The National Payments Corporation of India (NPCI) facilitates e-payment services in India through the Unified Payments Interface (UPI), allowing users to transfer money easily without needing IFSC codes or bank account numbers. UPI offers features like round-the-clock money transfers, secure virtual addresses, and supports multiple bank accounts within a single app, benefitting both customers and merchants. The activation of UPI requires a bank account, mobile number, and a smartphone, making digital transactions more accessible and efficient.

1. UNIFIED PAYMENTS INTERFACE (UPI)

2. WHAT IS NATIONAL PAYMENTS CORPORATION OF INDIA (NPCI)
 NPCI stands for National Payments Corporation of India. NPCI is an Indian organization for retail
payment systems in India allowing Indian citizens to have unrestricted access to e-payment services.
 National Payments Corporation of India has been created under the provisions of Section 25 of
Companies Act 1956 (now Section 8 of Companies Act 2013), with the objective of providing
infrastructure to the banking system in India for physical and mobile banking.

3. WHAT IS UNIFIED PAYMENTS INTERFACE(UPI)
 UPI or Unified Payments Interface is an online payment system that can be used with a smartphone
access. Undoubtedly, it has been a game changer in the economy of India. With UPI, you can transfer
money without any IFSC code and beneficiary account number.
 Features of UPI
* UPI enables immediate money transfers round the clock anytime, anywhere.
* It is one common platform to manage multiple bank accounts.
* Virtual addresses keep the user’s personal details and credentials secure.
* No more visiting banks or ATM.
* Makes life easier with the easy digitized payment option.
* Merchant payments easy through single application or with in-app payment feature.
* Fast counter payments through a barcode scan.
* All banking queries solved through an app. You can even raise complain over the phone.

4. BENEFITS OF UPI FOR BANKS
 Single click 2 Factor authentication for transactions
 Universal application for transaction
 Flexible and user-friendly set up
 Safe, secure and fast process, it uses the NPCI library to capture credentials
 Enables hassle-free merchant transactions
 Payment involves a single identifier

5. BENEFITS OF UPI FOR END CUSTOMERS
 Easy & Safe Payments: All that is required is just the MPIN to process payments! No OTP, password or
sharing bank details from your customer’s end is required. Hence, easy and secure payments are
possible on a UPI enabled payment gateway.
 Unlimited Transactions: UPI payment is the best option for your customers if they want to make a large
number of transactions. Also, the upper limit for UPI transaction is one lakh per day.
 One App For All Banks: If your customer has multiple bank accounts, they can still continue to transact
by saving their details, in just one app.

6. BENEFITS OF UPI FOR MERCHANTS
 No App Needed: To accept payments from your customers in your bank account, there is no need to
download, sign up or create an account in any app. Only your customers need the UPI app to pay you.
All you need is a payment gateway which enables accepting UPI payments.
 No-integration hassles: A UPI-enabled payment gateway will automatically provide UPI as a payment
option to your customers. Which means you do not have to put any additional efforts.
 Better conversions: When your customers choose UPI as their preferred payment method on your
website, they will experience minimum redirects. Thus, helping you get maximum sales.
 High Success Rate: Since your customer’s Virtual Payment Address (VPA) gets auto-generated on the
checkout page, for instance on PayUmoney’s checkout page, after making a purchase, they just need to
enter their Mobile Banking PIN (MPIN). This 1-step, hassle-free transaction promotes higher success rate.

7. PROCEDURE OF UNIFIED PAYMENTS INTERFACE (UPI)
 Requirement to get UPI
Active bank account
Mobile number linked to the bank account
Smartphone with an internet connection
Debit card to set MPIN
 Activating UPI
Download the UPI app
Register on the app with your account details
Create virtual ID
Set MPIN
Account gets activated within 5 mins
 Requirement for processing a transaction
Smartphone with an internet connection
Registered device
Use registered MPIN

8. THANK YOU !!
MAKING INDIA CASHLESS AND DIGITAL
Read More : https://www.instantbanking.in