Axis Bank is all set to launch Unified Payment Interface as soon as National Payments Corporation of India introduces it. The bank has conducted a pilot of the application with its 1000 employees. Axis Bank cards and payments business head Sangram Singh said UPI was ready to be made available to the public and is working seamlessly and with an accuracy rate of well above the stipulated 90%. It looks like something that will be received very well. An initial look at the product is enough to know that it will make life easier for people looking to transfer funds, he said.To use UPI, banks’ customers would need to download the applicant on their phone, register and create a unique ID and save the details of the account and the debit card linked to it. The customer would then receive a one-time password in order to set his M-PIN, which would then become his permanent password. Initially, the application would allow customers to only link one bank account with itself at a time. Eventually, the app would be opened out to include multiple accounts. The interface will be based on the Immediate Payment Service platform and can be availed of by customers of banks that have agreed to provide the service. As of now, around 20 banks have tied up with NPCI to launch UPI.
