National Payments Corporation of India (NPCI), the umbrella organisation for all retail payments systems in India has announced that Unified Payments Interface (UPI) will be going live for customers with 21 banks.
On April 11, 2016, the soft-launch of UPI was announced by RBI Governor Dr Raghuram Rajan. For the last few months, it was under a pilot run, mainly with employee-customers. The purpose of the pilot run was to ensure that technical glitches, if any, are fixed and the product gives a smooth experience for immediate ´Pay´ and -´Collect´ with Virtual Payment Address (VPA).
´This is a success of enormous significance. Real-time sending and receiving money through a mobile application at such a scale on interoperable basis had not been attempted anywhere else in the world. Now the UPI App will be made available on Google Play Store by banks,´ said AP Hota, MD & CEO, NPCI.
After assessing the success of the pilot run, RBI had accorded its final approval for public launch of the product. NPCI had decided that only the banks with 1,000 pilot customers, 5,000 transactions and success rate of around 80 per cent would be permitted to go live. Such a threshold criteria helped banks to refine their systems and procedures. The UPI app of 19 banks will be available on Google Play Store for customers to download and start using. The relevant details of the service would be available on the websites of 21 banks.
Banks providing UPI-enabled mobile app on Google Play Store: 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.
IDBI Bank and RBL Bank are on-boarded as issuers. It enables their customers to download any UPI-enabled app mentioned above and link their account.