Unified Payments Interface (UPI)

Unified Payments Interface (UPI) is a system that powers multiple bank accounts into a single mobile application (of any participating bank), merging several banking features, seamless fund routing & merchant payments into one hood. It also caters to the “Peer to Peer” collect request which can be scheduled and paid as per requirement and convenience.

How is it unique?

• Immediate money transfer through mobile device round the clock 24*7 and 365 days.
• Single mobile application for accessing different bank accounts.
• Single Click 2 Factor Authentication – Aligned with the Regulatory guidelines, yet provides for a very strong feature of seamless single click payment.
• Virtual address of the customer for Pull & Push provides for incremental security with the customer not required to enter the details such as Card no, Account number; IFSC etc.
• QR Code
• Best answer to Cash on Delivery hassle, running to an ATM or rendering exact amount.
• Merchant Payment with Single Application or In-App Payments.
• Utility Bill Payments, Over the Counter Payments, QR Code (Scan and Pay) based payments.
• Donations, Collections, Disbursements Scalable.
• Raising Complaint from Mobile App directly.

Participants in UPI

• Payer PSP
• Payee PSP
• Remitter Bank
• Beneficiary Bank
• NPCI
• Bank Account holders
• Merchants

UPI - Benefits to the Ecosystem participants

Banks:

Customers:

Merchants:

Registration in UPI enabled application

Steps for Registration:

• User downloads the UPI application from the App Store/Banks website
• User creates his/her profile by entering details like name, virtual id (payment address), password etc.
• User goes to “Add/Link/Manage Bank Account” option and links the bank and account number with the virtual id

Generating UPI – PIN:

• User selects the bank account from which he/she wants to initiate the transaction
• User clicks one of the option –

Change M-PIN

In the case of 3(a) -

• User receives OTP from the Issuer bank on his/her registered mobile number
• User now enters last 6 digits of Debit card number and expiry date
• User enters OTP and enters his preferred numeric UPI PIN( UPI PIN that he would like to set) and clicks on Submit
• After clicking submit, customer gets notification (successful or decline)

In the case of 2(b) -

• User enters his old UPI PINand preferred new UPI PIN (UPI PIN that he would like to set) and clicks on Submit
• After clicking submit, customer gets notification (successful or failure)

Performing a UPI Transaction:

PUSH - Send Money

PULL - Request Money

Product

1. Financial Transactions: UPI supports the following financial transactions viz.

Pay Request: A Pay Request is a transaction where the initiating customer is pushing funds to the intended beneficiary. Payment Addresses include Mobile Number & MMID, Account Number & IFSC and Virtual ID

Collect Request: A Collect Request is a transaction where the customer is pulling funds from the intended remitter by using Virtual ID.

1. Non-Financial Transactions: UPI will support following types of non-financial transactions on any PSP App viz.

• Mobile Banking Registration*
• Generate One Time Password (OTP)
• Set/Change PIN
• Check Transaction Status
• Raise Dispute/Raise query

* Mobile Banking Registration is possible only if the mobile number (which is to be registered) is registered with the Issuer Bank for SMS Alerts/mobile alerts.

UPI can be accessed on all platforms viz. Android / iOS – The Apps have been developed by members on Android 4.2.2 and above/iOS 8.1 and above platforms.