Freecharge partners with Axis Bank, launches UPI payment


Posted on:14 Sep 2016 09:31:54

Freecharge partners with Axis Bank, launches UPI payment
14 September 2016 Current Affairs: Digital payment platform FreeCharge in partnership with Axis Bank on Monday launched Unified Payments Interface (UPI) that allows instant transactions from a smartphone using a virtual payment address (VPA).

Customers will be able to create a virtual address on the Freecharge Android app and link it to their bank account to register on the UPI platform.

The partnership allows Freecharge users to pay for transactions from their bank accounts and they don't have to be existing customers of Axis Bank.Customers can create multiple handles/VPA linked to their bank accounts.

When the customer makes the payment using their handle or Axis Bank's VPA, they will be transferring money from their bank account to the merchant or beneficiary account without exposing details such as account number, IFSC code, etc.

UPI eliminates the need for merchants to be PCI-DSS certified to store customers' payment credentials as the VPA can be stored against the customers' login.

UPI is only available on the new version of Freecharge's Android app.


Subscribe to Current Affairs

Enter your email to get daily current affairs

Current Affairs June 2017

24 JUNE
NEWS
23 JUNE
NEWS
22 JUNE
NEWS
21 JUNE
NEWS

Current Affairs May 2017

31 MAY
NEWS
30 MAY
NEWS
29 MAY
NEWS
27 MAY
NEWS

Current Affairs April 2017

29 APRIL
NEWS
28 APRIL
NEWS
27 APRIL
NEWS
26 APRIL
NEWS