BFSI GUIDE

Uni­fied Pay­ments In­ter­face (UPI) You can go cash­less now

Consumer Voice - - News -

Ify­ouareyet­to­move­toas­mart­phone­and­haveno­tyetre­alisedthe­p­o­ten­tialo­fo­ne­ofthe world’s most pow­er­ful dig­i­tal de­vices ,then this ar­ti­cle is not for you to read. On the other hand,ify­ouareaware­of­thethingsthaty­ouareprob­a­blymissin­gou­ton­bynot­being­ona smart­phone,this ar­ti­cle will make you en­vi­ous. Tobe­gin­with,jus­timag­inethis:Yourfrien­disin­needandy­oua­gree­toloan­him­somem­o­ney. Heon­lyneed­stosendames­sage­toy­our­bankvi­aUPI, themes­sagereach­esy­our­bank, and the bank takes your per­mis­sion to sanc­tion the friendly loan.You ap­prove the same via a sim­ple mes­sage and the money is trans­ferred to your friend’s ac­count. Fur­ther­more,you­canask­fory­our­maid’sAad­haar-linked­bankac­coun­tand­trans­fer­the­money di­rectly to their ac­count.At the nearby ki­rana store,you may opt to pay di­rectly in the rel­e­vant bankac­coun­twith­at­apo­fafin­gerony­ours­mart­phone.Theshop­keep­er­get­sacon­fir­ma­tionof the trans­fer via sms in real time.

In the decade past, the term ‘core bank­ing’ was much in vogue. There were so many fea­tures that changed the way we banked: be­ing able to do al­most any­thing from any branch of the same bank, get­ting same-bank cheques cleared in real time, us­ing cards in­stead of cash, sms alert for trans­ac­tions, and so on. Then, just over a cou­ple of years ago, mo­bile in­ter­net and smart­phone ap­pli­ca­tions came into the scene, help­ing us do away with the need to visit the bank for ev­ery lit­tle thing. To­day, ev­ery now and then, one gets to hear of a new app that claims to make money trans­ac­tions eas­ier,

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