Nearly 30 banks across the country gave till now launched their Unified Payments Interface (UPI)-enabled mobile applications in order to boost he cashless transactions after the demonetisation. UPI was first announced in April last year by the National Payments Corporation of India (NPCI) along with the Reserve Bank of India (RBI).
Even as mobile wallet companies like Paytm and MobiKwik got more advantage after the demonetisation move of the country, UPI did not that get that much push. The Centre as now introduced a unified app for UPI called BHIM, which will help users transfer money to anyone with a UPI-enabled bank account, as also regular bank account through IFSC code, a report by ‘The Indian Express’ has said .
“Encryption for BHIM is in line with what a Google Wallet or Apple Pay will be using, but let’s remember this is just one aspect of the overall security,” Saket Modi, CEO and co-founder of Lucideus Tech, one of the security vendors involved with the UPI system as well as the BHIM app, was quoted as saying by the paper.
“We worked on the security of UPI’s common library. When (Erstwhile RBI Governor) Raghuram Rajan launched UPI, NPCI had made a library which it shared with all banks with net banking. They were asked to embed that common library inside their net banking application. So if you want to use UPI with just your bank, it means you have to download Pockets or the ICICI net-banking application which is UPI-enabled, to do these transactions,” Modi said further.