IAS Score

Unified Payment Interface

All India PT Mock Test (OMR Based) Across 20 Cities

will be conducted on 6th May and 20th May, 2018. Click here for Test Schedule & Online admission.

Test Center List:

  1. Delhi
  2. Jammu
  3. Chandigarh
  4. Ahmedabad
  5. Bhopal
  6. Lucknow
  7. Allahabad
  8. Patna
  9. Ranchi
  10. Kolkata
  11. Bhubaneswar
  12. Raipur
  13. Jaipur
  14. Mumbai
  15. Pune
  16. Nagpur
  17. Hyderabad
  18. Chennai
  19. Coimbatore
  20. Bengaluru

Unified Payment Interface

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.

The key objective of a unified system is to offer an architecture to facilitate next generation online immediate payments leveraging trends such as increasing smartphone adoption, Indian language interfaces, and universal access to Internet and data.

UPI is expected to further propel easy instant payments via mobile, web, and other applications. The payments can be both sender (payer) and receiver (payee) initiated and will be carried out in a secure, convenient, and integrated fashion. Virtual payment addresses, 1-click 2-factor authentication, Aadhaar integration, use of payer’s smartphone for secure credential capture, etc. are some of the core features. It supports the growth of e-commerce, while simultaneously meeting the target of financial inclusion.

UPI is important for implementation of the JAM (Jhan Dhan Yojana, Aadhar and Mobile) trinity.

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