This one unique feature of UPI will boost Digital Transactions in India
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
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