National Payments Corporation of India’s (NPCI) Unified Payments Interface (UPI) which was launched in April is all set to become functional from next month.
A total of 16 scheduled commercial banks are ready to go live with their UPI applications when the platform goes live on July15, Dilip Asbe, chief operating officer at NPCI brief media persons.
UPI is a system which is slated to make sending money as simple as sending a text message. Through UPI, one can transfer money from his bank account to any other bank account instantly using nothing but his/her UPI ID across the country. UPI is based on the Immediate Payment Service (IMPS) platform and can be availed of by customers of banks that have agreed to provide the service.
State-run banks that have ready to unveil their UPI platforms include Punjab National Bank, Union Bank of India, Oriental Bank of Commerce, United Bank of India, Bank of Maharashtra, Vijaya Bank, UCO Bank, Bhartiya Mahila Bank, Canara Bank and Andhra Bank. Private sector banks which are launching their UPI apps next month include ICICI Bank, Axis Bank, YES Bank, Federal Bank, DCB Bank and Catholic Syrian Bank.
If sources are to be believed, country’s largest lender— State Bank of India (SBI) would launch its UPI application in September.
The UPI platform will combine all the bank accounts held by a single entity and will require only one step of authentication, which will be a unique ID. Instead of entering the 26-odd alphabets and numerals between the account number and the IFSC code, the customer has to only enter his/her unique ID to go through with the transaction.
One need not provide details of either party’s account details as is the case with transferring funds online through net banking or mobile banking.
