Unified Payments Interface (UPI), the brainchild of the Reserve bank of India (RBI) which is expected to revolutionise peer-to-peer payments in the country, has received clearance from the RBI and is ready to be launched on Thursday. The bank applications will be made available on Play Store for download by customers over the next two days. NPCI chief operating officer Dilip Asbe said it will be sending the communication to the media shortly but did not elaborate.
The payments process, which was launched officially by RBI governor Raghuram Rajan on April 11 in Mumbai, was in the final stages of integration and testing with the banks and the National Payments Corporation of India (NPCI).
According to people mentioned above, 19 banks are going live with the UPI app and 22 banks are going to accept payments through the new interface.
“The banks as well as the clearing house are ready with the technology but even after the launch it will take some time to stabilise the systems,“ said Asbe.
NPCI had kept an internal criteria for the pilot of UPI that only lenders with thousand pilot customers, five thousand transactions and 90% success rate for transaction will be allowed to go live.
In the first stage, the likes of ICICI Bank, Axis Bank, Union Bank of India and few others are going live. India's largest lender State Bank of India and private sector lender HDFC Bank are yet to have an UPI app and they are expected to go live by October.
Unified payments is supposed to do away with the whole business around adding a beneficiary for peer to peer online payments. Through UPI the customer can download any bank's UPI app on his smartphone, just add the amount to be transferred, provide the beneficiary's UPI handle and click send. Money will be transferred through the IMPS railroad in real time.
The payments process, which was launched officially by RBI governor Raghuram Rajan on April 11 in Mumbai, was in the final stages of integration and testing with the banks and the National Payments Corporation of India (NPCI).
According to people mentioned above, 19 banks are going live with the UPI app and 22 banks are going to accept payments through the new interface.
“The banks as well as the clearing house are ready with the technology but even after the launch it will take some time to stabilise the systems,“ said Asbe.
NPCI had kept an internal criteria for the pilot of UPI that only lenders with thousand pilot customers, five thousand transactions and 90% success rate for transaction will be allowed to go live.
In the first stage, the likes of ICICI Bank, Axis Bank, Union Bank of India and few others are going live. India's largest lender State Bank of India and private sector lender HDFC Bank are yet to have an UPI app and they are expected to go live by October.
Unified payments is supposed to do away with the whole business around adding a beneficiary for peer to peer online payments. Through UPI the customer can download any bank's UPI app on his smartphone, just add the amount to be transferred, provide the beneficiary's UPI handle and click send. Money will be transferred through the IMPS railroad in real time.
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