1. NPCI’s UPI to go live ‘in a few days’

NPCI’s UPI to go live ‘in a few days’

The Unified Payment Interface of the National Payments Corporation of India (NPCI) which was earlier slated to go live on July 15 but was delayed due to technical reasons, is now at an advanced stage of testing and will go live “in a few days”, chief operating officer Dilip Asbe told FE.

By: | Mumbai | Published: August 2, 2016 6:19 AM

The  Unified Payment Interface of the National Payments Corporation of India (NPCI) which was earlier slated to go live on July 15 but was delayed due to technical reasons, is now at an advanced stage of testing and will go live “in a few days”, chief operating officer Dilip Asbe told FE.

The UPI is a common platform via which a person can transfer money from his bank account to any other bank account in the country instantly using his/her UPI ID.

The interface will be based on the IMPS platform and can be availed of by customers of banks agreeing to provide the service. The platform is now in an advanced stage of testing, with banks using their employees to test run the application and perform transactions to make sure it has an acceptable success rate.

“There is no point in launching it without making sure it is working perfectly. Banks have been asked to run UPI through a minimum of 1,000 pilot customers, who should perform a minimum number of transactions each…”Asbe added.

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