What is UPI ?
UPI (Unified Payment Interface)
Unified Payment Interface(UPI) is a system that powers multiple bank accounts into a single mobile application of any participating bank , merging several banking features, seamless found routing and merchant payments into one hood. It also caters to the "peer to peer " collect request which can be scheduled and paid as per requirement and convenience. With the above context in mind, NPCI conducted a pilotproject launch with 21 member banks.The pilotproject launch was on 11april 2016 by Dr. Raghuram G Rajan, Governor, RBI at Mumbai. Banks have started to upload thire UPI enabled apps on Google Play store form 25th August, 2016 on words.
Participants in UPI
The participants of UPI are Payer PSP,Payee PSP, Remitter Bank, Beneficiary Bank,NPCI Bank account holders , Merchants etc.
How is it unique?
- Immediate money transfer through mobile device round the clock 24*7 and 365 days.
- Single mobile application for accessing different bank accounts.
- Single click 2 factor authentication - Aligned with the regulatory guidelines, yet provides for very strong feature of seamless single click payment .
- Virtual address of the customer for poll & push provides for incremental security with the customer not required to enter the details such as card no, account number , IFSC etc.
- Merchant payment with single application or in-app payment .
- utility bill payment ,over the counter payment ,Barcode based payment .
How to Registration UPI ID in Application
- User downloads the UPI application from the App Store/Banks website .
- user creates his /her profile by entering details like name, virtual id and password etc.
- user goes to 'add/link/manage bank account ' option and link the bank and account number with the virtual id.
Full form of UPI -- Unified Payment Interface
- UPI full form in banking
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