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UPI goes live with 21 banks

SBI to log on a month later

Nupur Anand & Abhijit Lele  |  Mumbai 

UPI goes live with 21 banks

The much-hyped (UPI) went live for customers of many banks on Thursday. However, the country’s largest lender, State Bank of India, will join the platform about a month later.

The brainchild of Reserve Bank of India Governor Raghuram Rajan, is expected to revolutionise the way consumers make payments.


NEWER AVENUES
  • makes sending money easy with real-time money transfer
  • It will allow users to transfer money through a unique virtual address, or mobile number, or number
  • With UPI, users need not know the payee's bank account details
  • It will also facilitate raising payment requests

Apps of all the 21 banks, which have been permitted by (NPCI), will be available on Google Play Store within three days, executives told Business Standard. apps of Axis Bank, Union Bank of India, and were available on the Google Play Store on Thursday evening.

Thursday’s launch came more than a month after the original deadline of July 31 because most banks took longer-than-expected to get technology-ready.

The launch had to be deferred as had said that only lenders that had 1,000 pilot customers, 5,000 transactions and 90 per cent success rate would be allowed to go live. Initially, 29 banks had tied up with for the launch. However, only 21 banks have been able to meet the criteria so far.

Banks’ apps are interoperable, so a customer’s multiple bank accounts can be added to a single bank’s app.

Some big lenders like have not been able to meet the deadline. When asked, an official said, “App for the is ready. It has to be tested thoroughly to avoid glitches before making it available to millions. Bank has largest retail customer base in the country and we do not want complaints to grow exponentially by going live in a hurry.” will further examine the app with closed-user group and may go live in about a month’s time, the official added.

An official also confirmed the timeline indicated by Given the scale of SBI’s operations, fool-proofing the system is necessary. The launch was awaited as it is expected to give a significant boost to mobile money transfers. is built on the existing (IMPS) that allows real-time transfer of money 24x7 and is also interoperable across banks which, giving it a leg-up compared with other money transfer applications.

By using the app, one can transfer money to another person through 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 number. Neither the payer nor the payee will have to share their bank account details, IFSC code, etc with each other. The other advantage is that a seller can also raise a payment request. As a result, it is also supposed to be used by merchants to raise invoice requests.

First Published: Fri, August 26 2016. 06:29 IST
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