Hide this You're reading Entrepreneur India, an international franchise of Entrepreneur Media.
FinTech

Have You Heard About The Mega Banking App UPI Yet?

Have You Heard About The Mega Banking App UPI Yet?
Image credit: Pixabay
You're reading Entrepreneur India, an international franchise of Entrepreneur Media.

If making payments, sending and receiving money hassle you, your prayers just got answered. Reserve Bank of India governor Raghuram Rajan and the National Payments Corporation of India (NPCI) on Monday launched a Unified Payments Interface (UPI) programme to make payments and remittances incredibly simple.

The RBI, has tied up with 10 big banks of the country for UPI. Can you believe how easy life would be if you don't have to add anyone as beneficiary, ask for account number or dig out the IFSC code and other bank/branch details?

The UPI app does away with all this. Yes, it's true!

This is how it works - You need is receiver's unique ID. Open the UPI app, select the amount to be paid, add the unique ID of the beneficiary and select Send. The app will just ask for a mobile pin to authenticate the payment and voila! it's done.

You can use this app to pay for any transaction below Rs 1 lakh. Other unique feature of this app is that it is inter-operable across banks which means you have the freedom or the flexibility to pay from any bank (at present 10 banks have tied up, the number would go up).

How to use API in 4 steps

Download the UPI app (prerequisites are a bank account, Aadhar card and Smart phone)

Connect the bank account

Create a Unique ID

Generate a mobile pin and link Aadhar number

The UPI app will be publicly available in two months. Will you download the app? Tell us in the comments on our Facebook page Entrepreneur India.

Edition: December 2016

Get the Magazine

Get the monthly dose of Entrepreneur delivered to you.
Subscribe Now