With upi who needs a mobile wallet

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Best Upi App
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With UPIs, Who Needs a Mobile Wallet?   Honorable
Prime Minister, Narendra Modi, led a
demonetisation initiative in India which has been
popularly considered a bold move. Without
discussing whether it is positive or negative for
India, we know that the aim is to become a
cashless economy. The immediate impact of going
cashless could lead to significant changes to the
way Indians carry out monetary transactions. And,
there is a great possibility that we could see an
extensive use of mobile wallets, debit cards, and
credit cards in the short term. However, will
such usage sustain over a long period of time or
will a different payment method be invented that
will be at the forefront of a cashless India?
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Currently, bank customers who intend to send or
receive money need to share their bank IFSC code
which, in turn, reveals their account details. In
order to avoid any misuse of such data as well as
to leverage the considerably high degree of
smartphone penetration (projected to rise from
150 million to 500 million in the next few
years), a new payment system and interface have
been designed by the National Payment Corporation
of India (NPCI). This has led to the introduction
of a Unified Payment Interface (UPI) app which
could be a potential game changer in the world of
mobile banking. For starters, UPIs are expected
to make Indians lives easier by providing a
single payment interface across all
segments. So, what is a UPI and how is it
different from the existing payment methods used
by bank customers? Let us take an in-depth look
at a best upi app bank, its key features, and the
value differentiators that will help India move
towards a more cashless model.
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UPI Overview A UPI is an API protocol designed
or developed by the NPCI for interoperable
payments in India. UPI servers are seamless
payment mechanisms that empower banking customers
to initiate payment requests (send and receive
money) by only using a smartphone in real time
without any debit or credit cards or internet
banking. The Reserve Bank of India (RBI) helped
to launch this advanced version of Immediate
Payment Service (IMPS) to allow Indians to carry
out fund transfers round the clock. At the rate
at which mobile banking is being embraced by the
Indian people, such a Upi app bank will be able
to help banks reach out to a massive audience
which even their numerous branches are unable to
achieve. You can expect UPIs to bring about a
revolution similar to the one witnessed when ATMs
were first introduced a couple of decades ago.
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How It Works A UPI uses a virtual address as a
payment identifier (and no bank account details)
to send and receive money from a smartphone user.
A customer simply has to pay to or collect
from a payment address, such as a mobile
number, Aadhar card number, virtual payment
address or RuPay card, with a single click. It
allows full interoperability across all
identifiers (payment address options). The
payments can either be initiated by the payer
(sender) or the payee (receiver) and is carried
out in a secure and integrated manner. The
virtual address is unique to each user and his or
her personal account, while banking details will
be kept hidden.
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Also, the monetary transaction will be
authenticated at two levels (one-click,
two-factor authentication). So, the users mobile
phone will have a mobile PIN (labelled MPIN) and
a virtual identifier, both given by the provider.
When the user clicks to send money, a check is
performed to match the mobile PIN with the
virtual address and only when the match is
successful will the transaction go through.
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With this technological advancement, a user will
simply need a smartphone and the Upi app bank to
make instant online payments To someone (over
the counter) at a merchants establishment During
online shopping While paying utility bills or
school fees When using app-based cab
services When you think about it, we have been
using mobile wallets to transfer money from our
bank accounts or credit cards to our wallets for
years. Now, you simply make the payments to the
receivers wallet, who must either transfer the
money to his or her bank account or use the same
for any relevant payments. This cashless payment
method is so much easier.
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UPIs will also enable us to cut the process short
and ensure that we send money directly to the
receivers bank account with a few simple taps on
our smart devices. Additionally, it can execute
all the functions of a debit card as well as
internet banking in a more secured
environment. While UPIs have emerged with the
support from the RBI and Indian Banks Association
(IBA), most of the existing mobile wallets that
are being used extensively by many do not have
payment bank licences and have been attempting to
partner with banks for a long time. However,
mobile wallets have been valuable for Indians who
do not have bank accounts by enabling them to
transfer funds even to remote rural areas. And,
the emergence of UPIs is likely to empower
state-owned banks to tap into this market as well.
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The use of virtual addresses with UPIs also helps
to ensure privacy of customer data. Additionally,
the virtual addresses can be temporary, limited
to only specific payees or a particular amount or
even available for a one-time use. The payment
service providers implement the liberty to use
multiple virtual addresses and attach a variety
of authentication rules for the same. Thus, the
users are assured of high security levels without
any compromise on convenience, while handling the
Best Upi app bank. Most of the features
discussed above provide an edge for the Upi app
bank over mobile wallets and debit or credit
cards. UPIs could play a major role in the
implementation of Jan Dhan Yojana, Aadhaar and
Mobile (JAM) trinity and help us move closer to a
digital society. What do you think about
UPIs? Feel free to share your feedback and
queries (if any) in the comments section
below. Source http//www.quytech.com/blog/tag/ca
shless/
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