OpinionPolitics

UPI ““ A Game Changer in Indian Money Market

The days of long waiting in queue in banks are slowly becoming extinct. With the increasing awareness about internet banking and mobile banking , more and more people are preferring to choose them rather than visiting a bank branch. Unified Payment Interface (UPI) is a recent addition in this regard to make the life of a common man easier.

UPI is developed by National Payment Corporation of India (NPCI). UPI will be available for following banks namely, 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 UPI app will be available in Google playstore by next week. Once the customer is registered with UPI, then he need not carry cash, debit or credit car while going for shopping. He just needs to carry a smartphone with mobile internet activated in it.

UPI will provide an ease means of transfer of money from one account to another not only within but also outside the country. It is more attractive over the other internet money transfer options like NEFT, RTGS or IMPS because of the instantaneous in nature.

This is a very efficient use of technology in banking system of our country which will slowly transform India into a cashless economy. Moreover, for he successful implementation of UPI, the Government of India had thoughtfully promoted financial inclusion through Pradhan Mantri Jan Dhan Yojana (PMJDY) which has made world record too. With effective implementation of UPI, we flush out black money from our domestic economy too.

ACHCHE DIN AA GAYE!


Akshara Damle

Twitter- @aksharadamle

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