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 (Unified Payments Interface) is an instant real-time bank-to-bank payment system.
Check out the video below for an introduction to UPI.
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?
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.
Currently, the MPFI members are looking into the following areas.
see what's trending in the mobile payment space