Unified Payments Interface
The National Payments Corporation of India (NPCI) has launched “Unified Payments Interface (UPI)”, which will leverage trends such as increasing smart phone adoption and deeper penetration of mobile data. The UPI is a new payment method that powers multiple bank accounts into a single mobile application (of any bank) of a participating bank,merging several banking features, seamless fund routing and merchant payments into one hood. It facilitates ‘virtual address’ as a payment identifier for sending and collecting money and works on single click 2 factor authentication. It also provides an option for scheduling push and pull transactions for various purposes like sharing bills among peers.