What is the Future of UPI in India ??? Unified Payment Interface


What is UPI?

India is one of the country in the World who has increased the online users in very short period of time. Some of the Startups created revolution in Online marketing now UPI in the market, first question arise in mind that- what is UPI?.

future of UPI in India
UPI (Unified Payments Interface) launched in India

UPI stands for Unified Payment Interface basically it will be used for electronic fund transfer via Mobile phones, now peoples are able to send their money from one bank to another bank, not bank transfer even they can buy daily products from shop in markets, malls etc.

UPI is as simple as NEFT and IMPS, its an another addition for money transfer from one bank account to another, NPCI (National Payments Corporation Of India) has launched the services of Unified Payments Interface.

National Unified USSD Platform (NUUP) offered on a short code *99# is a service which would take banking services to every common man in this country. The service would allow every banking customer to access banking services with a single number across all banks – irrespective of the telecom service provider, mobile handset make or the region.

“A common platform for all banks instead of each bank having to develop a platform is a strategic move by NPCI to help banks and let them focus on customers to enable this service while NPCI manages the technology behind the platform.”

RBI Governor Raghu Ram Rajan and Infosys Co-Founder Nandan Nilekani present in the launch of National Payments Corporation Of India (NPCI) service UPI. In first session of the service 29 common citiy banks targeted leisurely the system will join other banks of the country.

If any Consumer have different bank account, UPI will provide single identification and password for instant fund transfer. Users account can be handled from single mobile application, this application can link more than one bank account and money can be credited or debited.

Should I Enter Complete Details of Account Holder ??

No, no need of collecting infromation of a person whom you want to transfer money. UPI will run on the IMPS platform which is known to everyone, only Adhaar No. and Mobile No. used to transfer the money no requirement of bank details.

Is it allowing to Recharge Mobile ??

Yes, soon you will find these services in India’s top most recharge companies like PayTm, Freecharge, Mobikwik etc. according to these companies its a great start even UPI make easy to pay.