Unified Payments Interface (UPI) is here for SBI Customers now. SBI launched next generation online payments solution Unified Payments Interface (UPI) which will gear up trends such as increasing smartphone adoption and deeper penetration of mobile data. UPI is a channel that powers multiple bank accounts into a single mobile application (of any bank) of a participating bank, merging several banking features, seamless fund routing and merchant payments into one hood. It will empower users to perform instant push and pull transactions and transform the way people make payments today.
A P Hota, Managing director and CEO, National Payments Corporation of India (NPCI) said. “Our focus is in line with RBI’s vision of migrating towards a ‘less-cash’ and more digital society. NPCI has always been at the forefront to innovate and introduce new products and services at par with global standards.” Analysts were expecting UPI app of SBI to be launched soon, after PM Modi announced currency ban. According to analysts SBI should have launched Unified Payments Interface (UPI) app earlier. SBI have 1/4th of all bank customers which are on SBI’s platfrom in India. Most of the Banks have already launched their UPI based apps.
UPI is an independent platform and other bank users can also download SBI Pay app. After downloading the app user can start sending and recieving of money from other UPI Users. Chairman of State Bank of India, Arundhati Bhattacharya said, “With the current demonetisation drive of the government and the push towards digital or cashless payments, SBI Pay is expected to be a game changer in the digital payment ecosystem as the bank has the largest customer base in the country.” SBI has only launched Android version of the app however, iOS version of the app has not launched yet. UPI is a great step in right direction and its is set to become an efficient alternative to mobile wallets and make cashless payments faster, easier and smoother for millions of people in India.