Unified Payments Interface: India introduces a new system for payments
New Delhi: After one market one tax, the country has moved to another new regime-- Unified Payments Interface (UPI). The new scheme will help the country move towards a cashless economy.
According to informed sources, the facility will be available in all the 21 public and private sectors banks. These banks include Andhra Bank, Axis Bank, Bank of Maharashtra, Bhartiya Mahila Bank, Canara Bank, Catholic Syrian Bank, DCB Bank, Federal Bank, ICICI 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 and YES Bank.
The UPI app will be available on the Google Play Store for the bank customers . It has been developed by National Payments Corporation of India (NPCI).it will replace the current NEFT, RTGS and IMPS systems.
This is how new UPI will work :
- A unique UPI ID is created by using your phone CV number that is linked to your bank account. This ID is just like an ordinary email ID. To send money from any party, all the sender has to do is to open the banking app installed in his or her phone, go to ‘Send money’ section, and facilitate transactions through UPI mode.
- This money transaction facility will be available without break including holidays, within the country and outside.