In this video we will discuss about UPI. How we can use UPI For transfer and receive money without a/c number and ifsc code or bank details instantly and free.
Unified Payments Interface UPI is an architecture and a set of standard app APIs by RBI to facilitate the next generation online immediate payments leveraging trends such as increasing smartphone adoption and app downloads, 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 rbi 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.
The UPI payments can be used for:
Paying to Cash on Deliveries.
Merchant transactions at Physical/e-commerce stores.
Making IMPS alike payments without the need of knowing Bank A/c or IFSC's.
Allows merchants cash settlements in real-time.
Pay utility Bills, insurance premiums.
Transfer Money to friends and relatives
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.
Any smartphone currently only Android user who has an account with a UPI-partnered bank can download the app to make Peer-to-Peer and Peer-to-Merchant payments, with the use of a virtual address, the VPA Virtual Payment Address
You just need to download the app, set the MPIN, create your Virtual Payment Address and link any account of any bank that has partnered with NPCI for the UPI service, said Axis Bank’s Singh.
Here, the customer doesn’t have to disclose any sensitive information such as bank account number or IFSC code during a financial transaction.
As of now, 29 banks are a part of the UPI's network, out of which 15 major banks have already integrated the interface into their smartphone apps these banks include 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. UPI can be used for grocery shopping at the supermarket, or online shopping as well. It will eliminate the need of entering card details such as number, expiry date, CVV code and OTP.
Some of the private companies like PhonePe Flipkart Company, Splitkart, Trupay, Mypoolin and Finmo are strong entrants to enter the space, which has been traditionally dominated by the banks and underwent disruption with the emergence of leading mobile wallet companies like Paytm, MobiKwik and Oxigen Wallet.