UPI will make mobile Upi app download easier

The new Unified Payments Interface (UPI) by National Payments Corporation of India, likely to be launched this month, is expected to make mobile Upi app download much easier. But, there is an obvious question: What will UPI change? The question becomes all the more important because it also uses the same Immediate Payment Service (IMPS) platform that all existing mobile payment platforms already use.

Let's understand the difference. UPI plays the crucial role of the central registry, enabling complicated account information to be converted into a simple address. So, instead of sending a payment to Harsh Vardhan Roongta, Account No: 99999999999 with XYZ bank, Mumbai branch (IFSC code: XYZO09999), you can simply send the Upi payment to harsh@xyzbank. The central registry will convert this into the information needed to make a transfer. This simplification can mean almost anybody will be able to provide their bank account information in an easily understandable manner.

The second big thing is that UPI will enable people to request for payments. Today, if you owe me money, it still requires an action on your part to send me the money. You have to key in the information as above, along with the amount, to enable the payment to go through. Now, imagine instead of pestering you for money over e-mail or phone calls, I were to send a collection request to your bank account that comes on your mobile, and if you approve (and provide a password), the payment is automatically made. If you don't approve the collection request, I know you don't really want to make the payment. This facility of receiving payments makes things very easy.

Imagine, your vegetable vendor sending you a request for making payment for the vegetables you just bought for say, Rs 82, and you approve it on the spot and the payment going through. The vendor hands over the vegetables to you as he receives confirmation of the payment in his account within seconds of your making the approval.

No issues about exact change, torn or counterfeit notes or having forgotten your purse at home.

With the Jan-Dhan Yojana ensuring almost everybody has a bank account, and if all of them start using the system to make and receive payments, we can probably have a situation where we can forget dealing in cash.

Of course, all this will require the entire system to stabilise around the UPI infrastructure. The other major issue will be around transaction charges for such Upi app download and who will bear it. The government has made it clear that it will ensure the transaction charges are not a hindrance for online payments, which has several spin-off benefits for the economy. How much and who bears the transaction charges will decide how popular mobile payments will be in the country.

There is no doubt that the UPI project is a national infrastructure project akin to a railway line connecting a hitherto unconnected part of the country. I am sure everyone should be enthused by its success.

Source:[https://goo.gl/zYDvho]

United Payment Interface (UPI): How Will it Make Life Simpler for You?

India drew a stage nearer towards turning into a cashless economy with the launch of National Payments Corporation of India's (NPCI's) Unified Payment Interface (UPI) on Monday.

The NCPI works the Rupay payments infrastructure that – like Visa and MasterCard – permits distinctive banks to interconnect and transfer funds. The UPI can be considered as a digital framework to do likewise – the thought being that every single financial instrument can be given a unique identity on the UPI, which can then be utilized to rapidly and effortlessly complete online payments.

With UPI, will we at long last see the tide move in the opposite direction of money towards digital money? There are numerous motivations to seek after this, as digital frameworks can be utilized to decrease the haziness of money, and to manufacture a man's financial history, which will be a vital device for financial incorporation.

What is Unified Payment Interface (UPI) about?

With the usage of unified payment interface app free, clients can transfer money between various banks, or even do an online exchange without lifting a finger. The NCPI cases it's as basic as sending a text message.

Not at all like the present situation when you require an IFSC code and expansion of a recipient, with UPI are the exchanges/purchases made connected to a unique number which goes about as your virtual address number for all payments. 

What Will UPI Work on?

It is a portable interface and will take a shot at cell phones as it were.

One-Click Secured Payment is Here

Rather than an internet banking password, trailed by an OTP code, now clients need to simply put in their single-access code for all exchanges. This procedure at long last gives you a solitary click payment system however in the two-variable verification mode - you require both a phone with an enrolled application, and your password, to acknowledge a payment - this implies it's a protected technique for payments as well.

Since it doesn't depend on individuals having charge or Visas by any stretch of the imagination, and improves net-banking rather, the UPI could open up online payments for an immense number of individuals.

How Does One Start Using UPI?

A few banks have incorporated UPI into their existing applications. Some have launched new ones for it. Clients can download the application and register - the vital piece of this is a virtual ID and a versatile pin or MPIN.

Password is Your License to Buy

Individuals can send you money utilizing the virtual ID, and you can shop utilizing this ID.

You can pay for your taxicab or online staple without sharing your bank points of interest. You should simply share your virtual address gave to you by the bank. The individual on the flip side will then demand you to make the payment, which can be finished once you authenticate the payment by writing in your password.

One should likewise take note of that the unified payment interface app free will be accessible to clients 24x7 as it depends on the Immediate Payment Service (IMPS) stage, right now utilized for internet banking exchanges.

Who Needs E-Wallets?

The UPI could make it less demanding to refill your virtual wallet and use it - however it could likewise get to be simpler to specifically execute with a merchant. All things considered, would individuals still require digital wallets?

Mobile wallet organizations like PayTM, PayU and ItzCash say they are more than alright with the UPI coming into power.

What's more, it appears to be enormous players like Flipkart, Snapdeal and Amazon have been preparing for it too.

Not long ago, Flipkart purchased PhonePe which is said to be chipping away at an item in light of UPI system. Snapdeal as of now has FreeCharge under its wings and Amazon could make its turn in the coming months.

The impact of UPI on electronic wallets is to be seen. A few individuals say it could mean the end for wallets—a passing stride between traditional payments mechanisms and a full-fledged digital one, for example, UPI—while others say it will essentially make it simpler to possess and work wallets.

Source:[https://goo.gl/6y1uVy]