Unified Payments Interface(UPI)
Context:
The National Payments Corporation of India’s (NPCI) Overseas arm has signed a pact with the Bank of Namibia (BoN) to build a Unified Payments Interface(UPI)-like instant payment system for Namibia.
About UPI:
UPI is a digital and real-time payment system developed by the National Payments Corporation of India (NPCI) and regulated by the Reserve Bank of India (RBI).
It consolidates multiple bank accounts into a single mobile app, offering seamless fund transfers, merchant payments, and various banking features.
Features:
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- Immediate money transfer through mobile device round the clock 24*7 and 365 days.
- Single mobile application for accessing different bank accounts.
- Single Click 2 Factor Authentication.
- It is used for both pull & push payments.
- It eliminates the need for customers to enter sensitive details like card numbers, account numbers, or IFSC codes.
- QR Code for instant and smooth payments.
- Best answer to Cash on Delivery hassle, running to an ATM or rendering exact amount.
- Merchant Payment with Single Application or In-App Payments.
- Utility Bill Payments, Over the Counter Payments, QR Code (Scan and Pay) based payments.
- Raising Complaints from Mobile App directly.
- It uses technologies like the Immediate Payment Service (IMPS) and the Aadhaar-Enabled Payment System (AEPS).
The National Payments Corporation of India (NPCI) is a joint initiative of Reserve Bank of India (RBI) and Indian Banks’ Association (IBA).
Established under the Payment and Settlement Systems Act, 2007 it operates and manages retail payment systems and settlement infrastructure in India, aiming to create a strong and reliable payment network within the country.