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 16

a. 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

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