February 29, 2016
NPCI Implements Unified Payments Interface:
National Payments Corporation of India (NPCI) initiated the unified payment interface to simplify and provide a single interface across all systems. The new project will go live in April.
NPCI, the operator of RuPay’s payments network that competes with MasterCard and Visa in India, is testing the interface in association with Axis Bank Ltd., said AP Hota, Managing Director and Chief Executive Officer of NPCI, in an interview on Tuesday.
Twenty-nine other banks have also agreed to start UPI-based services to their customers starting with the first quarter of the next financial year, he added.
The new interface is designed to enable all account holders to send and receive money from their smartphones with a single identifier – Aadhaar number, mobile number, virtual payments address – without entering any bank account information, NPCI said at a conference to The Hin ...