Unified Payment Interface System (One Click Payment, UPI Payment Terms)

Unified Payment Interface System

The Reserve Bank of India (RBI) governor Mr. Raghuram Rajan and the National Payments Corporation of India (NPCI)
recently launched The Unified Payments Interface on Monday for transactions of money. With the help of this advanced payment system all customers will be able transfer money and make payments in One Click almost as easily as she/he sends a text message with a bank account. For more information stay tune with this post.

This Interface was freshly disclosed in news and surely be very important for your exams fees payment. Before use this service all visitors should know the background of UPI system. In collaboration with Axis Bank the National Payments Corporation of India tests this product. From the first quarter of the next financial year in this program also other twenty-nine other banks are ready to provide these services to their customer which is really very appreciable move of these financial institutions for their users.

Hey dear friends total five products are launched by NPCI in the upcoming financial year which are Unified Payment Interface, Bharat Bill Payment System (BBPS), electronic toll collections, RuPay credit-plus-debit card and tap-and-go transit card. Before take advantage of this facility you need to know UPI Payment Terms then proceed to use it.

Features of Unified Payment Interface (UPI) System

Have a close look on following points to read about features-
  • The top most feature of UPI is the ‘pay by’ date, which is made while making a collect request to others, which allows payment requests to be ‘snoozed’ and paid later before expiry date without having to block the services.
  • Unified Payment Interface (UPI) System also permits multiple recurring payments similar to electronic cash payments with a one-time secure authentication and rule based access. This could be useful for organizations while paying salaries.
  • It enables you to make payments using your mobile phone as the primary device for payments including person-to-person, person-to-businesses, and businesses-to-person with the ability to pay someone as well as ‘collect’ cash from someone.
  • Lastly, the ability to make payments using 1-click 2-factor authentication all using just a personal phone without having any acquiring devices or having any physical tokens.
  • The platform also allows you to use Aadhaar number, mobile number, and account number in a unified way, while not giving it away during the payment process. You could just create a ‘virtual payment addresses’ that are aliases to your bank accounts.
  • UPI also equips Payment System Players, the banks in this case, through their mobile applications to allow paying from any account using any number of virtual addresses using credentials such as passwords, PINs, or biometrics.
  • UPI also makes the system fully interoperable across all payment system players without having silos and closed systems, making you transact from any bank.

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Reminder: Dear candidates before use UPI system you must visit the Official Link.

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