At least 15 banks, both from public and private sector, are ready to roll out the unified payments interface (UPI) starting July 31. The UPI system is a kind of e-payment which can be authenticated using mobile phones. Existing bank apps can be UPI-enabled or have UPI apps. Customers can have a single virtual identity for a bank account through which they can make and receive payments digitally .
At this moment, 17 banks are in advanced stage of rolling out the service: Union Bank of India, ICICI Bank, Federal Bank, Punjab National Bank, United Bank of India, Oriental Bank of Commerce, Bank of Maharashtra, Vijaya Bank, UCO Bank, Catholic Syrian Bank, Andhra Bank, TJSB Bank, DCB Bank, Canara Bank, Bhartiya Mahila Bank, YES Bank, and Axis Bank. Of them, NPCI officials expect 15 to be ready on Sunday when the process rolls out.
“Banks meeting the criteria of 1,000 pilot customers, 5,000 transactions and 90% success ratio will go operational on July 31, 2016. We expect the number to be around 15 banks,“ said A S Hota, NPCI chairman.
At this moment, 17 banks are in advanced stage of rolling out the service: Union Bank of India, ICICI Bank, Federal Bank, Punjab National Bank, United Bank of India, Oriental Bank of Commerce, Bank of Maharashtra, Vijaya Bank, UCO Bank, Catholic Syrian Bank, Andhra Bank, TJSB Bank, DCB Bank, Canara Bank, Bhartiya Mahila Bank, YES Bank, and Axis Bank. Of them, NPCI officials expect 15 to be ready on Sunday when the process rolls out.
“Banks meeting the criteria of 1,000 pilot customers, 5,000 transactions and 90% success ratio will go operational on July 31, 2016. We expect the number to be around 15 banks,“ said A S Hota, NPCI chairman.
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