Unified Payments Interface (UPI) News & Updates

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.
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.
 

Sushubh

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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.
 


amish

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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.
 

Sushubh

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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.
 

amish

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Why does Bank of Maharashtra UPI APP need Camera access?

These days all APP developers want all permissions.
 


Sai

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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.
 

Sushubh

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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.