UPI gets global launch at Eiffel Tower in France.
- Launched in – 2016
- Developed by – National Payment Corporation of India (NPCI).
|
National Payments Corporation of India (NPCI) |
|
- UPI – A system that powers multiple bank accounts into a single mobile application (of any participating bank), merging several banking features, seamless fund routing and merchant payments into one hood.
- It also caters to the “Peer to Peer” collect request.
- Benefits – It benefits banks, customers and merchants.
- Immediate money transfer through mobile device round the clock 24*7 and 365 days and single mobile application for accessing different bank accounts.
- Virtual address of the customer for Pull & Push and single click 2 factor authentication provides for incremental security.
- Enables multiple payments like utility bill payments, over the counter payments, QR Code (Scan and Pay) based payments.
- UPI based products – Hello! UPI, Credit Line on UPI, UPI LITE X, UPI Tap & Pay and BHIM app.
NPCI International Payments (NIPL), an arm of NPCI has tied up with French e-commerce and proximity payments Lyra, in enabling UPI in France. Eiffel Tower is the 1st merchant to offer UPI payments in France.
- Significance of global UPI – It encourages digital payments and foster stronger ties between the partner nations.