NPCI announces a unique concept of UPI to be integrated with India’s existing payment system

Need not to remember the long bank A/c no. or debit/credit cards details- Just use your M-PIN for transfer of funds.
National Payments Corporation of India(NPCI), the umbrella organisation for all retail payments system in India has announced that Unified Payments Interface(UPI) is going live for customers with 21 banks.
Here we need to understand about the key features of the UPI:-
  1. UPI is a payment system that allows you to transfer money between any two parties.
  2. It allows to pay directly from your bank account to several vendors without the hassle of typing your card or net banking details.
  3. It can be used through app available on play store through smartphones.
  4. M-PIN is used as security feature instead of OTP.
  5. M-PIN is given to banking customer once they register for mobile banking support.

This is a success of enormous significance, Real time sending and receiving money through a mobile application at such a scale on interoperable basis had not been attempted anywhere else in the world. Now the UPI app will be made available on Google Play Store by banks. Said Mr. A.P. , MD and CEO, NPCI in a press release on 25th August,2016.                                                                                                                                                                                                                                                                           The list of Banks which are going live with UPI:-

  • Andhra Bank
  • Axis Bank
  • Bank of Maharashtra
  • Bhartiya Mohila Bank
  • Canara Bank
  • Catholic Syrian Bank
  • PCB 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
  • IDBI Bank
  • RBI Bank

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