Unified Payments Interface (UPI) which will replace RTGS, NEFT and IMPS and current running payment transfer methods in India goes live and will be available in 2-3 days with 21 banks in India. An app with Google play store and App store of Apple will be available to download very soon and you can use it with 19 banks as of now. These are the 19 banks list.
- 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
- YES Bank
Unified Payments Interface (UPI) is developed by National Payments Corporation of India (NPCI), the umbrella organisation for all retail payments system in India.
|Points to Know About Unified Payments Interface which goes Live with 21 Banks|
How UPI will work
Unique Payment Interface will work with your mobile no. and bank account. An ID will be created with bank account and mobile number. For example if your mobile number is 0000000012 and you have an account with Axis Bank, your ID may be AXIS@0000000012.
If you want to send money to other, simply you need to go to app and ‘Send Money’ section where you need to enter the ID of recipient and amount. The money will be instant transfer to the other account.
There are some points which should know about Unique Payment Interface.
1- The main purpose of launching UPI is cashless transaction. So you needn’t wait for banking staff to initiate NEFT or RTGS then Authorization and last hourly batches of NEFT for completion.
2- UPI will make your smartphone into payment bank as per Governor of RBI Mr. Raghuram Rajan. You just need a banking app to receive, send or purchasing.
3- NEFT, RTGS and IMPS require many details like Name, Bank account number, IFSC code, Branch. While UPI system just an id of mobile number is required for instantly transfer of funds.
4- You needn’t carry your debit or credit card for shopping as it allows you send or receive payments instantly. You can pay through your mobile anytime to merchant using UPI.
5- The best part of UPI is it will be available 24X7, with no holiday. You can transfer or receive payment anytime.
6- This will bring revolutionary changes in banking in India as it happened when RTGS and NEFT initiate.