Unified Payments Interface in India: Revolution in the making

A. P. Hota

Journal of Payments Strategy & Systems, 2016, vol. 10, issue 3, 279-284

Abstract: Payment systems in India have undergone rapid changes during the past few years. The Vision Document on Payment Systems released by the Reserve Bank of India states several measures for building a ‘less cash’ society. The adoptions of mobile and card payment systems are two key components of this initiative. This paper presents an overview of a transformational project initiated recently by the National Payments Corporation of India (NPCI). This project aims to empower the bank customer to ‘send’ and ‘collect’ money in real time with just an e-mail, like a financial address, both for personto- person (P2P) payments and Business to Consumer (B2C) Collect.

Keywords: Unified Payments Interface (UPI); National Payments Corporation of India (NPCI); mobile PIN (MPIN); one time password (OTP); cash on delivery (COD); payment service provider (PSP) (search for similar items in EconPapers)
JEL-codes: E5 G2 (search for similar items in EconPapers)
Date: 2016
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Persistent link: https://EconPapers.repec.org/RePEc:aza:jpss00:y:2016:v:10:i:3:p:279-284

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