My first document (1)

Unified Payments Interface (UPI):
UPI is a cutting-edge payment system that enables real-time transactions by

integrating multiple bank accounts into a single mobile app. This system,
created by the National Payments Corporation of India (NPCI) and overseen
by the Reserve Bank of India (RBI), combines various banking features,
effortless fund transfers, and merchant payments into one platform. UPI
facilitates transactions between banks, individuals, and businesses, allowing
for instant money transfers between bank accounts via mobile devices.
Key Features:
● 24/7 instant money transfers through mobile devices, 365 days a year
● Access to multiple bank accounts through a single mobile application
● One-click Two Factor Authentication, aligning with regulatory guidelines
while providing seamless payment
● Virtual address for transactions, enhancing security by eliminating the
need for sensitive information input
● Bill splitting functionality
● Solution for cash on delivery issues and ATM visits
● Unified merchant payment system and in-app payment options
● Various payment options including utility bills, over-the-counter, and QR
code-based transactions
● Trackable donations, collections, and disbursements
● Direct complaint lodging through mobile apps
UPI Participants:
● Payer PSP
● Payee PSP
● Payer's Bank
● Beneficiary Bank
● NPCI
● Bank account holders
● Merchants
Popular Digital Payment Apps:

❖ Google Pay
❖ Paytm
❖ PhonePe
❖ Internet Banking
UPI Transaction Types:

A. PUSH – Sending money using virtual address
i. User logs into UPI app
ii. Selects "Send money/Payment" option
iii. Enters payee's virtual ID, amount, and selects account for debit
iv. Reviews and confirms payment details
v. Enters UPI PIN
vi. Receives transaction status notification
B. PULL – Requesting money

i. User logs into bank's UPI app
ii. Chooses "Collect money" option
iii. Inputs payer's virtual ID, amount, and account for credit
iv. Reviews and confirms payment details
v. Payer receives money request notification
vi. Payer reviews request in their bank's UPI app
vii. Payer chooses to accept or decline
viii. If accepted, payer enters UPI PIN to authorize
ix. Payer receives transaction status notification
x. Payee receives notification and SMS for account credit
Unified Payments Interface is a real time interbank payment system that
allows
sending or requesting money.
Any UPI client app may be used and multiple bank
accounts may be linked to a single app.
Money can be send or requested with the
following methods:
● Virtual Payment Address (VPA) or UPI ID: Send or request money from/to
a
bank account mapped using VPA.
● Mobile number: Send or request money from/to the bank account mapped
using mobile number.
● Account number & IFSC: Send money to the bank account.
● Aadhaar: Send money to the bank account mapped using Aadhaar
number.
● OR code: Send money by QR code which has enclosed VPA, Account
number
and IFSC or mobile number. What makes UPI a secure platform?
This interface is based on the Two Factor Authentication with a seamless
single click
payment. This feature of UPI is aligned with the regulatory guidelines that
make it the
safest. Two Factor Authentication is quite similar to OTP.
Here, MPIN will be used instead of OTP. UPI Product
1. Financial Transactions: UPI supports the following financial transactions.
Pay Request: A Pay Request is a transaction where the initiating customer is
pushing funds to the intended beneficiary. Payment Addresses include
Mobile
Number, Mobile Money Identifier (MMID), Account Number, IFSC and
Virtual ID.
Collect Request: A Collect Request is a transaction where the customer is
pulling funds from the intended payee by using Virtual ID.
2. Non-Financial Transactions: UPI will support following types of
nonfinancial transactions:
❖ Mobile Banking Registration ❖ Generate One Time Password (OTP) ❖
Set/Change PIN ❖ Check Transaction Status ❖ Raise Dispute/Raise query

My first document (1)

Uploaded by

Copyright:

Available Formats

My first document (1)

Uploaded by

Document Information

Copyright

Available Formats

Share this document

Share or Embed Document

Sharing Options

Did you find this document useful?

Is this content inappropriate?

Copyright:

Available Formats

My first document (1)

Uploaded by

Copyright:

Available Formats

Unified Payments Interface (UPI):

UPI is a cutting-edge payment system that enables real-time transactions by

Popular Digital Payment Apps:

UPI Transaction Types:

B. PULL – Requesting money

You might also like