It was yesterday when we were discussing about the Hyderabad transport government welcoming the M Wallet concept for E-driving licenses, RC and other form of paper documents. Seems like the wind of technological revolution and acceptance has taken India by storm as today, the Reserve Bank of India has initiated the UPI technology for the modern day users.
Unified Payment Interface (UPI) as a Mobile Application:
Refining the latest banking interface, RBI in collaboration with National Payments Corporation of India (NPCI) has lately released a mobile application that comes in the form of UPI. With this application, a user will now be able to make some quick monetary transactions. Especially meant for the smartphone users, the application allows a transaction of one lakh or below by charging a minimal amount of Rs. 50. Raghuram Rajan, the Governor of Reserve Bank of India launched the Unified Payment Interface during an official event.
Some features of the application:
- The foremost aim of UPI application is to boost the third-party payments method. For instance, in the current situation when a person has to make payments on behalf of someone else, they need certain details like account number, IFSC code, details of branch and so on. Adding the person to the list of beneficiary is all important. But with UPI app, you can generate a unique identity code of the receiver.
- The idea of sharing or transferring money is fairly convenient with the help of this application. So be it account to account or direct cashless deposit, the process is simplified with UPI app.
- The UPI application can also be used for the purpose of e-commerce payments.
- It is also applicable for the cash on delivery mechanism.
- UPI application is not meant for any specific bank. It is universal for all public and private banks and thus, you can make quick payments regardless of your bank.
- As far as the association is concerned, currently 10 major banks are the part of this process.
- A user can download the UPI application from the playstore.
- The process is fairly simple- register your bank account in the app, generate a unique ID, and create a mobile pin. Link your Adhaar card to the process.
- For making payments- choose the amount, add the unique ID of the recipient, and click on send. The application will then generate a mobile pin for the purpose of authentication.