Next revolution in banking happening in India

Reserve Bank of India Governor Raghuram Rajan launched the Unified Payments Interface (UPI) system on April 13, 2016 along with nandan nilekani former infosys and UIDAI chairman.
The interface has been developed by National Payments Corporation of India (NPCI), the umbrella organization for all retail payments in the country. 29 banks had concurred to provide UPI service to their customers.
The UPI seeks to make money transfers easy, quick and hassle free for millions of people in India.
What are the banking technologies become obsolete:
1. Debit card
2. Mobile wallets (eg paytm)
3. IMPS
4. Internet banking
How UPI works:
 Instead of handing over the cash, you tell your virtual identity to the cashier. The cashier generates an invoice through UPI, you approve it using your mobile phone and the payment is made.
What customer must have?
         1. Smart phone.
         2. UPI app.
         3. Bank account.
         4. Phone no or adhaar no.
 
Once you register for UPI with your bank, a unique ‘virtual address’ will be created. This is mapped with your mobile phone. So virtual address may me customer-name@bank-name  or  mobile-no@bank-name .Now you are ready to send and collect money.
          Taxi hailing companies like Uber and Ola, food ordering services like Zomato and Tiny Owl and online grocery shops like Big Basket will be able to take advantage of the UPI system. Such tech-based companies are now banking on mobile wallets.
At nextbrain technologies (http://www.nextbrainitech.com) we are ready to implement this technology in our web and mobile based applications.   


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