Unified Payments Interface (UPI)

Unified Payments Interface (UPI) is a system that powers multiple bank accounts into a single mobile application (of any participating bank), merging several banking features, seamless fund routing & merchant payments into one hood. It also caters to the “Peer to Peer” collect request which can be scheduled and paid as per requirement and convenience.

  • How is it unique?
    • Immediate money transfer through mobile device round the clock 24*7 and 365 days.
    • Single mobile application for accessing different bank accounts.
    • Single Click 2 Factor Authentication – Aligned with the Regulatory guidelines, yet provides for a very strong feature of seamless single click payment.
    • Virtual address of the customer for Pull & Push provides for incremental security with the customer not required to enter the details such as Card no, Account number; IFSC etc.
    • QR Code
    • Best answer to Cash on Delivery hassle, running to an ATM or rendering exact amount.
    • Merchant Payment with Single Application or In-App Payments.
    • Utility Bill Payments, Over the Counter Payments, QR Code (Scan and Pay) based payments.
    • Donations, Collections, Disbursements Scalable.
    • Raising Complaint from Mobile App directly.
  • Participants in UPI
    • Payer PSP
    • Payee PSP
    • Remitter Bank
    • Beneficiary Bank
    • NPCI
    • Bank Account holders
    • Merchants
  • Steps for Registration
    • User downloads the UPI application from the App Store/Play Store
    • User creates his/her profile by entering details like name, virtual id (payment address), password etc.
    • User goes to “Add/Link/Manage Bank Account” option and links the bank and account number with the virtual id
  • Generating UPI – PIN
    • User selects the bank account from which he/she wants to initiate the transaction
    • User clicks one of the option
  • Change UPI PIN
    • User receives OTP from the Issuer bank on his/her registered mobile number
    • User now enters last 6 digits of Debit card number and expiry date
    • User enters OTP and enters his preferred numeric UPI PIN( UPI PIN that he would like to set) and clicks on Submit
    • After clicking submit, customer gets notification (successful or decline)
    • User enters his old UPI PIN and preferred new UPI PIN (UPI PIN that he would like to set) and clicks on Submit
    • After clicking submit, customer gets notification (successful or failure)