NPCI launches next gen online payments solution

The National Payments Corporation of India has launched an online payments solution – the unified payments interface (UPI) – that will combine multiple bank accounts into a single mobile application of a participating bank. Further, the UPI will facilitate the use of a virtual address as a payment identifier for sending and collecting money and will work on a two-factor authentication procedure. The UPI application will enable online payment of utility bills, over-the-counter payments, barcode-based payments, etc. and will also provide an option for scheduling push-and-pull transactions for various purposes like sharing of bills.


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