Unified Payments Interface (UPI), developed by the National Payments Corporation of India, went live for customers of 21 banks. UPI is expected to bring in a revolution in the banking sector, especially in the way payments are made. The 21 banks have developed apps as prescribed by NPCI and these will be available on Google Play Store. NPCI had earlier set 31 July as the deadline for the launch of UPI but it had to be deferred as the banks could not muster the required number of customers for a pilot – 1000 customers, 5000 transactions and 90% success rate. As many as 29 banks have tied up with NPCI for the launch, but 21 banks were ready as they could meet the criteria. Some of the banks like State Bank of India could not meet the deadline although SBI said the app is ready but has to be tested thoroughly in order to avoid any glitches. The bank will join the platform in about a month’s time, it said. UPI is built on the existing Immediate Payment Service (IMPS) platform that allows real-time transfer of money 24×7 and is also interoperable across banks which, giving it a leg-up compared with other money transfer applications. Using the app, a customer can transfer money to another person through a unique virtual address or mobile number, or Aadhaar number. Neither the payer nor the payee will have to share their bank account details, IFSC code, etc with each other. Besides, a seller can raise a payment request.
