Unified Payment Interface System
The Reserve Bank of India (RBI) governor Mr. Raghuram Rajan
and the National Payments Corporation of India (NPCI)
recently launched The
Unified Payments Interface on Monday for transactions of money. With the help
of this advanced payment system all customers will be able transfer money and
make payments in One Click almost as easily as she/he sends a text message with
a bank account. For more information stay tune with this post.
This Interface was freshly disclosed in news and surely be very
important for your exams fees payment. Before use this service all visitors
should know the background of UPI system. In collaboration with Axis Bank the
National Payments Corporation of India tests this product. From the first
quarter of the next financial year in this program also other twenty-nine other
banks are ready to provide these services to their customer which is really
very appreciable move of these financial institutions for their users.
Hey dear friends total five products are launched by NPCI in
the upcoming financial year which are Unified Payment Interface, Bharat Bill
Payment System (BBPS), electronic toll collections, RuPay credit-plus-debit
card and tap-and-go transit card. Before take advantage of this facility you
need to know UPI Payment Terms then proceed to use it.
Features of Unified Payment Interface (UPI) System
Have a close look on following points to read about
features-
- The top most feature of UPI is the ‘pay by’ date, which is made while making a collect request to others, which allows payment requests to be ‘snoozed’ and paid later before expiry date without having to block the services.
- Unified Payment Interface (UPI) System also permits multiple recurring payments similar to electronic cash payments with a one-time secure authentication and rule based access. This could be useful for organizations while paying salaries.
- It enables you to make payments using your mobile phone as the primary device for payments including person-to-person, person-to-businesses, and businesses-to-person with the ability to pay someone as well as ‘collect’ cash from someone.
- Lastly, the ability to make payments using 1-click 2-factor authentication all using just a personal phone without having any acquiring devices or having any physical tokens.
- The platform also allows you to use Aadhaar number, mobile number, and account number in a unified way, while not giving it away during the payment process. You could just create a ‘virtual payment addresses’ that are aliases to your bank accounts.
- UPI also equips Payment System Players, the banks in this case, through their mobile applications to allow paying from any account using any number of virtual addresses using credentials such as passwords, PINs, or biometrics.
- UPI also makes the system fully interoperable across all payment system players without having silos and closed systems, making you transact from any bank.
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Reminder: Dear
candidates before use UPI system you must visit the Official Link.
Take a Look on Below Table
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