Start-ups find fuel in digital banking project


 

  1. Unified Payment Interface (UPI) is the National Payments Corporation of India’s (NPCI) most ambitious project
  2. Aim: To bring digital banking to 1.2 billion people in the country
  3. Transfer: Also to allow anyone with a bank account to quickly create a virtual payment address
  4. The money can be transferred using just the phone number or the Aadhaar number
  5. Charges: It is built on Immediate Payment Service (IMPS) which has lesser charges as compared to Credit and debit cards
  6. Security: End-to-end security and data protection on UPI is one of the key areas of concern among customers
Cashless Society – Digital Payments, Demonetization, etc.
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