Unified Payments Interface (UPI) News & Updates

Sushubh

Sushubh

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A few banks have already launched it. Reserve your handle now! Though it is probably too late for people with popular names.

NPCI's UPI app goes live: All questions about real-time money transfer system answered - Firstpost

Customers of as many as 21 banks can avail of the app's services. Some of the banks which have gone live Andhra Bank, Axis Bank, Bank of Maharashtra, Bhartiya Mahila Bank, Canara Bank, Oriental Bank of Commerce, Union Bank of India and Vijaya Bank, among others.
Click to expand...

Yes Bank is not on the list which makes me sad.

I believe the charges are just rs. 1 per payment. Though knowing banks, this is not going to last for long.
 
Link to app?
 
That's the great thing. There is no unified app! Every bank has to develop their own mobile solution. Some are integrating it in their core apps. Others are too smart as they are developing a new app for this functionality.

If your bank is on the list... Just check the mobile app if it has the feature added. Or check website if another app is needed. @Nishant was able to generate his from Union Bank of India website.
 
LOL! What? Its not unified app?

So if I have accounts in multiple bank - I need APP from each of them?

Does not make much sense to me.
 
It's basically IMPS. Instead of sharing your MMID and mobile number which apparently was too complicated for these people... They are now creating IDs in the form of name@bankname so you do not even have to share your mobile number to get payments. This is basically like digital wallet transactions but directly from your bank account. UPI is basically the middleman like MasterCard/VISA. Banks are handling the payments. From what I read, 50 paisa goes to UPI, 50 paisa goes to bank for every transaction.
 
Why does Bank of Maharashtra UPI APP need Camera access?

These days all APP developers want all permissions.
 

What are the options for someone having HDFC Bank & Vijaya Bank accounts ?.

On the merchant side, Razorpay is most probably going to introduce this feature very soon. Would give feedback once it is live in Razorpay.
 
PS: As mentioned above. Not all banks have rolled this out. Most banks are likely to offer it through their main app in near future.
 
I am not sure what you mean. You send money to username@bankname. It is as simple as that. Just like you send money to email-id/mobile-number on Paytm wallet. no other information is needed.
 
Other banks are going to join soon...
@amish - You can have one app and add all bank accounts in them.. AxisBank for example allows you to create one user id per bank. ICICI (Pockets) allows you to link accounts (Though yet to explore how it woks)
I created a user for my ICICI using bank a/c using axisbank..
 
UPI would be a replacement of NEFT... A receiver can link his NEFT details to a user ID & share that user ID.. Sender can simply send to that user id..
 
aww. i need to have an account in another bank to be able to create my id on yes bank? 😛
 
PNB UPI app is not hosted by their official android developer ID - "PNB"

But its by some developer named "FSS"

Now shud I trust or not trust?
 

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