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Cashless payments in India soon
Posted on: 26/Aug/2016 6:00:25 PM
Customers can soon avail Unified Payments Interface (UPI) of the National Payments Corporation of India (NPCI). NPCI is the umbrella organization for all retail payments in India. Customers of over 21 banks will now be able to avail the service. By making use of Virtual Payment Address, customers can have smooth experience with making payments and collections.
With UPI, customers can also have push and pull of transactions for sharing bills with others and other such tasks. This UPI app can be of use for utility bills, payments based on barcodes, making donations, paying school fees, over the counter payments etc.
This is of great success. This is first of its kind move for sending and receiving money via a mobile app. Nowhere else in the world has this move been.
Mr A.P. Hota, the MD and CEO of NPCI states that this mobile app will be available on Google Play Store. After assessing the pilot run of the mobile app, RBI has given its approval for making a public launch. According to NPCI rules, banks that hold over 1000 pilot customers, 5000 transactions and over 80 percent success rate are eligible for this.
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