December 2016 Current Affairs

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NPCI launches Unified Payments Interface

NPCI launches Unified Payments Interface
15 April 2016 Current Affairs: 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.


December 2016 Current affairs

November 2016 Current affairs
30 NOV
NEWS
29 NOV
NEWS
28 NOV
NEWS
26 NOV
NEWS
25 NOV
NEWS
24 NOV
NEWS




October 2016 Current affairs
31 OCT
NEWS
27 OCT
NEWS
26 OCT
NEWS
25 OCT
NEWS
24 OCT
NEWS
22 OCT
NEWS

September 2016 Current affairs
30 SEP
NEWS
29 SEP
NEWS
28 SEP
NEWS
27 SEP
NEWS
26 SEP
NEWS
24 SEP
NEWS

August 2016 Current affairs
31 AUG
NEWS
30 AUG
NEWS
29 AUG
NEWS
27 AUG
NEWS
26 AUG
NEWS
25 AUG
NEWS



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