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Tuesday, August 30, 2016

Banking simplified with #Unified payment system #Cashless transaction

What is Unified Payment System #UPI
Cashless transactions in India to become more common with UPI, a recently launched smartphone based #payment system that lets money transfer and remittance service between bank accounts, merchant payments without divulging sensitive information like credit card numbers, #netbanking psswords, #IFSC codes. It can be used for bank transfers, bill payments, #merchant payments online and offline.
·         National Payments Corporation of India (NPCI) officially launched the facility for 19 banks.

How to get started
·         UPI app of banks will soon be available on Google Play Store for download
·         You only will need to get the app and install in your phone, set up the login details t create a virtual address
·         Add bank account details, Set M-Pin
·         Start transacting using UPI
·         UPI system will allow you to transfer funds safely and instantly as an SMS.

Use it for –
1. Bank transfer
2. Electricity/ phone/ credit card bill payments
3. Buying movie tickets/ railway/ airline tickets
4. Online shopping
5. Insurance premium payments
6. Donation
7. School fee
And replace many other cash payments

List of banks - #Andhra Bank, #Axis Bank, #Bank of Maharashtra, #Bhartiya Mahila Bank, Canara Bank, Catholic Syrian Bank, DCB Bank, Federal Bank, ICICI Bank, TJSB Sahakari Bank, Oriental Bank of Commerce, Karnataka Bank, UCO Bank, Union Bank of India, United Bank of India, Punjab National Bank, South Indian Bank, Vijaya Bank and YES Bank

News source: Livemint, BusinessLine

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