Unified Payments Interface (UPI) is all set to go live for customers with 21 banks, including Andhra Bank, Axis Bank, Bank of Maharashtra, Canara Bank, IDBI Bank and RBL bank among others. UPI is a unique payment solution which empowers a recipient to initiate the payment request from a smartphone.
The soft-launch of UPI was announced by Reserve Bank of India Governor Raghuram Rajan in April this year and was under pilot run mainly with employee-customers to avoid technical glitches. “The purpose of ‘pilot run’ was to ensure that technical glitches, if any, are fixed and the product gives a smooth experience for immediate ‘Pay’ and ‘Collect’ with Virtual Payment Address (VPA),” National Payments Corporation of India (NPCI), , the umbrella organisation for all retail payments system in country said. Rajan during its launch had said that with UPI, your smartphone will work as a payment bank.
The UPI app of 19 banks will be available on the Google Play Store in next 2-3 working days for the customers to download and start using. The relevant details of the service would be available on the website of 21 banks.
“This is a success of enormous significance. Real-time sending and receiving money through a mobile application at such a scale on interoperable basis had not been attempted anywhere else in the world. Now the UPI App will be made available on Google Play Store by banks,” said AP Hota, MD & CEO, NPCI.
RBI had given a final approval to the public launch of UPI after reviewing the success of pilot run.
NPCI had decided that only the banks with 1000 pilot customers, 5000 transactions and success rate of around 80 per cent would be permitted to go live. Such a threshold criteria helped banks to refine their systems and procedure.
List of Banks which are going live with UPI
Banks providing UPI enabled mobile app on Google Play Store:
Andhra Bank, Axis Bank, Bank of Maharashtra, Bhartiya Mahila Bank, Canara Bank, Catholic Syrian Bank, DCB Bank, Federal Bank, ICICI Bank, TJSB Sahakari Bank, Oriental Bank of Commerce, Karnataka Bank, UCO Bank, Union Bank of India, United Bank of India, Punjab National Bank, South Indian Bank, Vijaya Bank and YES Bank.
IDBI Bank and RBL Bank are on-boarded as issuers. It enables their customers to download any UPI enabled Apps mentioned above and link their account.