Is Unified Payment Interface The Future Of Banking? - PowerPoint PPT Presentation

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Is Unified Payment Interface The Future Of Banking?


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: Is Unified Payment Interface The Future Of Banking?

  • Is Unified Payment Interface The Future Of

  • Mobile phones have penetrated deep into our
    lives. From banking to online shopping, mobile
    phones are surging ahead of all other channels.
    Thanks to the unprecedented growth in smartphone
    users and 3G and 4G broadband becoming accessible
    at affordable cost, mobile banking is set to grow
    exponentially in India, which is already on its
    way to become the Mobile first country. Going one
    step closer to cashless banking, the introduction
    of Unified Payment Interface (UPI) is going to
    bring major transition in the banking sector in
    near future.
  • UPI to revolutionize Indian banking 
  • National Payments Corporation of India (NPCI) has
    recently launched UPI to empower users to turn
    their smartphones into the bank. UPI enables
    users to perform instant push and pull
    transactions seamlessly. The next generation
    online payment solution which encourages
    cashless and digital economy, is set to
    revolutionize an Indian banking sector. According
    to the statistics of RBI, Indias mobile banking
    transactions touched INR 49,029 crores in
    December 2015. Corporate accounts, especially
    small and medium enterprises (SMEs) are bigger
    growth drivers than individual accounts.

  • With UPI, more users are expected to connect with
    Mobile banking. As per media reports, 29 banks
    would be enabled with this interface under the
    1st phase and then gradually other banks would
    be brought into the system in a phase manner
    giving much better banking experience to its

  • UPI Offers Ease Of Banking
  • The UPI is a system for instant, online bank
    payments. It makes money transfer as simple as
    sending a text message. It facilitates virtual
    address as a payment identifier for sending and
    collecting money and works on a click 2 factor
    authentication. It also provides an option for
    scheduling push and pull transactions for various
    purposes like sharing bills among peers.
  • The interface is the advanced version of NPCIs
    Immediate Payment Service (IMPS) which is a
    247365, unlike NEFT or RTGS services, which
    have specific working hours for funds transfer
    service. Download Upi App eliminates the need of
    knowing the recipients name, their bank account
    number, and IFSC code giving an easy of doing
    banking transactions. UPI also facilitates
    cardless transactions.
  • Instead of entering debit card number, expiry
    date, and CVV code, followed by waiting for the
    OTP, user now can just enter UPI ID, and get an
    alert on phone to verify the transaction. Due to
    this ease of doing banking transactions, more
    customers are expected to align with the digital
    payment platform.

  • Download Upi App aims to boost the concept of
    Digital India by incorporating digitization in
    the financial sector, however, it also has
    certain limitations. Handset operability is the
    basic challenge in Mobile banking. Though the
    majority of Indian population uses smartphones,
    there is a substantial amount of the population
    who use feature phones, especially in the
    villages. Also, compatibility is another major
    issue with the mobile banking which may slower
    the speed of online transactions.
  • Security is the other major concerns in mobile
    banking. Since a customer is no longer required
    to give their personal credentials like account
    details, security pins, it increases the
    possibility of fraud. Smartphones have been the
    most preferred target of cyber-criminals with
    smartphones related cyber-crimes are escalating
    you. According to a study by Trend Micro, 95
    percent of Android devices were affected by
    cyber-attacks in 2015. Another challenge for the
    CIOs and CTOs of the banks is to scale-up the
    mobile banking infrastructure to handle the
    exponential growth of the customer base. On top
    of that, connectivity plays a crucial role in
    mobile banking transactions

  • UPI is going to be the future of the banking
    industry in India, believe experts, with more
    emphasis on next generation digital payment
    platform gaining preference among the customers.
    Digital India initiative will further fuel the
    growth of digital payment platforms such as UPI
    by boosting the growth of mobile banking.
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