The government is proposing to upgrade the Unified Payments Interface (UPI) to make it single platform for all banks as against the existing system of individual platforms. Some 30 banks are now part of UPI, but all of them have their own platforms. The government feels a new single platform would be easy to use and make the data more secured. It is proposed that this will enable the use of mobile phones as virtual debit cards and a customer will be able to send or receive money instantly along with other features. The current platform has been set up by NPCI with the support of the Reserve Bank and Indian Banks Association.
