Unified Payments Interface(UPI) - PowerPoint PPT Presentation

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Unified Payments Interface(UPI)

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Know more about UPI - Unified Payments Interface developed by NPCI. This presentation gives a overall view of the technology behind UPI.A new initiative for cashless and digital economy. – PowerPoint PPT presentation

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Title: Unified Payments Interface(UPI)


1
Unified payments interface (UPI)
2
What is National payments corporation of India
(npci)
  • NPCI stands for National Payments Corporation of
    India. NPCI is an Indian organization for retail
    payment systems in India allowing Indian citizens
    to have unrestricted access to e-payment
    services.
  • National Payments Corporation of India has been
    created under the provisions of Section 25 of
    Companies Act 1956 (now Section 8 of Companies
    Act 2013), with the objective of providing
    infrastructure to the banking system in India for
    physical and mobile banking.

3
What is unified payments interface(upi)
  • UPI or Unified Payments Interface is an online
    payment system that can be used with a smartphone
    access. Undoubtedly, it has been a game changer
    in the economy of India. With UPI, you can
    transfer money without any IFSC code and
    beneficiary account number.
  • Features of UPI
  • UPI enables immediate money transfers round
    the clock anytime, anywhere.
  • It is one common platform to manage multiple
    bank accounts.
  • Virtual addresses keep the users personal
    details and credentials secure.
  • No more visiting banks or ATM.
  • Makes life easier with the easy digitized
    payment option.
  • Merchant payments easy through single
    application or with in-app payment feature.
  • Fast counter payments through a barcode scan.
  • All banking queries solved through an app. You
    can even raise complain over the phone.

4
Benefits of upi for banks
  • Single click 2 Factor authentication for
    transactions
  • Universal application for transaction
  • Flexible and user-friendly set up
  • Safe, secure and fast process, it uses the NPCI
    library to capture credentials
  • Enables hassle-free merchant transactions
  • Payment involves a single identifier

5
Benefits of upi for end customers
  • Easy Safe Payments All that is required is
    just the MPIN to process payments! No OTP,
    password or sharing bank details from your
    customers end is required. Hence, easy and
    secure payments are possible on a UPI enabled
    payment gateway.
  • Unlimited Transactions UPI payment is the best
    option for your customers if they want to make a
    large number of transactions. Also, the upper
    limit for UPI transaction is one lakh per day.
  • One App For All Banks If your customer has
    multiple bank accounts, they can still continue
    to transact by saving their details, in just one
    app.

6
Benefits of upi for merchants
  • No App Needed To accept payments from your
    customers in your bank account, there is no need
    to download, sign up or create an account in any
    app. Only your customers need the UPI app to pay
    you. All you need is a payment gateway which
    enables accepting UPI payments.
  • No-integration hassles A UPI-enabled payment
    gateway will automatically provide UPI as a
    payment option to your customers. Which means you
    do not have to put any additional efforts.
  • Better conversions When your customers choose
    UPI as their preferred payment method on your
    website, they will experience minimum redirects.
    Thus, helping you get maximum sales.
  • High Success Rate Since your customers Virtual
    Payment Address (VPA) gets auto-generated on the
    checkout page, for instance on PayUmoneys
    checkout page, after making a purchase, they just
    need to enter their Mobile Banking PIN (MPIN).
    This 1-step, hassle-free transaction promotes
    higher success rate.

7
Procedure of unified payments interface (UPI)
  • Requirement for processing a transaction
  • Smartphone with an internet connection
  • Registered device
  • Use registered MPIN
  • Requirement to get UPI
  • Active bank account
  • Mobile number linked to the bank account
  • Smartphone with an internet connection
  • Debit card to set MPIN
  • Activating UPI
  • Download the UPI app
  • Register on the app with your account details
  • Create virtual ID
  • Set MPIN
  • Account gets activated within 5 mins

8
Thank you !!
Read More https//www.instantbanking.in
  • Making India cashless and digital
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