CUSTOMER INSIGHT TOWARDS UNIFIED PAYMENT INTERFACE (UPI)

Abstract

Unified payments Interface (UPI) is a device that powers more than one bank accounts right into a cellular software (of any collaborating financial institution), merging numerous banking features, seamless fund routing & merchant payments into one hood. It also caters to the “Peer to peer” collect request which may be scheduled and paid as in keeping with requirement and convenience. With the above context in mind, NPCI carried out a pilot release with 21 member banks. The pilot release was on eleventh April 2016 through Dr. Raghuram G Rajan, Governor, RBI at Mumbai. Banks have started to upload their UPI enabled Apps on Google Play shop from 25th August, 2016 onwards. How is it specific? immediately money transfer through cell device spherical the clock 24*7 and twelve months. Cellular utility for getting access to one of a kind bank debts. click 2 issue Authentication – Aligned with the Regulatory suggestions, yet presents for a completely strong characteristic of seamless single click charge. digital deal with of the consumer for Pull & Push gives for incremental protection with the patron no longer required to go into the info including Card no, Account wide variety; IFSC and so forth. invoice Sharing with friends. high-quality solution to coins on delivery problem, strolling to an ATM or rendering specific amount. merchant payment with single application or In-App bills. software bill payments, over the counter bills, Barcode (scan and Pay) primarily based payments. Donations, Collections, Disbursements Scalable. raising grievance from cell App directly.