Unified Payment Interface (UPI)

Unified Payment Interface (UPI) is an interface designed to enable all account holders to send and receive money from their smartphones with a single identifier – Aadhaar number, mobile number, virtual payments address – without entering any bank account information.
NPST has developed robust solution for UPI as per the NPCI’s guidelines which is currently provided to large scale public sector bank. NPST’s Solution enables our customer banks to connect with interbank transaction systems thus helping them provide the facility of immediate payments through mobile banking and other channels to their end customers. Currently, banks on IMPS support transactions where a customer needs to enter multiple details as below:

  • Mobile number & MMID for P2P (Person to Person)
  • Account number & IFS Code for P2A (Person to Account)

However, enabling a bank on Unified Payment Interface using the NPST UPI solution, a customer only needs to enter a simplified, user-friendly payment address.

The UPI payments can be used for
  • Paying to Cash on Deliveries.
  • Merchant transactions at Physical/e-commerce stores.
  • Making IMPS alike payments without the need of knowing Bank A/c or IFSC's.
  • Allows merchants cash settlements in real-time.
  • Pay utility Bills, insurance premiums.
  • Transfer Money to friends and relatives

NPST is currently providing Unified Payment Interface solution to one of the public sector bank having a network of around 5784 branches and more than 9153 ATM’s spread across India having over 6 crore (approx) customer database.With this we have bagged 4 more accounts for UPI.

IMPS and UPI Solution Process Flow: