The Next Big Thing of Banking System in India: UPI
UPI stands for Unified Payments Interface which is an interface that makes it easier for multiple banks to operate within a particular geographic territory. It is a protocol designed to make multiple bank transactions easier than ever before.
According to NPCI, “UPI is an Internet based solution which leverages on existing infrastructure to enable instant payments.” In order to use UPI one needs to download an app and link their bank account. Banking System in India is rapidly growing with the fast changing technology.
Mandatory things related to UPI
There are various trusted UPI apps which are making Banking System in India STRONG
Let us assume that you have to transfer Rs. 10,000 to your friend through the UPI interface. In order to make the transaction you will have to enter your bank account details and initiate a payment request from your phone. Now to make the payment successful you will need to click on the next option that reads “Approve a Payment Request”.
upi payment gateway
In order to make payments via P2P you need to download the correct app and then make a payment request through it. When you request to make a payment through this app, a third-party app would be able to detect it and your request would be transferred to the third party’s app where the money would be debited from the beneficiary’s bank account. You would receive an SMS with a unique link from the beneficiary’s bank, which you can click to initiate the payment.