UPI (Unified Payment Interface) is now new method to send and receive money
In wake to present demonetization ,we have a now cashless channel started by some banks call UPI (Unified Payment interface) . In layman terms UPI is nothing but a email ID kind of thing where each customer will have a unique ID which will be mapped to their bank account. Here customer need not to tell account no. ,Account holder name or his bank IFC code.
Unified Payments Interface (UPI) is a system that powers multiple bank accounts (of participating banks), several banking services features like fund transfer (P2P), and merchant payments in a single mobile application.[2] 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. UPI has built on the Immediate Payment Service(IMPS) platform.
UPI platform can be used for:
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) 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.
4) Bill Sharing with friends.
5) Merchant Payment with Single Application or In-App Payments.
6) Scheduling PUSH and PULL Payments for various purposes.
7) Utility Bill Payments, Over the Counter Payments, Barcode (Scan and Pay) based payments.
Donations, Collections, Disbursements scalable.
How to Create Virtual address for customer ?
In order to create a virtual address customer need to register for UPI service via their respective bank apps or some third party apps are also there to register.
Your virtual address will be like a email ID for example if you have a Bank account in SBI then your Virtual address will be like this [XYZ]@sbi . If you have account in HDFC then your virtual address for your account will be something [xyz]@hdfcbank ( bracket is not part of virtual address)
List of participating Banks which provide UPI service currently ( other bank are in process to implement)
Unified Payments Interface (UPI) is a system that powers multiple bank accounts (of participating banks), several banking services features like fund transfer (P2P), and merchant payments in a single mobile application.[2] 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. UPI has built on the Immediate Payment Service(IMPS) platform.
UPI platform can be used for:
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) 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.
4) Bill Sharing with friends.
5) Merchant Payment with Single Application or In-App Payments.
6) Scheduling PUSH and PULL Payments for various purposes.
7) Utility Bill Payments, Over the Counter Payments, Barcode (Scan and Pay) based payments.
Donations, Collections, Disbursements scalable.
How to Create Virtual address for customer ?
In order to create a virtual address customer need to register for UPI service via their respective bank apps or some third party apps are also there to register.
Your virtual address will be like a email ID for example if you have a Bank account in SBI then your Virtual address will be like this [XYZ]@sbi . If you have account in HDFC then your virtual address for your account will be something [xyz]@hdfcbank ( bracket is not part of virtual address)
List of participating Banks which provide UPI service currently ( other bank are in process to implement)
Sr. No
|
Bank Name
|
Name of UPI App
|
1
|
State Bank of India
|
|
2
|
||
3
|
HDFC
|
|
4
|
||
5
|
||
6
|
||
7
|
||
8
|
||
9
|
DCB
|
|
10
|
||
11
|
KBL – Smartz
|
|
12
|
||
13
|
||
14
|
||
15
|
UCO Bank
|
|
16
|
||
17
|
Vijaya Bank
|
|
18
|
OBC
|
|
19
|
||
20
|
IDBI Bank
|
|
21
|
RBL Bank
|
|
22
|
Yes Bank
|
|
23
|
IDFC
|
|
24
|
Standard Chartered Bank
|
|
25
|
Allahabad Bank
|
|
26
|
HSBC
|
|
27
|
Bank of Baroda
|
|
28
|
Kotak Mahindra Bank
|
|
29
|
IndusInd
|
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