Raghuram Rajan Just Launched UPI App That Turns Your Smartphone into a Bank for Easy Transfers
Now with the Unified Payment Interface, you can transfer funds in just four steps! Get ready to simplify the way you bank
Hailed as an invention that will revolutionise and digitise banking in India, the Unified Payment Interface is all set to simplify the way you bank!
The RBI recently launched the Unified Payment Interface (UPI). The UPI is best explained as an app that enables instant, online bank payments.
Today, transferring funds to someone online can become a tedious process. You need to add the person as a beneficiary, get details like their IFSC code, bank account number, branch, etc. Thanks to the UPI, this will soon be history.
With the UPI, funds can be transferred using just four steps. All one needs to do is put in the UPI id of the beneficiary, select the amount they wish to transfer, select ‘send’ and reconfirm the payment with a mobile pin. Its as simple as that!
Source: Business Line
The UPI is all set to become a game changer in the e-commerce sector. Shopping online will become easier since making online payments need not include the rigamarole of entering your card number, expiry date, CVV code and password. Using the e-commerce firm’s UTI id, payments can be made in a jiffy!
The same holds true for cash-on-delivery payments as well. While customers can pay the e-commerce firm directly, they can also pay the delivery boy using his UPI id or – better still – using the QR code the delivery boy carries on his UPI app!
The Economic Times reports that 29 banks are a part of the UPI network. However – in what is yet another bonus for customers – any bank’s systems can be used on the UPI to make payments or transfer money.
Ten banks, including ICICI, Axis, YES Bank, Punjab National Bank and Andhra Bank are currently testing the application.
Like this story? Or have something to share? Write to us: [email protected], or connect with us on Facebook and Twitter (@thebetterindia).
Similar Story
Want to Play a Role in Shaping India’s Climate Laws & Policies? Here’s a One-Stop Guide
Civis, a platform that enables citizens to participate in public consultations in the domain of environment and policy has released Climate Voices. This is a handbook and guide for Indians to participate in environmental law-making and play an active role in shaping our climate policies.
Read more >
If you found our stories insightful, informative, or even just enjoyable, we invite you to consider making a voluntary payment to support the work we do at The Better India. Your contribution helps us continue producing quality content that educates, inspires, and drives positive change.
Choose one of the payment options below for your contribution-
By paying for the stories you value, you directly contribute to sustaining our efforts focused on making a difference in the world. Together, let's ensure that impactful stories continue to be told and shared, enriching lives and communities alike.
Thank you for your support. Here are some frequently asked questions you might find helpful to know why you are contributing?
This story made me
-
97
-
121
-
89
-
167