NPCI launches Unified Payment Interface (UPI)

The National Payments Corporation of India (NPCI) has launched the Unified Payment Interface (UPI), which would revolutionize the mobile payment system in India.

UPI would be a single app for accessing different bank accounts. Anyone using the interface for sending or receiving money from their mobile phones need not give their bank details to the other party.

Through UPI, a customer with a bank account will be identified with a virtual address. The new platform also allows a customer to have multiple virtual addresses for multiple accounts in various banks.

The other benefits of this mobile payment mechanism include its round the clock availability and faster checkout. According to NPCI, 29 banks have already agreed to join the platform.