Till now online money transfer via banks NEFT(National Electronic Fund Transfer and (RTGS) Real Time Gross Settlement are doing the process. The transfer of money to another bank account up to 16.30 hours and same bank accounts up to 18.30 after these timings it is not possible in this system, even though we have opportunity of sending money via IMPS(Immediate Money Transfer, we have to know the account number, bank name and IFSC code is must. If anybody wishes to send money to us we have to inform our account which we have to keep secret and other details. Transfer of money through mobile we have Mobiqwik, PayTm and Oxygen like valet companies are there, but we have to load money in these valets before doing the transaction with these valets. It is possible to pay the payments at (Point of sale) only with those companies who have contact with these mobile vaults.
Without informing the account details, no other hassles 24 hours mobile payments are done with unique identity, a new payment system UPI(Unified Payment Interface is bringing by the banks, the IMPS is modified with upgraded technology and UPI system by National Payments corporation of India make it for ready use. The accounts with NPCI the payments are transferred immediately. Initially with Andhra bank, Axis bank, Bank of Maharastra, Canara bank, Vijaya bank and ICICI like 21 banks having this facility. NPCI Managing director (MD) and CEO informed this to the news. Even this UPI services are starting by the end of July 2016, due to delay in a system on experiment basis, it may be started in due course. In next 3 or 4 working days banks download UPI app from Google play store. More details will be available in 21 banks websites. State Bank of India and HDFC banks will start these UPI services in next phase. With this new system the minimum amount of Rs 50.00 to maximum amount of Rs 100,000.00 can be transferred from , anytime and any person, any place
Fast growing use of the smart phone in India, keeping in mind about the fast-growing use of the smart phone, to encourage cashless transactions, Reserve bank of India is introducing the UPI payment system. The consumers are transaction 90 % transactions in cash according to value it is 65 percent Most of the persons having smart phones and from rs 50.00 to Rs100,000.00 can be transferred easily. Due to this new cashless transfer the transactions will be increased.
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Yes this is a great initiative for the overall Financial System in India. I would also download this App, though I have a few queries that I think will be clear once I start using this App.
Have you started using this interface @ksp ?