Nation has seen a rise in cashless payments after demonetization; entire country is learning to make a cashless or digital transaction through various available resources and platform. National Payments Corporation of India has taken a step ahead and created UPI Unified Payment Interface) with the vision of migrating towards a ‘less-cash’ and more digital society prior to demonetization only.
What is UPI?
Unified Payments Interface (UPI) is a system that powers multiple bank accounts (of participating banks), several banking services features like fund transfer (P2P), and merchant payments in a single mobile application. UPI has built on the Immediate Payment Service (IMPS) platform. UPI can be used for multiple common banking tasks.
Though UPI was built before to demonetization, its usage is still not popular among the common people. As per data Paytm, a private company handles around 60-70 lakh transactions a day, while UPI, handles only 70,000 transactions a day.
National Payments Corporation of India MD AP Hota said, “But we are not very happy. 70,000 is not really a number to be satisfied with. We believe that in the days ahead, further improvement can happen,”
Understanding a need to revamp, transform usability and accessibility of UPI, Govt. of India has undertaken a major drive in this direction. Now UPI would be revamped and transformed.
Single UPI App will be launched
As per the government a new app for UPI would be launched in the next few days, which would act as a single platform for all bank users. This new single UPI app has been designed in a way, so that any customer from any bank can easily use UPI to make and receive payments from customer of any other bank. The users will no longer need to download bank specific app.
Dedicated Helpline for all digital payments
14444 yes this would be the helpline number for all digital payments. NITI Ayog, Nasscom, TRAI and all telecom operators have combined their forces to create a common, dedicated helpline for solving all queries pertaining to digital payments at one single location.
With this new launch it will easier for everyone to make cashless transactions. We hope that government will take care of the security as well.