What is the full form of UPI?

The full form of UPI is Unified Payments Interface. UPI is a system that integrates various bank accounts, smooth fund routing, and merchant payments into a single mobile application (of any participating bank). Additionally, it supports “Peer to Peer” collection requests that may be planned and paid for according to need and convenience.

In light of the aforementioned circumstances, NPCI carried out a pilot launch with 21 member banks. Dr. Raghuram G. Rajan, Governor of the RBI, launched the pilot program in Mumbai on April 11, 2016. Beginning on August 25, 2016, banks have begun to submit their UPI-enabled apps to the Google Play store.

• Instantaneous money transfers on mobile devices every day of the year, 24/7.

• Multiple bank accounts can be accessed using a single mobile application.

• Single Click 2 Factor Authentication – Compliant with regulatory requirements while offering a very potent single click payment functionality.

• With no need for the consumer to submit information like their card number, account number, IFSC, etc., the virtual address of the customer for Pull & Push offers total protection.

• Code QR

• The easiest solution to the inconvenience of Cash on Delivery is to hurry to an ATM or provide the precise amount.

• Payment by a merchant through an individual application or an app.

• Utility bill payments, cash payments made in person, and payments made using QR codes (scan and pay).

• Scalable donations, collections, and disbursements.

• Directly filing a complaint with a mobile app.

1. Banks:

• Two-factor authentication with one click

• Universal Transaction Application

• Utilizing current infrastructure

• More secure, innovative, and safer

• Single/Unique Identifier Payment Basis

• Facilitate smooth merchant transactions

2. Customers:

• Continuous accessibility

• Multiple bank accounts can be accessed using a single application.

• Utilizing a Virtual ID is safer and prevents sharing of credentials.

• Authentication with a single click

• Directly file a complaint with a mobile app.

3. Merchants:

• Single identification for seamless customer fund collection

• No danger in storing the virtual address of a consumer, as with cards.

• Customers using Tap who lack credit or debit cards

• Suitable for e-commerce and mobile commerce

• The issue with COD collecting is fixed.

• Customer 2FA facility with a single click – seamless Pull

• In-App Purchases (IAP)

• Client PSP

• PSP Payee

• Sender Bank

• Beneficiary bank

• NPCI

• Owners of Bank Accounts

• Merchants

• An individual downloads the UPI application from a bank’s or app store website.

• The user establishes a profile by providing information such as name, password, virtual id (payment address), etc.

• The user selects “Add/Link/Manage Bank Account” and associates the virtual ID with the bank and account number.

• The user chooses the bank account from which to start the transaction.

• The user selects an option.

• Alter UPI PIN

• The user receives OTP on his or her registered mobile phone from the Issuer bank.

• The user now inserts the expiration date and the last six digits of the debit card number.

• The user enters the OTP, chooses his desired numeric UPI PIN, and then hits the Submit button.

1. Send Money-PUSH

• User accesses UPI application.

• After successfully logging in, the user chooses the Send Money/Payment option.

• The user chooses the account to be debited and enters the beneficiary’s or payee’s virtual ID and amounts.

• After reviewing the payment information on the confirmation screen, the user hits Confirm.

• The user now inputs the UPI PIN.

• The user receives a successful or unsuccessful message.

2. Request Money-PULL

• The user opens his bank’s UPI application and logs in

• The user chooses the option to collect money following a successful login (request for payment)

• The user enters the virtual ID of the sender or payer, the desired amount, and the account.

• After reviewing the payment information on the confirmation screen, the user clicks “confirm.”

• The payer will receive a notification for the money request on his mobile device.

• To review the payment request, the payer now clicks on the notification and launches his bank’s UPI app.

• Then chooses whether to select “accept” or “refuse.”

• When accepting payment, the payer must provide their UPI PIN to complete the transaction.

• Upon successful completion of the transaction, the payer is notified.

• The bank notifies the payee or requester by SMS and email when his bank account has been credited.

A. Financial Transactions: The following financial transactions are supported by UPI:

A pay request is a transaction in which the consumer initiating it pushes money to the intended recipient. Mobile and MMID, account number and IFSC, and virtual ID are payment addresses.

A collect request is a transaction in which the client uses their virtual ID to withdraw money from the intended remitter.

B. Non-Financial Transactions: On any PSP App, UPI will support the following non-financial transaction types:

• Mobile Banking Sign-Up

• Creating a One-Time Password (OTP)

• Set or Modify PIN

• Examine the transaction status

• Raise Question/Dispute