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    Unified Payment Interface (Upi)

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    HIMANSHI GUPTA
    UPI is an interbank payment system introduced in India that allows for instant money transfers between bank accounts using just a virtual payment address. It offers two-factor authentication for security and has grown rapidly since launching in 2016 due to widespread smartphone adoption and expanding bank support. Merchants can also receive payments directly to their UPI ID, transforming offline payments.

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    Unified Payment Interface (Upi)

    Uploaded by

    HIMANSHI GUPTA
    15 views1 page
    UPI is an interbank payment system introduced in India that allows for instant money transfers between bank accounts using just a virtual payment address. It offers two-factor authentication for security and has grown rapidly since launching in 2016 due to widespread smartphone adoption and expanding bank support. Merchants can also receive payments directly to their UPI ID, transforming offline payments.

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    UPI

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    UPI is an interbank payment system introduced in India that allows for instant money transfers between bank accounts using just a virtual payment address. It offers two-factor authentication for security and has grown rapidly since launching in 2016 due to widespread smartphone adoption and expanding bank support. Merchants can also receive payments directly to their UPI ID, transforming offline payments.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    15 views1 page

    Unified Payment Interface (Upi)

    Uploaded by

    HIMANSHI GUPTA
    UPI is an interbank payment system introduced in India that allows for instant money transfers between bank accounts using just a virtual payment address. It offers two-factor authentication for security and has grown rapidly since launching in 2016 due to widespread smartphone adoption and expanding bank support. Merchants can also receive payments directly to their UPI ID, transforming offline payments.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
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    UNIFIED PAYMENT INTERFACE (UPI)

    Unified Payment Interface (UPI) is a real time interbank payment system which
    was introduced by the National Payment Corporation of India (NPCI), an
    umbrella organization to introduce and develop retail digital payment systems
    and is transforming the mode of payment in India. It is a significant
    advancement in terms of time and cost, ease of usage and security. UPI was
    launched in August 2016 by NPCI created by the Reserve Bank of India (RBI)
    and has since witnessed rapid growth. By Mid-2017, more than 20 million
    people have downloaded the various available UPI apps.
    The mobile phone is the primary payment device for consumers and sellers. The
    expanding ecosystem promoted by banks along-with the increasing adoption by
    users has resulted in rapid growth of UPI in the recent years. The users can send
    or request money instantly using UPI. A unique payment ID called Virtual
    Payment Address (VPA or UPI ID) can be created by every user having a bank
    account in India. There are two types of financial transactions: Pay Request and
    Collect Request. The Pay Request is started by the user in which money is
    transferred from the bank account of sender to that of the recipient’s. The
    Collect Request is started by the beneficiary.
    For ensuring safe and secure payments, a two-factor authorization mode is
    automatically enabled which is mandatory. The first factor is the fingerprint
    added to the mobile device and authenticated by the UPI application. The
    second factor is a Mobile Banking Personal Identification Number (MPIN)
    which could range from four to six digits and is created by the user in the UPI
    application. Sensitive bank details need not be shared to make a transaction.
    Using the registered personal phone, the payment authentication and
    authorization can be done.
    Since UPI offers a cost-effective payment method, it has transformed payment
    methods in the offline world as well. Since there is an increase in the digital
    acceptance mechanisms with the merchants, the customers have started directly
    paying the merchant at his/her unique UPI ID; confirmation of which will be
    instantly received by the merchant on his/her registered personal phone.

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