South Indian Bank launches UPI, Karnataka Bank unveils mobile app based on the interface
Q. Which of the below banks have launched the UPI Payment Interface?- Published on 29 Aug 16a. South Indian Bank
b. Deutsch Bank
c. State Bank of India
d. Both a and c
ANSWER: Both a and c
South Indian Bank has launched UPI or Unified Payment Interface Facility- an initiative to promote cashless society which is one of the few banks in the nation to launch this facility across the nation.
- Unified Payment Interface permits customers to link their bank accounts in a single mobile application. This facility permits customers to make seamless and instant payments or transfer of funds via a virtual address
- UPI facility will be available for customers and non-customers of the bank through mobile banking app SIB M-Pay which can be accessed on Android Play Store
- Karnataka Bank has launched KBL SMARTz, a mobile application built on Unified Payments Interface platform of National Payments Corporation of India NPCI
- NPCI is the umbrella organisation for all retail payment systems in India
- UPI is a new initiative from NPCI in digital payments ecosystem
- Interface is designed to enable customers across UPI member banks to pay and collect money from their smartphones without entering any bank account information
- Launching the product, P. Jayaram Bhat, MD and CEO of bank also said it was a user friendly universal mobile app
- Fund transfer can be done without revealing personal details
- Users can add accounts of different banks to pay and collect funds across bank accounts making it a universal app for payments
- Customers of any UPI member bank can utilise this facility
- Transactions can be done with one click 2 factor authentication.
- App facilitates non financial transactions such as balance enquiry, setting one’s M-pin and so on
