UPI or as more commonly known as Unified Payment Interface is without a doubt a revolution in the entire banking industry. This is simply because of the ease of use it offers for both the users as well as the merchants and also the financial institutions. Let us take a deeper look to understand all of this better.
If you are of think from the point of view of merchant or a seller, then they no longer would have to spend money on expensive POS channels when through UPI they can easily receive and transfer payments to other person’s mobile phone. An even bigger advantage of UPI is that merchants won’t have to worry about having to learn new technology or how to use it, all they require with them is their mobile phone which will help them receive money digitally.
UPI is the fastest payment gateway developed by NPCI, and regulated by RBI. It is built entirely on IMPS technology, which is an option people can use when using net banking as well, and it enables immediate transfers of fund, from a person’s bank account to the receiver’s account. Some of the benefits of UPI for the customers is that the service is available for them to avail round the clock, they can also easily access multiple bank accounts through a single application, in addition to that they don’t have to share the credentials every time they wish to make a transfer.
The UPI solution offered by Finacus, consists of API interface with NPCI along with a universal mobile interface for the users. This UPI payment system is not only scalable but is also highly secure. The basic aim of UPI is to enable reliable and easy transactions with the help of virtual addresses. This gives financial institutions an opportunity to help implement a single interface for all the payment systems across the country.