UPI: Unified Payments Interface-How it is unique?

November 24, 2021BANKING SERVICES

1. Immediate money transfer through mobile device round the clock 24*7 and 365 days.
2. Single mobile application for accessing different bank accounts.
3. Single Click 2 Factor Authentication – Aligned with the Regulatory guidelines, yet provides for a very strong feature of seamless single click payment.
4. Virtual address of the customer for Pull & Push provides for incremental security with the customer not required to enter the details such as Card no, Account number; IFSC etc.
5. Bill Sharing with friends.
6. Best answer to Cash on Delivery hassle, running to an ATM or rendering exact amount.
7. Merchant Payment with Single Application or In-App Payments.
8. Utility Bill Payments, Over the Counter Payments, Barcode (Scan and Pay) based payments.
9. Donations, Collections, Disbursements Scalable.
10. Raising Complaint from Mobile App directly.

What are the benefits for the UPI users?

Benefits for banks:

1. Single click Two Factor authentication
2. Universal Application for transaction
3. Leveraging existing infrastructure
4. Safer, Secured and Innovative
5. Payment basis Single/ Unique Identifier
6. Enable seamless merchant transactions

Benefits for end Customers:

1. Round the clock availability
2. Single Application for accessing different bank accounts
3. Use of Virtual ID is more secure, no credential sharing
4. Single click authentication
5. Raise Complaint from Mobile App directly

Benefits for Merchants:

1. Seamless fund collection from customers – single identifiers
2. No risk of storing customer’s virtual address like in Cards
3. Tap customers not having credit/debit cards
4. Suitable for e-Com & m-Com transaction
5. Resolves the COD collection problem
6. Single click 2FA facility to the customer – seamless Pull
7. In-App Payments (IAP)

Which banks are live with UPI?