The National Payments Corporation of India (NPCI), the umbrella organisation for all retail payment systems in the country, has announced that its Unified Payments Interface (UPI) is set to go live with customers from 21 banks.
The soft-launch of the API was announced back in April and for the past few months it has been piloted, primarily with employee-customers, in order to ensure that any technical glitches were ironed out prior to launch.
After assessing the success of the pilot run, the Reserve Bank of India has given its final approval for a public launch of the product. NPCI decided that only the banks with 1,000 pilot customers, 5,000 transactions and a success rate of around 80 per cent would be permitted to go live.
A total of 19 banks are going live with UPI and will provide UPI-enabled mobile apps on the Google Play store. These FIs are: Andhra Bank, Axis Bank, Bank of Maharashtra, Bhartiya Mahila Bank, Canara Bank, Catholic Syrian Bank, DCB Bank, Federal Bank, ICICI Bank, TJSB Sahakari Bank, Oriental Bank of Commerce, Karnataka Bank, UCO Bank, Union Bank of India, United Bank of India, Punjab National Bank, South Indian Bank, Vijaya Bank and YES Bank.
The other two banks, IDBI Bank and RBL Bank, are onboard as issuers. This will allow their customers to download any UPI-enabled apps, which they can then link to their account.
A P Hota, managing director and CEO of NPCI, said: “This is a success of enormous significance. Real-time sending and receiving of money through a mobile application at such a scale on an interoperable basis had not been attempted anywhere else in the world. Now the UPI app will be made available on Google Play Store by banks.”
Latest News
-
HSBC, Standard Chartered back UK-Southeast Asia financial services partnership
-
Paymentology hires new chief revenue officer
-
Macquarie Bank agrees to pay A$10m fine over lack of third-party controls
-
UBS to ‘axe third of staff’ in China private funds business
-
Santander Germany to cut 500 jobs and exit mortgage business
-
BNP Paribas launches Tap to Pay on iPhone
Safeguarding economies: DNFBPs' role in AML and CTF compliance explained
Join FStech editor Jonathan Easton, NICE Actimize's Adam McLaughlin and Graham Mackenzie of the Law Society of Scotland as they look at the role Designated Non-Financial Businesses and Professions (DNFBPs) play in the financial sector, and the challenges they face in complying with anti-money laundering and counter-terrorist financing regulations.
Ransomware and beyond: Enhancing cyber threat awareness in the financial sector
Join FStech editor Jonathan Easton and Proofpoint cybersecurity strategist Matt Cooke as they discuss the findings of the State of the Phish 2023 report, diving into key topics such as awareness of cyber threats, the sophisticated techniques being used by criminals to target the financial sector, and how financial institutions can take a proactive approach to educating both their employees and their customers.
Click here to read the 2023 State of the Phish report from Proofpoint.
Click here to read the 2023 State of the Phish report from Proofpoint.
Cracking down on fraud
In this webinar a panel of expert speakers explored the ways in which high-volume PSPs and FinTechs are preventing fraud while providing a seamless customer experience.
Future of Planning, Budgeting, Forecasting, and Reporting
Sage Intacct is excited to present FSN The Modern Finance Forum’s “Future of Planning, Budgeting, Forecasting, and Reporting Global Survey 2022” results. With participation from 450 companies around the globe, the survey results highlight how organisations are developing their core financial processes by 2030.
© 2019 Perspective Publishing Privacy & Cookies
Recent Stories