UPI App launched by Reserve Bank of India !

The following article is based on my own interpretation of the said events. Any material borrowed from published and unpublished sources has been appropriately referenced. I will bear the sole responsibility for anything that is found to have been copied or misappropriated or misrepresented in the following post.


Debarghya Poddar, MBA 2015-17, Vinod Gupta School of Management, IIT Kharagpur.



RBI governor Raghuram Rajan launched UPI (Unified Payment Interface) app that turns one’s smartphone into a bank for easy transfers.

Hailed as an invention that will revolutionise and digitise banking in India, the UPI is all set to simplify the way one bank.

The RBI recently launched the Unified Payment Interface (UPI). The UPI is best explained as an app that enables instant, online bank payments.

Today, transferring funds to someone online can become a tedious process. You need to add the person as a beneficiary, get details like their IFSC code, bank account number, branch, etc. Thanks to the UPI, this will soon be history. With the UPI, funds can be transferred using just four steps. All one needs to do is put in the UPI id of the beneficiary, select the amount they wish to transfer, select ‘send’ and reconfirm the payment with a mobile pin.

The UPI is all set to become a game changer in the e-commerce sector. Shopping online will become easier since making online payments need not include the rigmarole of entering your card number, expiry date, CVV code and password. Using the e-commerce firm’s UTI id, payments can be made in a jiffy!

The same holds true for cash-on-delivery payments as well. While customers can pay the e-commerce firm directly, they can also pay the delivery boy using his UPI id or – better still – using the QR code the delivery boy carries on his UPI app.

Currently 29 banks are a part of the UPI network. However – in what is yet another bonus for customers – any bank’s systems can be used on the UPI to make payments or transfer money.

Ten banks, including ICICI, Axis, YES Bank, Punjab National Bank and Andhra Bank are currently testing the application.



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