A brainchild of the National Payments Corporation (NPCI), the UPI is poised to revolutionise the way payments are done seamlessly, without any hassles. Launched with an aim of moving steadily towards a less-cash and digital society, it has been built on an IMPS platform. Unified Payments Interface (UPI) has been introduced as a system that can power multiple bank accounts (of participating banks) as well as several banking services and features like fund transfer (P2P) and merchant payments. The industry is abuzz as the UPI is looked upon as a key innovation in the banking sector. With UPI being adopted by 29 banks, it will be a game changer in the coming days while coexisting with ATMs. The single platform mobile app has some key features which gives it a differential edge in the clutter of mobile wallets, mobile banking, and net banking. UPI is undoubtedly a positive step towards creating a new ecosystem in the banking sector especially with the boost to low-cost, high-volume retail payments. Another notable point is that it isn’t just the customer that benefits from UPI but also the banks.

(Inc42)