Unified Payments Interface Launched

The National Payments Corporation of India has launched the Unified Payment Interface (UPI) for the next generation online payments solution. Unified Payments Interface (UPI) will provide leverage trends such as increasing smartphone adoption and deeper penetration of mobile data. 

The biggest benefit of Unified Payment Interface is that it will be a single app for accessing different bank accounts. And anyone using the interface for sending or receiving money from their mobile phones need not give their bank details to the other party. 

It was launched by Dr. Raghuram Rajan, Governor, Reserve Bank of India, along with Mr. Nandan Nilekani, Advisor to NPCI, Mr. Balachandran M., Chairman, NCPI, Mr. A.P.Hota, MD and CEO and Mr. Dilip Asbe, COO, NCPI with further live demonstrations of how UPI will be implemented and used for the current use cases.

Through UPI, a customer with a bank account is identified with an email-like virtual address.  The new platform also allows a customer to have multiple virtual addresses for multiple accounts in various banks. The Unified Payment Interface is an advanced version of NPCI’s Immediate Payment Service (IMPS) which is a 24X7 funds transfer service. 29 banks have agreed to join the platform.  Launching the new platform. It will empower users to perform instant push and pull transactions seamlessly.

National Payments Corporation of India:
National Payments Corporation of India (NPCI) is an umbrella organization for all retail payments system in India. It was set up with the guidance and support of the Reserve Bank of India (RBI) and Indian Banks’ Association (IBA)

The RBI, after setting up the Board for Regulation and Supervision of Payment and Settlement Systems (BPSS) in 2005, released a vision document incorporating a proposal to set up an umbrella institution for all the RETAIL PAYMENT SYSTEMS in the country. The core objective was to consolidate and integrate the multiple systems with varying service levels into nation-wide uniform and standard business process for all retail payment systems. The other objective was to facilitate an affordable payment mechanism to benefit the common man across the country and help financial inclusion.
Extra info:
1. RBI Governor – Raghuram Rajan
2. National Payments Corporation of India – Mr. Balachandran M.
3. Deputy Governor of RBI –      
SS Mundra
       2. H R Khan
       3. Urjit Patel
       4. R Gandhi

So lets do:
1. Who is the Chairman of NPCI?
2. Expand NPCI,IBA and UPI?
3. __________ has launched the Unified Payment Interface (UPI) for the next generation online payments solution.

Source – The Hindu


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