Unified Payments Interface

Unified Payments Interface

Industry	Finance
Founded	11th April, 2016
Founder	Reserve Bank of India
Headquarters	Mumbai, Maharashtra, India[1]
Products	Online platform for transactions
Parent	National Payments Corporation of India
Website	Official site

Unified Payments Interface (UPI) is a system that powers multiple bank accounts (of participating banks), several banking services features like fund transfer (P2P), and merchant payments in a single mobile application.^[2] UPI was launched by National Payments Corporation of India with Reserve Bank of India's (RBI) vision of migrating towards a 'less-cash' and more digital society. UPI has built on the Immediate Payment Service(IMPS) platform.

UPI platform can be used for:

• • 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 .
  • 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.
  • Bill Sharing with friends.
  • Merchant Payment with Single Application or In-App Payments.
  • Scheduling PUSH and PULL Payments for various purposes.
  • Utility Bill Payments, Over the Counter Payments, Barcode (Scan and Pay) based payments.
  • Donations, Collections, Disbursements Scalable.
  • Raising Complaint from Mobile App directly.

How it works

Any smartphone user who has an account with a UPI-partnered bank can download a UPI app.

Registration in UPI enabled application: ^[3]

Steps for Registration:

   1. User downloads the UPI application from the App Store / Banks website.
   2. User creates their profile by entering details like name, virtual id (payment address), password etc.
   3. User goes to “Add/Link/Manage Bank Account” option and links the bank and account number with the virtual id

Generating M – PIN:

   1. User selects the bank account from which they want to initiate the transaction
   2. User clicks on required option

Currently, the following 26 banks^[4] provide UPI-based services:

Banks live as PSP and Issuer:

1. Andhra Bank
2. Axis Bank
3. Bank of Maharashtra
4. Canara Bank
5. Catholic Syrian Bank
6. DCB Bank
7. Karnataka Bank
8. Union Bank of India
9. United Bank of India
10. Vijaya Bank
11. Punjab National Bank
12. Oriental Bank of Commerce
13. TJSB Sahakari Bank
14. Federal Bank
15. ICICI Bank
16. UCO Bank
17. South Indian Bank
18. HDFC Bank
19. State Bank of India
20. Standard Chartered Bank India

Banks live as Issuer:

1. Yes Bank
2. RBL Bank
3. IDFC Bank
4. IDBI Bank
5. Allahabad Bank
6. Kotak Mahindra Bank

Initially, 29 banks had tied up with NPCI for the launch. However, only 21 banks have been able to meet the criteria so far.

See also

• List of Payment Service Providers
• Payment gateway
• Merchant account
• Immediate Payment Service
• National Payments Corporation of India

References

External Links

• AwesomeUPI - List of links to official UPI bank apps.

Banking in India
Reserve bank	Reserve Bank of India
Public sector banks	Allahabad Bank Andhra Bank Bank of Baroda Bank of India Bank of Maharashtra Bharatiya Mahila Bank Canara Bank Central Bank of India Corporation Bank Dena Bank IDBI Bank Indian Bank Indian Overseas Bank Oriental Bank of Commerce Post Bank of India Punjab & Sind Bank Punjab National Bank State Bank of Bikaner & Jaipur State Bank of Hyderabad State Bank of India State Bank of Mysore State Bank of Patiala State Bank of Travancore Syndicate Bank UCO Bank Union Bank of India United Bank of India Vijaya Bank
Private sector banks	Axis Bank Bandhan Bank Catholic Syrian Bank City Union Bank DCB Bank Dhanlaxmi Bank Federal Bank HDFC Bank ICICI Bank IDFC Bank IndusInd Bank Jammu & Kashmir Bank Karnataka Bank Karur Vysya Bank Kotak Mahindra Bank Lakshmi Vilas Bank Nainital Bank RBL Bank (Ratnakar Bank) South Indian Bank Tamilnad Mercantile Bank Limited Yes Bank
Cooperative banks	Buldhana Urban Cosmos Bank Repco Bank Saraswat Bank Shamrao Vithal Co-op. Bank TNSC Bank Rajkot Nagrik Sahakari Bank
Foreign banks	ABN AMRO Abu Dhabi Commercial Bank Antwerp Diamond Bank Australia and New Zealand Banking Group Bank Internasional Indonesia Bank of America Bank of Bahrain and Kuwait Bank of Ceylon The Bank of Tokyo-Mitsubishi UFJ Barclays Citibank India Credit Suisse Deutsche Bank HSBC The Royal Bank of Scotland Scotiabank Standard Chartered
Regional Rural Banks	Andhra Pragathi Grameena Bank Kerala Gramin Bank Bangiya Gramin Vikash Bank Gramin Bank of Aryavart North Malabar Gramin Bank Pallavan Grama Bank Pandyan Grama Bank Paschim Banga Gramin Bank Sarva UP Gramin Bank South Malabar Gramin Bank Uttar Bihar Gramin Bank Vananchal Gramin Bank List of regional rural banks in Uttar Pradesh
Interbank networks	BANCS Cashnet Cirrus IMPS UPI MITR NFS PLUS RuPay
Defunct banks	Alliance Bank of Simla Arbuthnot & Co Bank of Bombay Bank of Calcutta Bank of Chettinad Bank of Cochin Bank of Hindostan Bank of Madras Bank of Madura Bank of Rajasthan Bank of Thanjavur Bareilley Corporation Bank Bengal Central Bank Bharat Overseas Bank Centurion Bank of Punjab Chartered Bank of India, Australia and China Commercial Bank of India Dass Bank Exchange Bank of India & Africa Global Trust Bank Grindlays Bank Hindustan Commercial Bank Imperial Bank of India ING Vysya Bank Lakshmi Commercial Bank Lord Krishna Bank Madhavpura Mercantile Cooperative Bank Mercantile Bank of India, London and China Miraj State Bank Nath Bank Nedungadi Bank New Bank of India Oriental Bank Corporation Oudh Commercial Bank Palai Central Bank Pandyan Bank Sikkim Bank State Bank of Indore State Bank of Saurashtra Times Bank United Industrial Bank United Western Bank
Related topics	Banks Board Bureau Banking Codes and Standards Board of India ATM usage fees in India De-Materialisation (DEMAT) Foreign Exchange (FOREX) Indian Financial System Code (IFSC) List of banks in India National Electronic Fund Transfer (NEFT) National Payments Corporation of India Real Time Gross Settlement (RTGS) Structured Financial Messaging System (SFMS) Prepaid Payment Instruments in India