Five new banks have joined the Unified Payments Interface (UPI) bandwagon, taking the total number of banks using UPI to 26.The latest entrants include public sector lenders State Bank of India, Allahabad Bank and Bank of Baroda and two private banks -HDFC Bank and IDFC Bank.
The applications are currently live only for the banks' own customers, and once the tests are over, they will be made available to the public through the android Play Store, said bankers.
UPI is being provided by the National Payments Corporation of India (NPCI) which runs the domestic card transaction platform RuPay. It is supposed to do away with the entire business of adding beneficiaries for peer-to-peer online transactions.
The applications are currently live only for the banks' own customers, and once the tests are over, they will be made available to the public through the android Play Store, said bankers.
UPI is being provided by the National Payments Corporation of India (NPCI) which runs the domestic card transaction platform RuPay. It is supposed to do away with the entire business of adding beneficiaries for peer-to-peer online transactions.
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