A system for instant online bank payments. A new initiative for cashless and more digital economy. A perfect system for India in Banking System. Using of Mobile in a perfect way. (awesome feature of Virtual ID for transfer of money online through online.
2. Declare every Indian Rupee as null
and void and swap the existing
money with new currency ?
Amend laws for legal requirement
for paying everything through bank
payments ?
3. Currently, if you want to make a bank payment
online, you have to enter their account number,
account type, Bank name and IFSC code. Even if
you have all these details, typing it all in,
particularly on a phone, is a painful process. Most
banks take upto 12 hours to add a new payee and
only then you can make the transfer
15. Uses Virtual payment address :
This could be your name, or your
phone number or your Aadhar
number, so for example, if your
phone number is 9731032014, then
your virtual address could be
9731032014@yesbank (if your bank
is yes bank) or 9731032014@axis (if
you're an Axis bank customer), and
so on.
16. UPI also works on mobile app
All you need to remember is your
Mobile App Password.
Transfer money with just few clicks
by just entering virtual ID of payee
Real time transfers.
Universal App for all banks
17. Transfer money or make payments using IMPS
(Immediate Payment Service) technology.
UPI is immediate
works 24x7 unlike
NEFT or RTGS
services, which have
specific working hours
Very less charges
18.
19. UPI eliminates the need of
knowing the recipient's
Name
Bank account number and
IFSC code (or bank branch).
20. The Reserve Bank of India had formally launched the system
in April this year.
According to Mr. A.P. Hota, Managing Director & CEO of
National Payments Corporation of India UPI would become
operational from the month of October of this year.
29 banks have already agreed to provide UPI services, and he
expects the number to increase further this year.
21. Anyone can also use the
UPI to send a request for
money, like an invoice. This
means that anyone could
become a merchant, and
take payment for any goods
or services from your
account to their account.
22. Single click 2-Factor Authentication for transactions
Universal app for transactions
Leveraging existing infrastructure
Security (on other bank app), it uses the NPCI library to
capture credentials.
Enable seamless merchant transactions
23. Round-the-clock Availability
Single app for accessing different bank accounts
Use of Virtual ID is more secure, no credentials sharing
Faster checkout
No time-out scenario
Shopping online easily
24. Seamless fund collection from customers – single identifiers
No risk of storing customer’s virtual address like in cards
Suitable for e-com & m-com
Resolves the COD collection problem
Single click 2FA facility to the customers – seamless pull
In-App Payments (IAP)
25. Because it's using the phone (since
mobile number is bounded to the
device) to verify transactions, UPI is
secure - someone else can't just enter
your ID and spend your money
2-Factor Authentication is enabled i.e
Mobile app, MPIN and Biometric
which may include fingerprint
security.
26.
27. An initiative for cashless and more digital
society.
Every transaction could be through bank
payment.
Save printing cost of currency.
Legal requirement for cashless transactions
Solution for Black Money in future ?
28. Seriously, what is this UPI thing?
So it's like NEFT/RTGS/IMPS?
That's cool but how does it affect me?
Does it skip the OTP prompt I get?
I have never heard of an MPIN.
How is it better than just using my
Card?
But won't the merchant get my Bank
Account Details?
29. What if I switch banks?
What is a Payment Service Provider?
How does this affect wallets?
How does it show up in my bank
account statement?
What about refunds?
Another abbreviation? What is NPCI?
OK, I'm hooked. How do I use this?