Ever since the demonetization has hit the country, digital wallets and Unified Payment Interface (UPI) apps have fetched mass attention and interest from people, which wasn’t in much of the talk for about 5 months ago. Seeing a huge opportunity of UPI payment interface, many of the national and international banks have launched or are looking to launch their UPI payment applications. Central government has also launched its widely useful BHIM app, wherein people can transact money across the banks.
Most commercial banks are promoting and vouching for UPI payment applications. The banks have also adopted ways for educating users about the UPI interface as it’s as easy as a cakewalk for any user to accomplish the banking or payment transactions. The UPI and API payments are making banking transactions feasible in cash crunched India.
Take a look at what these #5 bank officials have to say for UPI payment interfaces to whom Entrepreneur India met in Vibrant Gujarat Global Summit.
'UPI payment is even safer than card transactions'- Pravin Singh Jadeja, Bank of India
In the cash less India, banks are encouraging users to switch to UPI payment interfaces, instead of physical transactions. Bank of India is likely to get its UPI registration very soon as BOI has already applied for it. In conversation to Entrepreneur India, the bank official of BOI, Pravin Singh Jadeja said, ‘we are promoting cash less banking facility to the customers through own internet banking. Apart from that, we are using one more app i.e. Chillar. We are trying to have our own UPI. So that through BHIM app OR any other app.’
On asking how safe do you think UPI apps are? The YES bank official said,
‘the UPI mode is absolutely safe. In case of debit cards what’s happening, is people get calls from fraudsters. UPI hasn’t received any such cases of fraudsters.’
'It’s a fantastic mode of payment’- Rahul Ahirrao, Dena Bank
There is no need of account number, IFSC or anything. All one needs to know is VPA account number i.e. Virtual Packet Address. On asking how people are reacting on this new feature, Rahul told Entrepreneur India, ‘on a first day of launching of our Dena Bank eUPI, we received more than 5 lakhs hits.’
'It is a secured transaction mode and it’s done on a bank’s server therefore, it’s a proper secured transaction. UPI is as secured as card transactions.'
‘We are promoting UPI everywhere’- Archita Shah, Axis Bank
Axis Bank is promoting UPI on through various ways. Apart from that we are like forwarding messages to customers. We are following two modules. Like one person may use UPI through internet, the people who are not using internet, we have separate platform for them also.
‘UPI Payments are very safe. The security safeguard is unbreakable, what I have.’
‘We will definitely pitch for digital products like UPI’ - Ankita Sethia, YES Bank
Yes Bank has also integrated with UPI. 'We have been associated with many of the customers who are on the verge of using it. I believe, many of the customers are not aware of it, thereby, we are here to promote it widely.' said Ankita Sethia. YES Bank is already meeting our existing clients who are into the online transactions upgrading them to UPI banking, upgrading them to API banking.
'UPI Banking is completely secured. There will definitely be the customers’ interest in long term in UPI and API payments.'
'It’s a very customer-friendly interface' - Ankit Seth, HDFC Bank
'UPI is kind of a new thing for Indians, and we are currently educating and making people aware of our UPI app. But I believe it’s working really well, a customer can transfer his money instantly to any of the banks.' HDFC have merged banking transacitons with UPI interface, that is doing really well. Applications like Payzap and Chillar are mainly for payment. If people have to make bank transfers , we ask hdfc users to do from UPI app.
'UPI transaction is as safe as Debit card, the virtual payment id is generated beforehand always. We are now getting users on mobile interface by getting them downloaded UPI app of HDFC for NEFT or RTGS payment.'
(With inputs from Aashika Jain at Vibrant Gujarat Global Summit, 2017)