UPI API Features
National Payment Corporation of India (NPCI) had developed Unified payment Interface (UPI) , a single interface across multiple bank accounts .UPI is a Single click Two Factor authentication system, available round the clock.UPI uses Virtual ID which is very secure.
UPI push payment is a system for sending money using virtual address. It is very simple process user logs in to UPI application, selects the option of Send Money/Payment
then enters beneficiary’s/Payee virtual id, enter amount and PIN then user gets confirmation of successful or failure message.
User logs in to his bank’s UPI application selects the option of collect money (request for payment) then enter remitters/payers virtual id, amount and account to be credited ,then The payer will get the notification on his mobile for request money. Payer now can reviews payment request then decides to click on accept or decline .
In case of accepting payment, the payer will enter UPI PIN to authorize the transaction. For accepting payment, the payer will enter UPI PIN to authorize the transaction.
Customer can check balance his own account current balance using AADHAR Enabled Payment .Customer can do this without having any type of card like ATM,Debit ,credit etc. Also no need of smart phone and do not have to remember PIN or password.
It is very quick and available 24x7 and same process can be followed for the all bank associated this AADHAR number.
Customer can check balance his own account current balance using AADHAR Enabled Payment .Customer can do this without having any type of card like ATM,Debit ,credit etc. Also no need of smart phone and do not have to remember PIN or password.
It is very quick and available 24x7 and same process can be followed for the all bank associated this AADHAR number.
You can now link your over-draft account to UPI which was not available until now.Earlier there was no digital mode to do so and its very fast prrocess.QR can also be used for this service.UPI 2.0 will have Capture and hold facility.Merchant will be able to block a certain amount of money on their user’s cards and debit/refund it a later.
Now, merchant using UPI 2.0 payments can map refund payment so that need not to issue a fresh refund transactionusers and have clarity on the refunds made.
Earlier a collect request was sent customer and only verify the amount being paid. Now prior to making the payment customer will be able to check the invoice being paid and .in other words, customer will be able to view the bill in the UPI app, verify the details and pay the invoice and merchant will get payment.This functionality is only available for the invoices of verified merchants.
Merchant can pre-authorise (Mandate) a transaction, for debit from customer's bank account for later payment Or any user can shedule a payment for latter debit. UPI mandate's main feature is money is to be transferred later, however the commitment towards that is to be done now. It is possible that the sender may forget to send money later so creates a mandate or for a service/merchant payment wherein this functionality may be required. The customer's account shall get debited when the mandate is executed. UPI mandate can be executed one time only.