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India's Ambitious Payment Platform 'UPI' Launched: Checks All the Right Boxes

Perhaps for the first time in the world, a government body has led a Visa/MasterCard/Swift-free retail payments system that uses bank accounts directly. For many years, banks have imagined solutions that could make online buyers use the source of funds directly by paying via bank accounts (e-checks, ACH+ and the latest being host card emulation*, etc.). National Payment Corp of India, which was established in 2009, has launched a solution called Unified Payment Interface (UPI) which acts as the gateway for the cashless society in India. This article aims at giving in-depth insights and analysis about UPI technology. More than 19 banks are on board for UPI and many more are yet to join. Using UPI, people can send money using virtual IDs. Banks are integrating UPI to existing apps and users have loads of advantages like making payments without creating beneficiaries in bank accounts; receivers initiating the transactions; and single-click & two-factor authentication.

What is UPI?

UPI is an open-source platform designed for the mobile age that helps with easy integration of various payment platforms. UPI is powered by a single payment API and a set of supporting APIs. ...

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