18 April 2016 Current Affairs: Financial Software & Systems Pvt. Ltd. (FSS), a Chennai-based payments technology and transaction processing company, has inked agreements with six banks to provide UPI (Unified Payment Interface) solution across the country on a hosted platform.
UPI facilitates easy and seamless person-to-person (P2P) and person-to-merchant (P2M) transactions for end-customers. Suresh Rajagopalan, President (Software Products) FSS, said UPI supported all transactions. Typically, it will see FSS develop custom-built UPI app for each bank. A bank customer can download this app in his/her mobile devise, register the account number and take a virtual address.
Unified Payment Interface (UPI) : National Payments Corporation of India (NPCI) is implementing a 'Unified Payment Interface' to simplify and provide a single interface across all payment systems thereby enabling all account holders to send and receive money from their smartphones with a single identifier - Aadhaar number or mobile number or virtual payments address - without entering any bank account information.
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