National Payments Corporation of India (NPCI), the umbrella organisation for all retail payments system in the country, has introduced a new online payment solution, dubbed Unified Payments Interface (UPI).
The newly launched platform will empower users to perform instant push and pull transactions seamlessly, according to NPCI.
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The new platform is introduced for start-up/developer to accelerate innovation in payments sector in association with Indian Software Product Industry Round Table (iSPIRT).
NPCI managing director and CEO A P Hota said: "Today a few banks have gone live with UPI out of 29 banks that had concurred to provide UPI service to their customers. We are confident that several banks will join UPI this year and the number will multiply further.
"Our focus is in line with RBI’s vision of migrating towards a ‘less-cash’ and more digital society. NPCI has always been at the forefront to innovate and introduce new products and services at par with global standards."
UPI, which will empower users to initiate the payment request from a smartphone, will facilitate virtual address as a payment identifier for sending and collecting money. It works on single click 2 factor authentication.
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By GlobalDataIt also provides an option for scheduling push and pull transactions for various purposes like sharing bills among peers.
