IndusInd Bank has introduced IndusPay, the bank’s Unified Payments Interface platform. The bank said to use this facility, customers need a bank account, a registered mobile number and an Android smart-phone. The bank’s retail, corporate, institutional and commercial banking clients as well as non- IndusInd Bank customers can generate Virtual Payment Address (VPA) IDs on the app and kick off their financial transactions. The app allows money transfer between two UPI or IMPS-enabled bank accounts via smartphone and allows payments directly from a bank account to various merchants, both online and offline. This precludes the need to key in card details, IFSC code and net banking/wallet passwords. This app will serve as a single app to make payments through multiple bank accounts without needing to download separate app for each bank. The bank’s head of Savings & Digital, Ritesh Raj Saxena said IndusPay will fundamentally change the way our customers make online transactions as well as at physical retail points of sale through their bank accounts. He added that the bank is working in parallel with a few corporates for UPI based payment acceptance for their supply chain and retail payment acceptance.
