educratsweb logo


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 is it unique?

  • Immediate money transfer through mobile device round the clock 24*7 and 365 days.
  • Single mobile application for accessing different bank accounts.
  • Single Click 2 Factor Authentication – Aligned with the Regulatory guidelines, yet provides for a very strong feature of seamless single click payment.
  • Virtual address of the customer for Pull & Push provides for incremental security with the customer not required to enter the details such as Card no, Account number; IFSC etc.
  • Bill Sharing with friends.
  • Best answer to Cash on Delivery hassle, running to an ATM or rendering exact amount.
  • Merchant Payment with Single Application or In-App Payments.
  • Utility Bill Payments, Over the Counter Payments, Barcode (Scan and Pay) based payments.
  • Donations, Collections, Disbursements Scalable.
  • Raising Complaint from Mobile App directly.

Participants in UPI

  • Payer PSP
  • Payee PSP
  • Remitter Bank
  • Beneficiary Bank
  • NPCI
  • Bank Account holders
  • Merchants

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)

Registration in UPI enabled application

Steps for Registration:

  • User downloads the UPI application from the App Store/Banks website
  • User creates his/her profile by entering details like name, virtual id (payment address), password etc.
  • User goes to “Add/Link/Manage Bank Account” option and links the bank and account number with the virtual id

Generating UPI – PIN:

  • User selects the bank account from which he/she wants to initiate the transaction
  • User clicks one of the option -

a. Change M-PIN

In the case of 3(a) -

  • User receives OTP from the Issuer bank on his/her registered mobile number
  • User now enters last 6 digits of Debit card number and expiry date
  • User enters OTP and enters his preferred numeric UPI PIN( UPI PIN that he would like to set) and clicks on Submit
  • After clicking submit, customer gets notification (successful or decline)

In the case of 2(b) -

  • User enters his old UPI PINand preferred new UPI PIN (UPI PIN that he would like to set) and clicks on Submit
  • After clicking submit, customer gets notification (successful or failure)

Performing a UPI Transaction:

A. PUSH – sending money using virtual address

  • User logs in to UPI application
  • After successful login, user selects the option of Send Money/Payment
  • User enters beneficiary’s/Payee virtual id, amount and selects account to be debited
  • User gets confirmation screen to review the payment details and clicks on Confirm
  • User now enters UPI PIN
  • User gets successful or failure message

PULL – Requesting money:

  • User logs in to his bank’s UPI application
  • After successful login, user selects the option of collect money (request for payment)
  • User enters remitters/payers virtual id, amount and account to be credited
  • User gets confirmation screen to review the payment details and clicks on confirm
  • The payer will get the notification on his mobile for request money
  • Payer now clicks on the notification and opens his banks UPI app where he reviews payment request
  • Payer then decides to click on accept or decline
  • In case of accept payment, payer will enter UPI PINto authorize the transaction
  • Transaction complete, payer gets successful or decline transaction notification
  • Payee/requester gets notification and SMS from bank for credit of his bank account

Product

A. Financial Transactions: UPI supports the following financial transactions viz.

Pay Request: A Pay Request is a transaction where the initiating customer is pushing funds to the intended beneficiary. Payment Addresses include Mobile Number & MMID, Account Number & IFSC and Virtual ID

Collect Request: A Collect Request is a transaction where the customer is pulling funds from the intended remitter by using Virtual ID.

B. Non-Financial Transactions: UPI will support following types of non-financial transactions on any PSP App viz.

  •  Mobile Banking Registration*
  •  Generate One Time Password (OTP)
  •  Set/Change PIN
  •  Check Transaction Status
  •  Raise Dispute/Raise query

* Mobile Banking Registration is possible only if the mobile number (which is to be registered) is registered with the Issuer Bank for SMS Alerts/mobile alerts.

UPI can be accessed on all platforms viz. Android / iOS – The Apps have been developed by members on Android 4.2.2 and above/iOS 8.1 and above platforms.

Unified Payments Interface (UPI)
educratsweb.com

Posted by: educratsweb.com

I am owner of this website and bharatpages.in . I Love blogging and Enjoy to listening old song. ....
Enjoy this Author Blog/Website visit http://twitter.com/bharatpages

if you have any information regarding Job, Study Material or any other information related to career. you can Post your article on our website. Click here to Register & Share your contents.
For Advertisment or any query email us at educratsweb@gmail.com

RELATED POST
1. Measures to promote growth, investment and create new employment opportunities through amendments in the Income Tax Act 1961
In September 2019, the Government announced several measures to promote growth, investment and create new employment opportunities through the amendments in the Income-tax Act, 1961 and the Finance Act (No. 2), 2019. This was stated by Shri Anurag Singh Thakur, Minister of State for Finance & Corporate Affairs in response to a question asked in the Lok Sabha today. Shri Thakur enumerated the measures taken by Ministry of Finance, which are as follows: reduction in the corp
2. The importance of translation services for companies
Is your business strong in the country and you want to expand it globally? Global exposure is only possible if you prepare for it. Business communication with multiple countries requires expertise and precision. Whether you are in the public or private sector, you need professional translation services for more than one language. What are the advantages of using translation agencies? Better communication with customers: If your company needs to communicate
3. Ease of Doing Business
The Department for Promotion of Industry and Internal Trade (DPIIT) in coordination with Governments of States and Union Territories (UTs), is working on improving business regulatory environment in States and UTs. The exercise involves identifying reforms which bring Ease of Doing Business (EoDB), in consultation with the States and UTs. Once identified, these reforms are compiled into an Action Plan and shared with States and UTs for its imple
4. India Post launches Five Star Villages Scheme to ensure 100% rural coverage of postal schemes
The Department of Posts has launched a scheme called Five Star Villages, to ensure universal coverage of flagship postal schemes in rural areas of the country. The scheme seeks to bridge the gaps in public awareness and reach of postal products and services, especially in interior villages. All postal products and services will be made available and marketed and publicized at village level, under the Five Star Villages scheme. Branch offices will function as one-stop shop to cater all post office - relat
5. Finance Minister unveils Doorstep Banking Services and declares EASE 2.0 Index Results
Union Minister of Finance & Corporate Affairs Smt. Nirmala Sitharaman today inaugurated Doorstep Banking Services by PSBs and participated in the awards ceremony to felicitate best performing banks on EASE Banking Reforms Index. Secretary, Department of Financial Services Shri Debasish Panda and Chairman IBA, Shri Rajnish Kumar,were also present at the virtual event. Doorstep Banking Services by PSBs As part of the EASE
6. Best Business Services in India
Best Institution in India Best Institution in Nellore, ANDHRA PRADESH
7. Are you looking for Japanese translation services?
Outside of Japan and the Okinawa islands, Japan is spoken as the first language by approximately two million people: immigrants who settled in Brazil (800,000 descendants of Japanese, the number of people whose mother tongue is Japanese is unknown), other countries from South America, Hawaii (180,000) and other parts of the United States. Another 800,000 people who speak Japanese as their native language reside outside of Japan due to a temporary change of residence for business or educational
8. Turn Up the Brand Awareness Level with Bulk SMS Service
Summary: Bulk SMS can be treated as a wise lesson that when used in the proper quantified and qualitative form it empowers sales, recognition of the brand, making it more impactful by knowing the likes and dislikes of your customers well in advance. Brand recognition plays an important part in the money-making process; that is what smart businesses do. And to support this concept there are substantial marketing tools available that make this dream come true in a matter of some
9. Indian Direct Selling Association IDSA
The Indian Direct Selling Association IDSA is an autonomous, self-regulatory body for the direct selling industry in India. The Association acts as an interface between the industry and policy-making bodies of the Government facilitating the cause of Direct Selling Industry in India. IDSA strives to create and further an environment conducive to the growth of direct selling industry in India, partnering industry and government alike through advisory and consultative activities. IDSA c
10. RBI announces nine additional measures for strengthening the Economy
"It is when the horizon is the darkest and human reason is beaten down to the ground that faith shines brightest and comes to our rescue." RBI Governor Shaktikanta Das drew hope and inspiration from the 1929 statement of the Father of the Nation, as he announced yet another set of nine measures to smoothen the flow of finance and preserve financial stability in the turbulent and uncertain times ushered in by the COVID-19 pandemic. This follows the earlier sets of measures ann
11. Japanese companies invited to invest in Indian Pharmaceutical and Medical Devices industry
A webinar on ‘Medical Devices and API sector: Challenges & Emerging Opportunities’ was held on 22nd May, 2020 at 11.30 am for business and trade collaboration between India and Japan in the post COVID-19 scenario. The webinar was organized by the Embassy of India, Tokyo in partnership with the Department of Pharmaceuticals, Ministry of Chemicals and Fertilizers, Govt. of India.​ Mr. Sanjay Kumar Verma, Ambassador of India to Japan shared his valuable thoughts on the golden opp
12. Government committed to uphold and protect interest of homebuyers while ensuring ease of doing business in real estate sector
Government committed to uphold and protect interest of homebuyers while ensuring ease of doing business in real estate sector Today’s measure to safeguard interest of home buyers for ensuring completion and getting delivery of flats/homes although with a delay of few months   The Government is committed to uphold and protect the interest of homebuyers while ensuring ease of doing business in the real estate sector. Subsequent to the announcement
13. Mother Dairy procuring an average milk volume of 2.55 lakh litres per day in Vidarbha and Marathwada region
With the country fighting Covid-19 pandemic and under lockdown, availability of essentials like food and health services to the masses is crucial. While for the consumers it is important that their supplies are maintained; for farmers too, it is imperative that the value chain starting with them is up and running to market their produce even under restrictions. Taking the initiative further in this context , Mother Dairy, a wholly owned subsidiary of National Dairy Development Board (NDDB), contributed i
14. ESIC Further Extends Period for Filing ESI Contribution
The country is dealing with a very challenging situation due to COVID-19 Pandemic. Many   establishments are temporarily closed and workers are unable to work. In line with the relief measures being extended by Government to business entities and workers, Employees' State Insurance Corporation (ESIC) has undertaken following relief measures for its stakeholders specially Employers and Insured Persons, besides strengthening its medical resources to fight    COVID-19.
15. 5 Tips for Creating a Professional Website
We can all agree, having a website is not a luxury anymore. It’s a basic necessity. If your clients are online, so should you. If you are new to this, don’t worry. Here are 5 tips to keep in mind when creating your website: #1 Less Is More The mistake many businesses make is that they fall into the trap of quantity over quality. They go crazy with a ridiculous number of pages for each and every detail they can think of. If you are just starting out, it is best to start
16. Register your Business in Directory
Register your Business in Directory Bharatpages is a brand new Indian business directory and yellow page websites . You can consider this as a free classifieds portal as well . Main aim of this business directory is , providing relevant information about companies , products , services anywhere in india . Our business directory is simple and but powerful in all sense . Bharatpages online directory has simple and elegent look and feel so that vis
17. Register your Business in Directory
Register your Business in Directory Bharatpages is a brand new Indian business directory and yellow page websites . You can consider this as a free classifieds portal as well . Main aim of this business directory is , providing relevant information about companies , products , services anywhere in india . Our business directory is simple and but powerful in all sense . Bharatpages online directory has simple and elegent look and feel so that vis
18. What work do translation agencies do?
Translation is a field that is experiencing a lot of activity today, thanks to the increasing globalization of companies. International travel has also increased significantly, both for business and pleasure. This means that, at any given time, there are a large number of people in a country who do not necessarily speak the local language well. Of course, this is good news for the translation industry. Many different types of translation may be required, and ea
19. Public sector banks announce deferment of EMI payments on loans
Public sector banks have announced deferment of EMI payments on loans to customers for three months in the wake of COVID-19 pandemic. The RBI had earlier issued directions asking lending institutions to allow three month moratorium on loan payments. Banks like State Bank of India, Punjab and Sind Bank, Canara Bank
20. Govt gives benefits to farmers on crop loan repayments due to Covid-19 lockdown
Govt gives benefits to farmers on crop loan repayments due to Covid-19 lockdown Extends benefit of 2% Interest Subvention (IS) to Banks and 3% Prompt Repayment Incentive (PRI) to all farmers upto 31st May, 2020 for all crop loans upto Rs.3 lakh given by banks due between 1st March and 31st May In the wake of lockdown due to ongoing Covid-19 pandemic, the Government has extended the benefit of 2% Interest Subvention (IS) to Banks and 3% Prompt Repayment Incentive (PRI) to all fa
21. Fitness band online
Fitness band online Features:  Call/message reminder Heart Rate Monitoring Blood Pressure Monitoring Sports Tracking Pedometer – Steps ,Calories, Distance Anti Lost Feature – find your phone via watch Sleep monitoring Alarm clock, Calendar & Calculator Sedentary reminder
22. Unified Payments Interface (UPI)
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 th
23. Things to consider when designing voice UI
Voice user interfaces helps the user to interact with a system via speech or voice commands. Virtual assistants including (Google Assistant, Siri, and Alexa, are examples of VUIs). The main benefit of a VUI is that it allows for a hands free technique in which users may interact with a product while focusing their attention elsewhere. Using the similar Web design guidelines to VUIs as to graphical us
24. Budget 2019 Highlights – 7 changes you must know
Budget 2019 Highlights – 7 changes you must know 1. The BIG change in Individual’s Income Tax Slab Rates Your tax liability if your income is up to Rs.5 lakh will turn to be ZERO. However, there is no tax slab changes from the Budget 2019.
25. Mind Mingles - Digital Marketing Company
We at Mind Mingles, Digital marketing agency utilize a flexible and dynamic approach in delivering a broad range of innovative and cost-effective business solutions in digital marketing, Web Design and Development services. We work closely with client needs to bring results within specified time frame. Mind Mingles takes a comprehensive way out to maximize online exposure, improving customer attainment, and helping businesses increase revenues and prof
26 India Post GDS Recruitment 2020 for Odisha and Tamil Nadu states #Sarkari Naukri 4 Days Remaining for Apply
 India Post GDS Recruitment 2020 for Odisha and Tamil Nadu states Online applications on prescribed format are invited by Odisha and Tamil Nadu Circles of Indian Postal Department from eligible candidates for the recruitment selection and engagement to the Government Job vacancy posts of Gramin Dak Sevak (GDS) under Cycle-III/2020-2021 in the posts offices of the respective circles in the states in Odisha and Tamil Nadu states. (Advertisement Numbers - GRAMIN DAK SEVA ...
27 Job Vacancy in Government Mint Mumbai 2020 #Maharashtra 8 Days Remaining for Apply
India Government Mint (IGM), Mumbai is a unit of Security Printing and Minting Corporation of India Limited (SPMCIL) invites online applications on prescribed form for the recruitment of following Govt. Job Vacancy from the prospective candidates in IGM Hyderabad. (Advertisement No. 02 /Admn /2020) India Government Mint Mumbai Job Vacancies ...
28 बिहार तकनीकी सेवा आयोग | आयुष चिकित्सा पदाधिकारी की नियुक्ति हेतु विज्ञापान #Bihar 28 Days Remaining for Apply
बिहार तकनीकी सेवा आयोग | आयुष चिकित्सा पदाधिकारी की नियुक्ति हेतु विज्ञापान बिहा ...
29 ICMR Scientist-B vacancy Recruitment 2020 #Scientist & Research 6 Days Remaining for Apply
Indian Council of Medical Research (ICMR) under Department of Health Research, Ministry of Health & Family Welfare, Government of India will conduct a computer-based examination on 01/11/2020 for recruitment of various Scientist-B (Medical/Non-Medical) vacancy posts and hence invites online application on prescribed format from Indian nationals for filling up these Government Job Vacancy posts of Scientist-B in various disciplines. (Advertisement No. ICMR/SC-B/2020) ICMR Scientist-B Recruitmen ...
30 UPSC Government Jobs Vacancy Recruitment 10/2020 #UPSC 5 Days Remaining for Apply
Union Public Service Commission (UPSC), Dholpur House, New Delhi invites Online application on prescribed recruitment form by 01/10/2020 for following Sarkari Naukri Government Jobs vacancy posts especially Specialist (Faculty (Assistant Professor) and Assistant Director (Statistics - Census Operations etc. in various Central Government Departments/Organisations in the prescribed online format (Advt. No. 10/2020). UPSC Government Jobs Advt. No. 10/2020 Vacancies ...
31 Government Job Vacancies in IFSCA 2020 #Sarkari Naukri 11 Days Remaining for Apply
International Financial Services Centres Authority (IFSCA), a statutory unified regulatory body under the Department of Economic Affairs, Ministry of Finance,Government of India, invites applications from eligible Indian citizens for filling up of following 41 Sarkari Naukri Vacancy posts on Direct Recruitment / Deputation / Contract basis. The place of posting is at GIFT City, Gandhinagar, Gujarat. (Advertisement No. 24/IFSCA/Vacancy notification/2020-2021) ...
32 IFSCA Assistant Manager officer Recruitment 2020 #Sarkari Naukri 4 Days Remaining for Apply
International Financial Services Centres Authority (IFSCA), a statutory unified regulatory body under the Department of Economic Affairs, Ministry of Finance, Government of India is conducting a one-time special recruitment drive for the recruitment of Sarkari Naukri Vacancy posts of Assistant Managers (Officer Grade 'A') from amongst candidates appeared in the Interview of Civil Services Examination - 2019 (Main and Interview) conducted by the Union Public Service Commission (UPSC). (Advertiseme ...
We would love to hear your thoughts, concerns or problems with anything so we can improve our website educratsweb.com ! visit https://forms.gle/jDz4fFqXuvSfQmUC9 and submit your valuable feedback.
Save this page as PDF | Recommend to your Friends

http://educratsweb(dot)com http://www.educratsweb.com/content.php?id=937 http://educratsweb.com educratsweb.com educratsweb