13.02.2024
Unified Payments Interface (UPI) , Daily Current Affairs , RACE IAS : Best IAS Coaching in Lucknow
For Prelims:About Unified Payments Interface (UPI), Features |
Why in the news?
Recently, India's Unified Payment Interface (UPI) services rolled out in Sri Lanka and Mauritius at a virtual ceremony.
About Unified Payments Interface (UPI):
Features:
○Unlike traditional methods, UPI simplifies transfers using the recipient's UPI ID, be it a mobile number, QR code, or Virtual Payment Address, eliminating account numbers.
○It eliminates the need to enter bank details or other sensitive information each time a customer initiates a transaction.
○A consistent UPI transaction PIN across apps enhances cross-operability, enabling 24/7 transactions.
○UPI operates as a digital public infrastructure, allowing seamless interactions for all players, including merchants and customers, without transaction costs.
○UPI uses technologies like the Immediate Payment Service (IMPS) and the Aadhaar-Enabled Payment System (AEPS) to ensure that payments between accounts go smoothly.
○It facilitates push (pay) and pull (receive) transactions and even works for over-the-counter or barcode payments, as well as for multiple recurring payments such as utility bills, school fees, and other subscriptions.
○It also works with "Peer-to-Peer" requests, which can be scheduled and paid for based on need and convenience.
Source:New Indian Express