National Payments Corporation of India (NPCI), the umbrella organisation for all retail payments system in the country, has announced that its online payment system Unified Payments Interface (UPI) is live and currently available for customers of 21 banks.
The UPI enabled mobile app will be available for customers of Andhra Bank, Axis Bank, Bank of Maharashtra, Bhartiya Mahila Bank, Canara Bank, Catholic Syrian Bank, DCB Bank, Federal Bank, ICICI Bank, TJSB Sahakari Bank, Oriental Bank of Commerce, Karnataka Bank, UCO Bank, Union Bank of India, United Bank of India, Punjab National Bank, South Indian Bank, Vijaya Bank and YES Bank.
The newly launched platform will empower users to perform instant push and pull transactions seamlessly, according to the company.
In a statement, NPCI said that the banks with 1,000 pilot customers, 5,000 transactions and success rate of nearly 80% would be permitted to go live. Such a threshold criteria helped banks to refine their systems and procedure.
The UPI app of 19 banks will be available on the Google Play Store in next two to three working days for the customers to download and start using, it added.
NPCI managing director and CEO A P Hota said: “This is a success of enormous significance. Real-time sending and receiving money through a mobile application at such a scale on interoperable basis had not been attempted anywhere else in the world. Now the UPI App will be made available on Google Play Store by banks.
The product was initially soft-launched by former Reserve Bank of India Governor Raghuram Rajan on 11 April 2016.