The UPI of India enables multiple bank accounts into a single mobile application of any participating bank.The UPI merges several banking features into one hood. As part of this, it facilitates seamless fund routing and The payment can be scheduled under the the UPI facility in order to pay the amount as per the requirements and convenience.Like residents/citizen, NRI and Foreign nationals can also use the UPI facility
Reserve Bank of India (RBI) Governor Dr.Raghuram G Rajan made the piolet launch of the UPI facility on 11th April 2016.Both public and private sector banks have initiated to upload their UPI enabled apps on Google Play Store from 25th August 2016 onwards.
Benefits of UPI
- It facilitates immediate money transfer through mobile app.
- Different bank accounts can be accessed by a single mobile application.
- It facilitates QR Code based payments as a solution to cash on delivery hassle, running to an ATM, or giving exact amount.
- It made merchant payment easy.
- It provides facility for Utility Bill payment.