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SBI, HDFC Bank to accept UPI payments

Transactions through UPI were not picking up as daily transactions through the platform stood at a moderate figure of 10,000

Nupur Anand  |  Mumbai 

sbi, SBI, state bank of india
State Bank of India

With State Bank of India (SBI), the country’s largest lender, and Bank, the second-largest private sector lender, deciding to accept payments made through the (UPI), the digital payment system is likely to see robust growth in the days to come. With this, the number of accepting payments stands at 28. 

Launched on August 25 this year, has made money transfer simpler by doing away with details such as bank account number, IFSC code, etc. Bankers had hailed it as the ‘WhatsApp moment’ for payments in India. One can send money by sending a text message. However, transactions through were not picking up as the daily transactions through the platform stood at a moderate figure of 10,000. 

This could change dramatically with and Bank coming on board, says A P Hota, managing director and chief executive officer of National Payments Corporation of India (NPCI), which runs commands the largest market share; we were waiting for them to come on board. Now that they’re set to go live, we’ll start advertising and also ask to increase communication to their customers to use ” 

By March next year, aims to take up the number of daily transactions to one million. It also expects the number of registered users to go up from two million now to three million within a month. 

went live on August 25. By using this application, a customer can transfer money to another person via a unique virtual address (virtual addresses are aliases to a bank account, allowing a customer’s account to be uniquely mapped), or mobile number, or Aadhaar number. And, therefore, customers do not need to know the payee’s IFSC code, bank account details, etc, thus, making the process simpler.

is built on the existing Immediate Payment Service, or IMPS, which allows real-time transfer of money 24x7, and is also interoperable across  

Another distinguishing feature of is that it allows one to send a request asking for payments. As a result, e-commerce and merchants are expected to drive growth as it would allow them to send invoice requests and make payments and settlements much faster. However, merchants haven’t yet become a part of in a significant way. But now, in what is being termed 2.0, merchants are supposed to come on board.

Apart from and Bank, the others accepting payments through include Axis Bank, ICICI Bank, Union Bank, YES Bank, IDBI Bank, HSBC, etc. Earlier, the launch for the was slated to be July 31, which had to be postponed by a month, as some were not ready.

SBI, HDFC Bank to accept UPI payments

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SBI, HDFC Bank to accept UPI payments

Transactions through UPI were not picking up as daily transactions through the platform stood at a moderate figure of 10,000

Transactions through UPI were not picking up as daily transactions through the platform stood at a moderate figure of 10,000
With State Bank of India (SBI), the country’s largest lender, and Bank, the second-largest private sector lender, deciding to accept payments made through the (UPI), the digital payment system is likely to see robust growth in the days to come. With this, the number of accepting payments stands at 28. 

Launched on August 25 this year, has made money transfer simpler by doing away with details such as bank account number, IFSC code, etc. Bankers had hailed it as the ‘WhatsApp moment’ for payments in India. One can send money by sending a text message. However, transactions through were not picking up as the daily transactions through the platform stood at a moderate figure of 10,000. 

This could change dramatically with and Bank coming on board, says A P Hota, managing director and chief executive officer of National Payments Corporation of India (NPCI), which runs commands the largest market share; we were waiting for them to come on board. Now that they’re set to go live, we’ll start advertising and also ask to increase communication to their customers to use ” 

By March next year, aims to take up the number of daily transactions to one million. It also expects the number of registered users to go up from two million now to three million within a month. 

went live on August 25. By using this application, a customer can transfer money to another person via a unique virtual address (virtual addresses are aliases to a bank account, allowing a customer’s account to be uniquely mapped), or mobile number, or Aadhaar number. And, therefore, customers do not need to know the payee’s IFSC code, bank account details, etc, thus, making the process simpler.

is built on the existing Immediate Payment Service, or IMPS, which allows real-time transfer of money 24x7, and is also interoperable across  

Another distinguishing feature of is that it allows one to send a request asking for payments. As a result, e-commerce and merchants are expected to drive growth as it would allow them to send invoice requests and make payments and settlements much faster. However, merchants haven’t yet become a part of in a significant way. But now, in what is being termed 2.0, merchants are supposed to come on board.

Apart from and Bank, the others accepting payments through include Axis Bank, ICICI Bank, Union Bank, YES Bank, IDBI Bank, HSBC, etc. Earlier, the launch for the was slated to be July 31, which had to be postponed by a month, as some were not ready.

SBI, HDFC Bank to accept UPI payments

image
Business Standard
177 22

SBI, HDFC Bank to accept UPI payments

Transactions through UPI were not picking up as daily transactions through the platform stood at a moderate figure of 10,000

With State Bank of India (SBI), the country’s largest lender, and Bank, the second-largest private sector lender, deciding to accept payments made through the (UPI), the digital payment system is likely to see robust growth in the days to come. With this, the number of accepting payments stands at 28. 

Launched on August 25 this year, has made money transfer simpler by doing away with details such as bank account number, IFSC code, etc. Bankers had hailed it as the ‘WhatsApp moment’ for payments in India. One can send money by sending a text message. However, transactions through were not picking up as the daily transactions through the platform stood at a moderate figure of 10,000. 

This could change dramatically with and Bank coming on board, says A P Hota, managing director and chief executive officer of National Payments Corporation of India (NPCI), which runs commands the largest market share; we were waiting for them to come on board. Now that they’re set to go live, we’ll start advertising and also ask to increase communication to their customers to use ” 

By March next year, aims to take up the number of daily transactions to one million. It also expects the number of registered users to go up from two million now to three million within a month. 

went live on August 25. By using this application, a customer can transfer money to another person via a unique virtual address (virtual addresses are aliases to a bank account, allowing a customer’s account to be uniquely mapped), or mobile number, or Aadhaar number. And, therefore, customers do not need to know the payee’s IFSC code, bank account details, etc, thus, making the process simpler.

is built on the existing Immediate Payment Service, or IMPS, which allows real-time transfer of money 24x7, and is also interoperable across  

Another distinguishing feature of is that it allows one to send a request asking for payments. As a result, e-commerce and merchants are expected to drive growth as it would allow them to send invoice requests and make payments and settlements much faster. However, merchants haven’t yet become a part of in a significant way. But now, in what is being termed 2.0, merchants are supposed to come on board.

Apart from and Bank, the others accepting payments through include Axis Bank, ICICI Bank, Union Bank, YES Bank, IDBI Bank, HSBC, etc. Earlier, the launch for the was slated to be July 31, which had to be postponed by a month, as some were not ready.

SBI, HDFC Bank to accept UPI payments

image
Business Standard
177 22