Initiate the payment request from a smartphone with UPI

Q.  Which banks are part of the Unified Payments Interface/UPI?
- Published on 26 Aug 16

a. Canara Bank
b. Union Bank of India
c. Vijaya Bank
d. All of the above

ANSWER: All of the above
National Payments Corporation of India said the Unified Payments Interface is live and currently accessible for customers of 21 banks.
  • UPI is a payment solution
  • It empowers the recipient to initiate the payment request from a smartphone
  • It facilitates virtual payment address as a payment identifier for sending and collecting money and works on single click 2 factor authentication
  • Real time sending and receiving money through such a mobile app on interoperable basis has been attempted for the first time in the world
  • UPI empowers the establishment of a hi-tech payment interface
  • The current CEO and MD of NPCI is AP Hota
  • Some of the banks going live with UPI are Andhra Bank, Axis Bank, Bank of Maharashtra, Bharatiya Mahila Bank, Canara Bank, Oriental Bank of Commerce, Union Bank of India and Vijaya Bank
  • The smooth operation led to immediate pay and collection with Virtual Payment Address
  • NPCI decided only banks with 1000 pilot customers, success rate of 80 percent and 5000 transactions would be permitted to go live

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