National Payments Corporation of India (NPCI), the umbrella organisation for all retail payments system in India headed by A. P. Hota has announced that customers of 21 banks will shortly be able to use Unified Payments Interface (UPI) for sending and collecting money via a smartphone using a Virtual Payment Address (VPA).
UPI will also provide an option for scheduling push and pull transactions for various purposes like sharing bills among peers. One can use UPI app instead of paying cash on delivery on receipt of product from online shopping websites and can pay for miscellaneous expenses like paying utility bills, over the counter payments, barcode (scan and pay) based payments, donations, school fees and other such unique and innovative use cases.
So let’s do:
1. Expand the terms NPCI and UPI?
2. __ banks to go live with Unified Payments Interface.
Source – The Economics Times