Now, when India is talking about becoming a cashless economy, former RBI Governor, Raghuram Rajan’s dream project Unified Payment Interface(UPI) is expected to draw attention and response from all sides. Here is all you need to know about the UPI.
What is UPI?
It is an interface that integrates multiple banks* for providing inter and intra-bank fund transfer , merchant applications etc. through a single mobile application.
*Only the banks which participate. Till now around 30 banks have participated.
Who is implementing the project?:
The project is being implemented by the National Payment Corporation of India with RBI.
What is its purpose?
The underlying purpose is to move towards less cash and then cash-less economy
How it is a commendable project?:
- Simple to understand and use.
- Low cost.
- End-to-end encryption (128 bit: pretty secure).
- One of the best technological interventions for bringing about a grace in the economy.
Who can use it?
Anyone with a smartphone can avail the UPI facility. Follow these steps: