Unified payments interface launched
Posted on: 12/Apr/2016 11:34:29 AM
Bank transactions using mobile phones are growing up very fast in India. In the September-December quarter, the value of mobile banking transactions surged 82 percent over the same period last year. Keeping this in mind the National Payments Corp. of India Ltd`s (NPCI) most ambitious project, unified payments interface (UPI) was launched by RBI Governor Raghuram Rajan.
The special features of this UPI:
- Can send money to another`s person`s bank account
- Instead of separate e-wallets, all the transactions can be done very easily.
- No need to register any bank details. Secured transactions can be done by virtual address.
- Transaction can be done using Aadhar card or your mobile number linked to bank account
- UPI cannot be hacked like credit or debit card
- All the transactions can be done at one place.
