Unified Payments Interface (UPI) is a payment system launched by National Payments Corporation of India and regulated by the Reserve Bank of India which facilitates the instant fund transfer between two bank accounts on the mobile platform.
UPI is built over Immediate Payment Service (IMPS) for transferring funds using Virtual Payment Address (a unique ID provided by the bank), Account Number with IFS Code, Mobile Number with MMID (Mobile Money Identifier), Aadhaar Number, or a one-time use Virtual ID. An MPIN (Mobile banking Personal Identification number) is required to confirm each payment.
Maps, Directions, and Place Reviews
USSD service
UPI is also being provided as a USSD service. Users could access the service by dialing the code *99#. The various services provided are categorized as follows,
- Financial Services
- Fund Transfer
- Send Money
- Request Money
- Fund Transfer
- Non-financial services
- Balance Enquiry
- Change MPIN
Service charges
Users are charged INR0.50 / session.
Transaction Charges
HDFC bank has held its decision about charging its customers for UPI transactions. SBI has proposed charging for upi transaction in future. But many bankers feel that imposing transation charges will hamper UPI adoption.
Transaction Statistics
Supported Banks
NPCI website lists bank which facilitates UPI: UPI Live Members
Source of the article : Wikipedia
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