Payment Sollutions:

A Comprehensive Feasibillity Study.

This presentation aims to expllore the viabillity of payment sollutions and highllight the key factors to consider whille impllementing them.

Unified Payments Interface (UPI)

           Unified Payments Interface (UPI) is a system that powers multiple bank accounts into a single mobile application (of any participating bank), merging several banking features, seamless fund routing & merchant payments into one hood. It also caters to the “Peer to Peer” collect request which can be scheduled and paid as per requirement and convenience. With the above context in mind, NPCI conducted a pilot launch with 21 member banks. The pilot launch was on 11th April 2016 by Dr. Raghuram G Rajan, Governor, RBI at Mumbai. Banks have started to upload their UPI enabled Apps on Google Play store from 25th August, 2016 onwards.

How is it unique?

  • Immediate money transfer through mobile device round the clock 24/7 and 365 days.
  • Single mobile application for accessing different bank accounts.
  • Single Click 2 Factor Authentication- Aligned with the Regulatory guidelines, yet provides for a very strong feature of seamless single click payment.
  • Virtual address of the customer for Pull & Push provides for incremental security with the customer not required to enter the details such as Card no, Account number; IFSC etc.
  • QRCode
  • Best answer to Cash on Delivery hassle, running to an ATM or rendering exact amount.
  • MerchantPaymentwith Single Application or In-App Payments.
  • Utility Bill Payment, Over the Counter Payments, QR Code (Scan and Play) based payments.
  • Donations, Collections, Disbursements Scalable.
  • Raising Complaint from Mobile App directly                        

Participants in UPI

  • PayerPSP
  • PayeePSP
  • RemitterBank
  • Beneficiary Bank
  • NPCI
  • BankAccountholders
  • Merchants

Steps for Registration:

  • User downloads the UPI application from the App Store/Banks website
  • Usercreates his/her profile by entering details like name, virtual id (payment address), password etc.
  • Usergoes to “Add/Link/Manage Bank Account” option and links the bank and account number with the virtual id

Generating UPI-Pin

  • User receives OTPfrom the Issuer bank on his/her registered mobile number
  • User now enter last 6 digits of Debit card number and expiry date
  • User enters OTP andenters his preferred numeric UPI PIN( UPI PIN that he would like to set) and clicks on Submit
  • After clicking submit, customer gets notification (successful or decline)
  • User enters his old UPI PIN andpreferred new UPI PIN (UPI PIN that he would like to set) and clicks on Submit
  • After clicking submit, customer gets notification (successful or failure)

Performing a UPI Transaction:\

Send Money

  • User logs into UPI application
  • After successful login, user selects the option of Send Money/Payment
  • User enters beneficiary’s/Payee virtual id, amount and selects account to be debited
  • User gets confirmation screen to review the payment details and clicks on Confirm
  • User now enters UPI PIN
  • User gets successful or failure message

Request Money

  • Users logs in his bank’s UPI application
  • After successful login, user selects the option of collect money (request for payment)
  • User enters remitters/payers virtual id, amount and account to be credited
  • User gets confirmation screen to review the payment details and clicks on confirm
  • The payer will get the notification on his mobile for request money
  • Payer now clicks on the notification and opens his bank UPI app where he reviews payment request
  • Payer then decides to click on accept or decline
  • In case of accept payment, payer will enter UPI PINto autorize the transaction
  • Transaction complete, payer gets successful or decline transaction notification
  • Payee/requester gets notification and SMS from bank for credit of his bank account

Product

A. Financial Transactions: UPI supports the following financial transactions viz.

Pay Request: A Pay Request is a transaction where the initiating customer is pushing funds to the intended beneficiary. Payment Addresses include Mobile Number & MMID, Account Number & IFSC and Virtual ID

Collect Request: A Collect Request is a transaction where the customer is pulling funds from the intended remitter by using Virtual ID.

B. Non-Financial Transactions: UPI will support following types of non-financial transactions on any PSP App viz.

  • MobileBankingRegistration
  • GenerateOneTimePassword(OTP)
  • Set/Change PIN
  • CheckTransaction Status
  • RaiseDispute/Raise query

Mobile Banking Registration is possible only if the mobile number (which is to be registered) is registered with the Issuer Bank for SMS Alerts/mobile alerts. Newcustomers can onboard and useUPI on all platforms, using UPI Apps, on Android API version 23 and above / iOS version 17 and above