National Payments Corporation of India says Unified Payments Interface would go live for customers of 21 banks
Chennai, August 25: The National Payments Corporation of India (NPCI) on Thursday said the Unified Payments Interface (UPI) will go live for customers of 21 banks.
The relevant details of the service would be available on the website of 21 banks, the NPCI said.
According to NPCI, the UPI application of 19 banks can be downloaded from Google Play Store in next two to three working days.
The list of banks providing the app on Google Play Store are: Andhra Bank, Axis Bank, Bank of Maharashtra, Bhartiya Mahila Bank, Canara Bank, Catholic Syrian Bank, DCB Bank, Federal Bank, ICICI Bank, TJSB Sahakari Bank, Oriental Bank of Commerce, Karnataka Bank, UCO Bank, Union Bank of India, United Bank of India, Punjab National Bank, South Indian Bank, Vijaya Bank and YES Bank.
According to NPCI, two banks — IDBI Bank and RBL Bank — are on-boarded as issues. The customers of the two banks can download any UPI enabled apps and link their account.
“This is a success of enormous significance. Real-time sending and receiving money through a mobile application at such a scale on interoperable basis had not been attempted anywhere else in the world. Now the UPI App will be made available on Google Play Store by banks,” A.P. Hota, MD and CEO, was quoted as saying in the statement.
Unified Payments Interface is an architecture and a set of standard APIs to facilitate the next generation online immediate payments leveraging trends such as increasing smartphone adoption, Indian language interfaces, and universal access to Internet and data.
UPI was launched by National Payments Corporation of India with Reserve Bank of India’s vision of migrating towards a ‘less-cash’ and more digital society. NPCI has built on the Immediate Payment Service(IMPS) platform through which one could transfer money instantly by going online-by adding another layer that allows easy debit capability even on mobile phones.
Once the Bank Apps and Non-Bank Apps with UPI are launched, users will simply have to register for UPI and generate a Unique Identifier. Those who use Mobile Banking will already have their M-PIN, the others will have to generate the M-PIN. The M-PIN will be the 2nd factor authentication for payments through UPI.
To make a transaction, the payer will require the unique identifier of the payee and will require his/her M-Pin. UPI will eliminate the need of sharing long Bank account numbers and IFSC codes and making the payment hassle free.