Mobile Banking, The next big leap


Yesterday’s payments

Vendor has your debit/credit card

Type in details of your credit card number, date of expiry, CVV etc

Go to your bank app, fill in IFSC code and bank account of vendor

Today’s payments

Get a UPI address like financialexpress@sbi from your bank. Link it to your bank account

Type ‘Pay financialexpress@sbi Rs 60’ from bank app. Payment made in one click

Send a payment request to a particular UPI. If that person clicks ‘Yes’, payment gets credited to your UPI which is linked to your bank account

How United Payment Interface is unique

n Single-click, two-factor authentication
n Vendor does not have your credit/debit card or bank account details
n Just has your UPI name
n No need to create beneficiaries in bank accounts to make payments
n Only used for bank-to-bank payments
n Can’t be used for wallets right now
n Unlike wallets which are also easy to use, UPI operates across all banks, vendors and individuals
n Receivers can initiate a transaction

Interoperable from the beginning, this is unlike many payments systems across the world which often are owned by one entity. This can be used by any entity and that would be very important.
Raghuram Rajan, RBI governor