Bank Customers in India can execute UPI Transactions via 48 Bank Apps and 23 3rd Party Apps

Majority of Bank account holders have experienced the MAGIC of UPI – Digital Transactions. No one is left out.

          Bank Account Holders via UPI can:

01) Receive Money

02)                Send Money

03)                Pay  Utility Bills i.e Phone, Water, Electricity, Apartment Maintenance etc  

04)                Pay Loan Instalments

05)                Donate to Charities

06)                Receive CashBack

07)                Pay Insurance Premiums – Life, Health and General

08)                Pay Municipal Taxes

09)                Receive Foreign Inward Remittances

10) Top-up wallets viz Paytm, PhonePe, Mobikwik etc

11)  Recharge FASTag wallets

12) Apply for IPOs( Shares Initial Public Offering)

13) Pay your Support Members -  i.e Servant Maid, Paperwallah, Dhobi,  etc

14) Book Railway tickets

15) Book Bus Tickets

16) Nothing is left out – Ah maybe ‘Payment for Liquor’, which may be on the way

17) Please add, if any service is missing __________

           NPCI today issued a Media Statement highlighting the role of (Third Party App Provider’s) TPAPs in the ecosystem.

          The complete media statement can be read here @ https://www.npci.org.in/sites/default/files/Media-statement-from-NPCI-June_25_2020.pdf

          In the same media statement NPCI also requested to UPI Customers “Not to share their OTP (one-time password) and UPI Pin with anybody”.

          Sharing is dangerous and harmful to one’s bank balances.

          The complete list as on date of Bank Apps and TPAPs along with their UPI handles is part of the UPI system.

Unified Payments Interface (UPI) : Unified Payments Interface (UPI) is a system that powers multiple bank accounts into a single mobile application (of any participating bank), merging several banking features, seamless fund routing & merchant payments into one hood.

It also caters to the “Peer to Peer” collect request which can be scheduled and paid as per requirement and convenience.

With the above context in mind, NPCI conducted a pilot launch with 21 member banks.

The pilot launch was on 11th April 2016 by Dr. Raghuram G Rajan, Governor, Reserve Bank of India, at Mumbai. Banks have started to upload their UPI enabled Apps on Google Play store from 25th August 2016 onwards.

UPI is just 4 years old, however, in the short span of 4 years UPI has gained tremendous visibility around the world.

The UPI volumes have jumped stupendously over the years.

Account holders of 155 Banks spread across India can send and receive money instantly, 24*7 hours without a break.

Public Sector Banks, Private Sector Banks, Payment Banks, Foreign Banks, Co-operative Banks, Regional Rural Banks, Small Finance Banks all are part of the UPI ecosystem.

The Payer is solely responsible for the accuracy and authenticity of the payment instructions issued via the UPI App.

Once a payment instruction is issued, the same cannot be subsequently revoked by the Payer.