These days we are very much familiar
with One Term…. “UPI or Unified Payments Interface”. UPI changed the way we
used to make payments, doing fund transfer of so on and the best part is that
we have to pay no fee for such transfer or payment and on the other hand we may
earn some cash back too…. That’s sound interesting.. isn’t it..?
But what is UPI and how it works…??
What is Unified Payments Interface (UPI)...?
Unified Payments Interface
(UPI) is a system that powers multiple bank accounts into a single mobile
application (of any participating bank), merging several banking features,
seamless fund routing & merchant payments into one hood. It also caters to
the “Peer to Peer” collect request which can be scheduled and paid as per
requirement and convenience.
With the above context in
mind, NPCI conducted a pilot launch with 21 member banks. The pilot launch was
on 11th April 2016 by Dr. Raghuram G Rajan, Governor, RBI at Mumbai. Banks have
started to upload their UPI enabled Apps on Google Play store from 25th August,
2016 onwards.
How are you getting all my bank A/C information?
This is a feature
of the UPI payment platform (built by NPCI - an RBI regulated entity). The UPI
platform retrieves the accounts details linked with your mobile number in a
masked manner i.e. UPI app can't see all the details. This exchange is done
over secure banking networks and we don't store or ever use it.
What happens if my mobile phone is lost?
In case of mobile
loss, one needs to simply block his mobile number thus no transaction can be
initiated from the same mobile number which is a part of device tracking and at
the same time UPI pin would be required for any transaction which is not to be
shared with anyone.
Again,If
you lose your phone, the UPI-PIN is required to authorize all transactions
which will not be known to any third person and hence they will not be able to
use the UPI app. In addition, please contact our customer support at your bank
in the event you lose your phone.
Where do I register a complaint with reference to the UPI
transaction?
You can also raise
your grievance or check status of UPI transaction through the UPI App of the
participating banks.
What is the limit of fund transfer using UPI?
At present, the
upper limit per UPI transaction is Rs.1 Lakh.
Can I use more than one UPI application on the same mobile
if they are linked to different bank accounts?
Yes, one can use
more than one UPI application on the same mobile and link both same as well as
different accounts.
UPI - Benefits to the Ecosystem participants
Benefits for banks:
·
Single click Two Factor
authentication
·
Universal Application for
transaction
·
Leveraging existing infrastructure
·
Safer, Secured and Innovative
·
Payment basis Single/ Unique
Identifier
·
Enable seamless merchant
transactions
Benefits for
end Customers:
·
Round the clock availability
·
Single Application for accessing
different bank accounts
·
Use of Virtual ID is more secure,
no credential sharing
·
Single click authentication
·
Raise Complaint from Mobile App
directly
Benefits for
Merchants:
·
Seamless fund collection from
customers - single identifiers
·
No risk of storing customer’s
virtual address like in Cards
·
Tap customers not having
credit/debit cards
·
Suitable for e-Com & m-Com
transaction
·
Resolves the COD collection problem
·
Single click 2FA facility to the
customer - seamless Pull
·
In-App Payments (IAP)
In a nutshell, with UPI set to or we can say already revolutionized
mobile banking in India, the customer can look forward to the various benefits offer
by it. What more ? This service is available round the clock 24X7.
Source :
GOOD ONE
ReplyDelete