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What is UPI IN INDIA 2019?


What is UPI IN INDIA 2019?

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What is UPI IN 2019?


Welcome ,today we will talk about the newly introduced platform by RBI called unified payment interface or UPI before we move into the details let me give you a brief snapshot of how the current payment transactions happened and why unified payment interface for UPI will be the game changer.

These are the various methods of payment transactions currently with obviously cash leading the way in special retail transactions some estimate says that more than 80% of retail transactions happened in cash and these are all electronic based methods so if you become successful.

It can make some of these methods of transactions redundant in near future Nandan nilekani has called this as a WhatsApp movement of banking industry in India like WhatsApp disrupted the messaging business for telecom companies nilekani argued that the banking business in India will also be disrupted as payment will move to mobile and landing to algorithms for a very long time bankers regulator's and political establishment have limited the fact that India is a very cash heavy economy but things are going to change very soon according to BCG and Google


digital transactions in India are going to increase 10 x 2020 and it may overtake cash transactions by 2023 these figures looks in same considering the current situation but with U P I think can change really very quickly so now what is UPI let's discuss in detail u Pi is the new boy in the payments market and has the makings of a blockbuster it is a interface which basically serves 3 goals of RBI Universal electronic payments less cash society and financial inclusion u Pi is easy mobile first instantaneous always available interoperable cheap secure reliable open


source and both pull and push platform API is going to make sending money and receiving money as easy as sending a text message imagine a situation where Celsius produce in the money and tax paid by UPI immediately get the confirmation on is mobile and uses the same money to pay his daughter school fee pay is EMI and paytm electricity bill before leaving the money UPI mobile first interface where most of the transactions will happen on mobile and their


419 banks have already launched or are about to launch the app on Google Play Store in the long run UPI Mein replace the current NEFT RTGS and IMPS system these systems needs mandatory information of the recipient Like bank account details IFSC code account number 117 but with you only unique ID of the recipient is required for an instant transfer at any time of the day UPI base transactions are always available that is 24 by 7 including holidays you can do


your money transactions within India or abroad other very important feature of UPIis interoperability a customer of bank X can now download the app of bank why and transact it really boys down to whose app is better the customer will choose that app and eventually be open for acquisition by that back to the real competition will be between the banks which have the API platform transaction charges in U P are pretty Lo currently it is at 50 Paisa per transaction and it is bound to decrease as the number of transaction in UK system will increase


system is very secure and reliable security is full proof as transaction will happen in a highly encrypted format already I am PS network on which u p is build and as more than 8 thousand crore worth of transactions are day also there will be two factor authentication as amended by RBI one is virtual ID in other is mobile pin it's open source system so basically any vendor or company can register their identifier on the UPI system receive money from the customers bank account to the UPI so it is expected that all the online and offline stores will register themselves on UPI in near future to receive funds and last important feature is that is both pull and push


platform which means that you can send money as well as ask for money from a particular person other important points to know that are what kind of transactions happen in UPI  to pure fund transfer merchant payment can be done remittances outside the country can be done as well as bill payment can be done in the school will increase as the system 50 is there any transaction limit yes the transaction limit is Rupee 1 lakh per transaction please so much excitement around u p i y do u think everyone things that this will work India has a billion mobile connection out of them 240 millions smartphone users are there which is expected to be more


than double by 2020 there is a large-scale fibre optic network initiative being driven both by the government as well as by the private sector the Pradhan Mantri Jan Dhan Yojana has made sure that everyone has access to banking debit and credit card  in India is decimal medially due to lack of good banking system in small towns as well as higher cost of credit cards and debit card Management by the banks in small towns in India debit card is majorly being used as a


ATM card for withdrawals which clearly shows the dependent on cash transactions through these top six factors tells us that infrastructure is available as well as there is a demand and need for such a UPI system the next factor states that that it will help in large savings for the banks specially in ATM maintenance and paper work with UPI the dependence on ATM bill


amount to decrease which will help in saving cost for the banks as they are spending millions of dollars currently in managing more than 2 lacs ATMs in India UPI will make sure that more and more transactions become digital and which will reduce dependence on cash and also reduce


the money printing bill of RBI also there will be a lesser black money usage with cash transactions show all the stakeholders will make sure that this system works as there are use benefits for them in the end a very important question remains how u p i words which we will discuss in our upcoming article open understood what is UPI and why there is so much excitement around it if you have any question please do write in the comment section below till then have a great time ahead.


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