Unified payment interface (UPI):
- Unified payments interface (UPI) is a payment system that allows instant, real-time money transfer between any two bank accounts by using a smartphone.
- Each Bank provides its own UPI App for Android, Windows and iOS mobile platform(s).
- Type of Transactions performed via UPI: Merchant payments, remittances, bill payments etc.
- Agencies involved: UPI is developed by National Payments Corporation of India (NPCI) and regulated by the Reserve Bank of India.
- Benefits:
- Being a digital payment system, it is available round the clock (24x7) and across public holidays.
- Customers do not have to typing credit card details, IFSC code, or net banking/wallet passwords.
- It is in operation since
UPI 2.0: Salient Features
- Linking of overdraft account: In addition to current and savings accounts, customers can link their overdraft account to UPI.
- Invoice in the inbox: Now Customers can check the invoice sent by merchant prior to making payment. It will help customers to check whether it has come from the right merchant or not.
- QR code: Customers can check the authenticity of merchants while scanning Quick Response (QR) code. This provides an additional security.
- One-time mandate: The new One Time Mandate feature allows users to schedule a payment for later after making a commitment at present. This UPI mandate feature can be executed one time only.
