Mobile Payment
Forum of India
Why Mobile Payments?
700 million plus mobile phone users in India
IMPS (Immediate Payment Service) transactions cross 175 million, and cross ₹1.4 trillion in value in December 2018
UPI (Unified Payments Interface) transactions cross 600 million, and cross ₹1 trillion in value in December 2018
December, 2018: IMPS (member banks): 394, and UPI (live banks):129
UPI
UPI (Unified Payments Interface) is an instant real-time bank-to-bank payment system.
Check out the video below for an introduction to UPI.
Get Started
It only takes a couple of minutes to get started!
See the FAQ section for additional details.
download a UPI application
Download your Bank's UPI app, or a UPI app by a third party
set VPA (Virtual Payment Address) and UPI PIN
You need to set your VPA, and a UPI PIN (needed for transacting)
start sending / receiving money
That's it! You are ready to send or receive money from your mobile phone
FAQ
Here are a few
Frequently Asked Questions
Why should I care?
Mobile-based payment systems, like UPI, offer tremendous convenience; they are fast, easy, secure and available 24x7! If that is not enough incentive, you will help reduce cash and paper, and be environmentally friendly.
What is UPI?
Which UPI application should I use?
You have two options
What is a UPI PIN?
A UPI Personal Identification Number (PIN) is a 4-6 digit pin that you need to create the first time you register. You have to enter this UPI-PIN to authorise all transactions.
What is a VPA?
UPI enables bank account holders (of banks participating in UPI) to send and receive money using a Virtual Payment Address (VPA) without entering any additional bank information. A VPA is an identifier, which a user creates to identify their bank account in the UPI platform. For example, your VPA can even be: cooldude@sbi.
What about security?
The Reserve Bank of India (RBI) mandates the use of two factor authentication: so, your mobile SIM is authenticated, and you need to enter your UPI PIN to authorize any transaction.
About Us
The Mobile Payment Forum of India (MPFI) was set up with the joint initiative of the Institute for Development and Research in Banking Technology (IDRBT), Hyderabad and Rural Technology Business Incubator (RTBI), IIT Madras in 2006 with a mission to enable mobile payments, and mobile financial services for everyone in India through secure, efficient and low cost transactions.
MPFI is positioned as a solutions-oriented think tank, working across policy, business and technology platforms. MPFI has executive, policy, business, and technology committees. Members of these committees are from the stake holders of the payment system in India. The Executive Secretary of MPFI is Dr. VN Sastry (IDRBT), and the Chairman is Dr. Gaurav Raina (IIT Madras).
Committees
Currently, the MPFI members are looking into the following areas.
Industry News
see what's trending in the mobile payment space
MPFI Membership & Renewal Forms
Connect With Us
Ask us questions & give us your suggestions!
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© 2017