Unified payments interface (upi)

Unified payments interface (upi)

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  UNIFIED PAYMENTS INTERFACE(UPI)
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  WHAT IS NATIONALPAYMENTS CORPORATION OF INDIA (NPCI)  NPCI stands for National Payments Corporation of India. NPCI is an Indian organization for retail payment systems in India allowing Indian citizens to have unrestricted access to e-payment services.  National Payments Corporation of India has been created under the provisions of Section 25 of Companies Act 1956 (now Section 8 of Companies Act 2013), with the objective of providing infrastructure to the banking system in India for physical and mobile banking.
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  WHAT IS UNIFIEDPAYMENTS INTERFACE(UPI)  UPI or Unified Payments Interface is an online payment system that can be used with a smartphone access. Undoubtedly, it has been a game changer in the economy of India. With UPI, you can transfer money without any IFSC code and beneficiary account number.  Features of UPI * UPI enables immediate money transfers round the clock anytime, anywhere. * It is one common platform to manage multiple bank accounts. * Virtual addresses keep the user’s personal details and credentials secure. * No more visiting banks or ATM. * Makes life easier with the easy digitized payment option. * Merchant payments easy through single application or with in-app payment feature. * Fast counter payments through a barcode scan. * All banking queries solved through an app. You can even raise complain over the phone.
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  BENEFITS OF UPIFOR BANKS  Single click 2 Factor authentication for transactions  Universal application for transaction  Flexible and user-friendly set up  Safe, secure and fast process, it uses the NPCI library to capture credentials  Enables hassle-free merchant transactions  Payment involves a single identifier
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  BENEFITS OF UPIFOR END CUSTOMERS  Easy & Safe Payments: All that is required is just the MPIN to process payments! No OTP, password or sharing bank details from your customer’s end is required. Hence, easy and secure payments are possible on a UPI enabled payment gateway.  Unlimited Transactions: UPI payment is the best option for your customers if they want to make a large number of transactions. Also, the upper limit for UPI transaction is one lakh per day.  One App For All Banks: If your customer has multiple bank accounts, they can still continue to transact by saving their details, in just one app.
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  BENEFITS OF UPIFOR MERCHANTS  No App Needed: To accept payments from your customers in your bank account, there is no need to download, sign up or create an account in any app. Only your customers need the UPI app to pay you. All you need is a payment gateway which enables accepting UPI payments.  No-integration hassles: A UPI-enabled payment gateway will automatically provide UPI as a payment option to your customers. Which means you do not have to put any additional efforts.  Better conversions: When your customers choose UPI as their preferred payment method on your website, they will experience minimum redirects. Thus, helping you get maximum sales.  High Success Rate: Since your customer’s Virtual Payment Address (VPA) gets auto-generated on the checkout page, for instance on PayUmoney’s checkout page, after making a purchase, they just need to enter their Mobile Banking PIN (MPIN). This 1-step, hassle-free transaction promotes higher success rate.
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  PROCEDURE OF UNIFIEDPAYMENTS INTERFACE (UPI)  Requirement to get UPI Active bank account Mobile number linked to the bank account Smartphone with an internet connection Debit card to set MPIN  Activating UPI Download the UPI app Register on the app with your account details Create virtual ID Set MPIN Account gets activated within 5 mins  Requirement for processing a transaction Smartphone with an internet connection Registered device Use registered MPIN
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  THANK YOU !! MAKINGINDIA CASHLESS AND DIGITAL Read More : https://www.instantbanking.in