15 April 2016 Current Affairs GK: The National Payments Corporation of India (NPCI) has launched “Unified Payments Interface (UPI)” to revolutionise mobile payment system in the country. It was launched by the Reserve Bank of India (RBI) Governor Raghuram Rajan. 29 banks have agreed to join the platform. UPI seeks to provide uniform mobile payment system by leveraging digital trends such as increasing smart phone adoption and deeper penetration of mobile data.
Unified Payments Interface (UPI) : The UPI is for mobile based payment method that powers multiple bank accounts into a single mobile application (of any bank) of a participating bank. It merges several banking features, seamless fund routing and merchant payments into one hood. Thus, it will be a single app for accessing different bank accounts. It facilitates ‘virtual address’ as a single payment identifier for sending and collecting money and works on single click 2 factor authentication. The single identifier will eliminate the need to exchange sensitive information such as bank account numbers during a financial transaction. It also provides an option for scheduling push and pull transactions for various purposes like sharing bills among peers. UIP is an advanced version of NPCI’s Immediate Payment Service (IMPS) which is a 24X7 funds transfer service. It provides round the clock availability and faster checkout.
FreshersLive - No.1 Job site in India. Fresherslive Current Affairs 2017 section offers informative quiz questions with answers regarding latest current affairs today for all sorts of competitive exams like UPSC, TNPSC , IFS, IAS, IPS, railway exams (RRB) and banking exams like IPBS PO, IPBS clerk, Federal Bank PO, ICICI, SBI, RBI legal officer & Grade officer posts and much more. Register with us to get latest Current Affairs Updates. Also get latest Current Affairs news and quiz Updates for free alerts daily through E-mail