Unified Payment Interface: Banks even today find it difficult to get their customers to transact digitally as users are wary of exposing their bank accounts when making payments online. How would UPI solve that challenge for banks is yet to be seen.
Leading Indian banks like ICICI Bank, Canara Bank and Yes Bank have launched the Unified Payment Interface (UPI)-enabled apps, which has been developed by National Payments Corporation of India to bring in changes to the digital payments. A UPI transaction allows transaction through phones, which involves sending and receiving money. So, in a bid to move towards cashless economy, UPI enables a payment system where very soon one doesn’t need to carry wallet debit card while going out. A visit to an ATM is also needed. Having said that doubts have been raised about its implementation vis-a-vis banks digital steps.
Elaborating on the UPI challenges and implementation, Upasana Taku, Co-founder, MobiKwik had told Feonline, ” If implemented well, UPI is good for India. However, traditionally, banks have not had a reputation of developing the best online or mobile payment apps. Thus, the adoption and usability of UPI apps is uncertain, howver if adoption is good it will replace net banking.”
She further added that banks even today find it difficult to get their customers to transact digitally as users are wary of exposing their bank accounts when making payments online. How would UPI solve that challenge for banks is yet to be seen.
How is the UPI experience been with the customers who have using it for their day-to-day transaction. There are some who took to twitter to share their first hand experience.
UPI transaction users had both disastrous and scary. Take a look at the tweets
— priyanka pani (@aaravmeanspeace) August 30, 2016
Did my first #UPI txn – awesome experience BUT new challenge of VPA’s – sent it to venky@xyz & found out later that he is venk@xyz. 🙁
— TheSwamy (@TheSwamy) August 30, 2016
#UPI – have enjoyed trying out various apps – each has their strengths. PhonePe, AXISBANK, Pockets – early days for all of the above!
— TheSwamy (@TheSwamy) August 31, 2016