UPI refers to Unified Payment Interface Solution and it is an interoperable payment system which enables quick payment using a unique identifier – Virtual Payment Address and is linked with your Bank account. UPI Solution offers multiple features such as simplified on-boarding, availability of different transaction types, multiple ways to execute payment and seamless user experience. UPI has emerged as a preferred retail payment option within the digital payment ecosystem.

Payment can be done from Mobile, Web or other Application by knowing just unique remitter VPA. Similarly, payment can be received by account holder by giving a unique identifier. Unified Payment Interface thus allows making payment without knowing Beneficiary Account details.

Key aspects

  • Simplifying Issuance Infrastructure – The virtual addresses/payment addresses in conjunction with mobile as "what you have" factor helps payment providers to create virtual token-less infrastructure.
  • Mobile as Acquiring Infrastructure – Mobile phone as the primary device for payment authorization can completely transform the acquiring infrastructure to be easy, low cost and universal
  • Enabling 1-click 2-Factor Authentication – UPI allows all transactions to be at least 2-FA using mobile and second factor (PIN or Biometrics) makes all transactions compliant with the existing regulatory guidelines.
  • End-User Friendly – You can make or receive payments with ease and security to/from friends, relatives, merchants, pay bills, etc. all using their mobile phones without sharing banking credentials. Alerts and Reminders, consolidation of multiple banking relationship via single mobile app, use of special purpose virtual addresses, etc. simplifies end-users experience.

UPI supports following financial transactions:

  • Pay Request: A Pay Request is a transaction where the initiating customer is pushing funds to the intended beneficiary.
  • Collect Request: A Collect Request is a transaction where the customer is pulling funds from the intended remitter by using Virtual ID.
  • Scan QR: UPI is embedded with the feature of making payment by scanning the QR code.

UPI supports following types of non-financial transactions:

  • Set MPIN
  • Change MPIN
  • Check Transaction Status
  • Raise Dispute/ Raise query
  • Fetch Balance

Other Features

  • User Profile: User can view his profile details.
  • Change Application Password: User can change the application password as and when required.
  • Manage favorite payee: User can add favorite payee.
  • Delete Payment Address: As user can have multiple virtual addresses for single account, user can also delete payment addresses as per need.
  • Deregister Application: User can de-register from the application.
  • Complaints: User can raise complaint by selecting complaint option in hamburger menu and can even view the raised complaint.
  • Logout: Logout option is there to sign out from the application.
  • FAQ: Frequently asked question will illustrate the user about the app usage and various charges that may incur on the transactions.