Banks can obtain two types of Membership in the National Payment’s Corporation of India Unified Payment Interface UPI platform:-
Membership type 01) PSP and Issuer
Membership type 02) Issuer
PSP stands for Payment Service Provider and is mandatory if the Bank desires to offer UPI collect facility to merchants
It is however, also possible for a Bank to join UPI only as an Issuer, to provide Virtual addresses to its customer base by default.
v The ‘Issuer’, option enables NPCI to rapidly scale up the number of Banks on the UPI platform.
v The ‘Issuer’, option enables Banks to offer the benefits of UPI to its customers with minimum effort.
v The ‘Issuer’, option enables customers to experience Safe Digital Banking without exposing their bank/card details.
v The ‘Issuer’, option encourages merchants to adopt UPI as a Payment Option, as the numbers of customers willing to user UPI is growing day by day.
The following Banks are on UPI platform as Issuers: -
Bank of India, Saraswat Bank,City Union Bank, Corporation Bank ,Punjab & Maharashtra co-operative bank , Jammu & Kashmir bank, Apna Sahakari Bank Ltd, Janata Sahakari Bank, Vasai Vikas sahakari bank ltd, Thane Bharat Sahakari Bank ,Mehasana Urban co-operative Bank, Equitas small finance bank,GP Parsik Bank,Kalyan Janata sahakari bank , Airtel Payments Bank, Citi Bank , Rajkot Nagarik sahakari bank
Know more about UPI @ http://www.npci.org.in/UPI_Background.aspx