BFSI GUIDE

Unified Payments Interface (UPI) You can go cashless now

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,