28 September 2016 Current Affairs GK: Private sector lender DCB Bank on has announced the launch of Unified Payment Interface (UPI) application.
DCB UPI app provides a convenient payment method for customers to send and receive funds anytime, anywhere, from their smart phones. A DCB UPI user only needs the beneficiary's phone number registered with the bank and the beneficiary bank's name to get or send funds.
UPI is likely to create a significant change in the way transactions are done, especially peer-to-peer transactions, known as P2P. A very important and powerful feature of UPI is the ability to send a 'collect' request.UPI provides a secure, hassle-free user friendly instant payment and collection digital facility. It uses customer details that are easy to remember and importantly known to everyone - the beneficiaries' mobile phone number and the bank name.
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