Question

Short essay on unified payment interface

Answer 1

A Unified Payment Interface (UPI) is a single window mobile payment system launched by the National Payments Corporation of India (NPCI). The system is designed to provide a simple, secure and convenient “single interface” to enable sending and receiving of money using smartphones through a "single identifier" which can be a virtual address like an email ID, mobile number or Aadhaar number (like the Social Security Number). It eliminates the need to enter bank details or other sensitive information each time a customer initiates a transaction.
The Unified Payment Interface is intended to enable peer-to-peer immediate payment via a single click two factor authentication process. UPI will use existing systems such as Immediate Payment Service (IMPS) and Aadhaar Enabled Payment System (AEPS) to ensure seamless settlement across accounts. It would facilitate push (pay) and pull (receive) transactions and even work for over-the-counter or barcode payments as well as for multiple recurring payments such as utility bills, school fees, other subscriptions.

Once the system based on a single identifier is established, it allows mobile payments to be delivered without the use of credit or debit cards, net banking or any need to enter account details. This would not just ensure greater safety of sensitive information, but connect people who have bank accounts via smartphones to carry out hassle-free transactions. Overall, UPI implies fewer cash transactions, and it could potentially reduce the unbanked population.

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