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What is Unified Payments Interface (UPI) ?

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Offline raj

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What is Unified Payments Interface (UPI) ?
« on: April 13, 2016, 02:15:20 PM »

Reserve Bank of India (RBI) has recently introduced Unified Payments Interface (UPI), for cashless digital payment for any type of services through out India.

UPI is the new initiative by NPCI, National Payments Corp of India which make e-commerce transactions easier, will facilitate micropayments and person-to-person payments.

UPI will work on Mobile Devices only for payment to any Bank through One account. The system will allow customers to transfer funds across different banks with the use of a single account or wallet which will act as a virtual address and eliminate the need to exchange sensitive information such as bank account numbers during a financial transaction.

As a start, 19 banks have partnered with NPCI, an umbrella organization for all retail payments systems, to offer services based on UPI.

It is Rupay Card Interference as like VISA or Mastercard provided as now.The UPI is a digital framework  which can be used to quickly and easily carry out online payments.


 

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