, which
  needs mandatory information of the recipient like
  bank account details of the recipient, the IFSC
  code of the bank, bank account number, etc. With
  Upi App Download, only mobile number of the
  recipient is required for an instant transfer any
  time or day of the week using just your
  Smartphone
• 4. Shopping becomes less cumbersome even if you
  are not carrying or credit or debit cards. It
  allows you send and receive money as well as make
  use of its integrated payment system to make
  merchant payments. Transfer of money from your
  bank account can happen to merchant's account
  instantly using UPI

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• 5. UPI-based money transactions are available
  24/7 including holidays. One can transfer money
  from India to any other country using UPI by just
  opening the banking app or UPI app. Once the app
  is downloaded you need to select the amount to be
  paid, add the unique id of your beneficiary, and
  select 'Send'. After a confirmation password on
  your phone and you approval, funds gets instantly
  transferred to the recipients bank account.
• Source http//bit.ly/2kW0I3X