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Mobile Banking, The next big leap

Mobile Banking, The next big leap

raghuram rajan

Yesterday’s payments
Vendor has your debit/credit card
Type in details of your credit card number, date of expiry, CVV etc
Go to your bank app, fill in IFSC code and bank account of vendor
Today’s payments
Get a UPI address like financialexpress@sbi from your bank. Link it to your bank account
Type ‘Pay financialexpress@sbi Rs 60’ from bank app. Payment made in one click
Send a payment request to a particular UPI. If that person clicks ‘Yes’, payment gets credited to your UPI which is linked to your bank account
How United Payment Interface is unique
n Single-click, two-factor authentication
n Vendor does not have your credit/debit card or bank account details
n Just has your UPI name
n No need to create beneficiaries in bank accounts to make payments
n Only used for bank-to-bank payments
n Can’t be used for wallets right now
n Unlike wallets which are also easy to use, UPI operates across all banks, vendors and individuals
n Receivers can initiate a transaction
Interoperable from the beginning, this is unlike many payments systems across the world which often are owned by one entity. This can be used by any entity and that would be very important.
Raghuram RajanRBI governor

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