To transfer/receive money instantly with just a few clicks on your smartphone?
India moved a step closer towards becoming a cashless economy with the launch of Unified Payments Interface (UPI). The interface has been developed by the National Payments Corporation of India (NPCI), the umbrella organization for all retail payments in the country, with the aim to make money transfers as easy as sending text messages.
UPI is one step ahead of the existing IMPS (Immediate Payment Service) as it allows you to transfer money instantly through UPI-enabled mobile app, without the hassle of registering the bank details of the recipient. All you need to know is the Virtual Payment Address (VPA) of the recipient (or say payee). And to receive the money through UPI, all you need to provide is your VPA to the payer.
It is worth mentioning that both the sender and the recipient need to have Virtual Payment Address to do the transaction through UPI.
HOW TO GET STARTED WITH UPI
It's really simple. Just download one of the 21 banking apps from the Google Play store that supports the UPI platform.
This story is from the September 2016 edition of Apps Unveiled.
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This story is from the September 2016 edition of Apps Unveiled.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
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