Unified Payments Interface (UPI), the payment system that allows money transfer between any two parties via a smartphone has gone live with 21 banks, the National Payments Corporation of India (NPCI) announced.
Users can make payments using the UPI app, instead of paying cash, with the money transferred in real time. Payments can be made between friends, to merchants and for miscellaneous expenses like paying utility bills etc.
Some of the banks which are going live with UPI are – Andhra Bank, Axis Bank, Bank of Maharashtra, Bhartiya Mahila Bank, Canara Bank, Oriental Bank of Commerce, Union Bank of India and Vijaya Bank, among others.
The banks have made the apps available on Google Play Store, and the iOS version will be might take another six months to release.