All you want to know about unified payment interface (UPI) - PowerPoint PPT Presentation

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All you want to know about unified payment interface (UPI)

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Make instant and secure payments from any of your linked accounts with VPA process using Axis UPI app. No need to remember your bank account number & IFSC. – PowerPoint PPT presentation

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Title: All you want to know about unified payment interface (UPI)


1
  • All you want to know about unified payment
    interface (UPI)

2
  • So far, we have been using cheque, debit/credit
    cards, online banking and payment wallets to make
    payments. With the launch of unified payment
    interface (UPI) in January 2016, making payments
    has become much easier. The way we make any
    payment be it our electricity bill or DTH
    recharge is set to change.
  • What is UPI?
  • UPI is launched by NPCI (National Payments
    Corporation of India), which is the umbrella
    organization for all retail payments system in
    India. It enables all bank account holders to
    send and receive money from their smartphones
    without entering enter bank account information
    or net banking user id/password. This app is
    provided by a majority of PSU and private sector
    banks. Lets look at what is UPI in detail and
    how does it work.

3
  • How to download UPI app?
  • You can download the UPI application from your
    phones app store or the bank website
  • After downloading the app, create your profile by
    entering details like name, virtual id (payment
    address), password etc.
  • Go to Add/Link/Manage Bank Account option and
    link the bank and account numbers with the
    virtual id
  • Lets look at one example of how UPI can be used
    to make DTH payment from home
  • Nadeem subscribes to DTH in his house and wants
    to make a payment for on demand subscription

4
  • Nadeem selects the channel and clicks buy now.
  • DTH shows the details along with a QR code for
    UPI payment.
  • Nadeem opens his Upi App Download on his mobile
    and scans the QR code on the TV screen.
  • UPI application takes him straight to pay screen
    with all values pre-populated from the QR code
    which contained the standard UPI link.
  • He verifies the info on screen and click pay to
    complete the payment.
  • He gets a confirmation on his mobile and the TV
    channel is automatically turned on for him to
    view. (Source NPCI)

5
  • The transaction limit for UPI is Rs. 1 lakh.
  • How secure is it?
  • One of the key areas of concern among users is
    its security. The app provides end-to-end strong
    security and data protection since users dont
    have to enter bank account information or net
    banking user id/password. For convenience, the
    solution also offers 1-click 2-factor
    authentication in order to protect data from
    phishing, risk scoring, etc.

6
  • Impact on mutual funds
  • The new payment system is expected to help the
    mutual fund industry receive payments swiftly.
    However, experts say that Upi App Download will
    take some time to pick up in the MF industry.
  • Srikanth Meenkashi of FundsIndia says, It is a
    great initiative by RBI. UPI is a cheap, secure,
    reliable, mobile-first, interoperable,
    open-source, instantaneous settlement and both
    pull and push platform. Beside the cost per
    transaction being low, it will indirectly help
    penetration of mutual funds due its reliability
    and two-step process. However, the real impact
    will be seen in the long run.
  • Source http//tinyurl.com/gqd5j9j

7
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ildcard162609
8
Click to know more onUpi App Download
  • https//play.google.com/store/apps/details?idcom.
    upi.axispay
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