Friday, December 9, 2016

UPI - A step in right direction

UPI (Unified Payment Interface) is a good answer to reducing cost of cashless transactions. Currently it is free.

It is a government enterprise - National Payments Corporation of India directly in tie ups with Banks. Hence expected to keep the charges, when levied in future to be very less compared to 2% charged by credit card companies.

Following banks have released UPI apps

1
South Indian Bank
2
Union Bank of India
3
United Bank of India
4
Axis Bank
5
Karnataka Bank
6
Vijaya Bank
7
Punjab National Bank
8
Federal Bank
9
Bank of Maharashtra
10
Thane Janta Sahkari Bank
11
DCB
12
Catholic Syrian Bank
13
UCO Bank
14
ICICI Bank 
15
Andhra Bank
16
Canara Bank
17
IDFC Bank

So If you have an account with any of the above banks. Download the android app for your bank and register using your mobile number or id you prefer. It is free to transact using UPI at present cheaper than NEFT. :)

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