UPI – Unified Payment Interface

In the era of Indian financial transformation, we are opening accounts of our kids before his/her admitted to the school. A small account which is informally known as a Zero Balance account or No frill account introduced by RBI through its circular No. RBI/2010-11/389 dated 27 Jan 2011 and re-launched by RBI in 2015. These were the steps taken by Government to make financial inclusion successful.

Banks had the same workforce and technological tools worked enthusiastically and made relations with every Indian irrespective of their economical conditions. Now the branches were operational issue i.e footfall of the branches increased drastically. Banks diverted customers through their business correspondents. Still, the issue of footfall has not been erased completely. On 23 Jun 2016 RBI with the vision statement ‘Building best of class payment and settlement systems for a ‘less-cash’ India through responsive regulation, robust infrastructure, effective supervision, and customer centricity’ had given green signal to fully introduce digital payment systems like IMPS, UPI, BBPS, etc.

UPI – Unified Payment Interface – “Unified Payments Interface (UPI) is a system that powers multiple banks 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” collection request which can be scheduled and paid as per requirement and convenience.

With the above context in mind, NPCI conducted a pilot launch with 21 member banks. The pilot launch was on 11th April 2016 by Dr. Raghuram G Rajan, Governor, RBI at Mumbai. Banks have started to upload their UPI-enabled Apps on the Google Play store from 25th August 2016 onwards”.

Registration in UPI application

Steps for Registration:

- User downloads the UPI application from the App Store/Banks website

- 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 SubmitAfter clicking submit, customer gets notification (successful or decline)

After successful UPI PIN set up – Transaction can be initiated.

(Source – NPCI official website)

***Every end-user customer can raise a complaint with respect to a UPI transaction, on the PSP app / TPAP app in NPCI Official website.