As many as 30 PSBs, private and foreign banks have joined the NPCI's Unified Payments Interface (UPI), a system that allows money transfer between any two bank accounts by using a mobile phone.
The UPI system has already started pilot projects for funds transfer and customers of these 30 banks can download the app from Google Play Store on their Android phones.
The UPI app enables customers to make online as well as offline payment to merchants from their bank accounts, without typing card or net banking/wallet details and IFSC code.
The 30-banks already participating in the pilot include HSBC Bank, Axis Bank, ICICI Bank, HDFC Bank, State Bank of India and Punjab National Bank.
The transactions that can be done through the UPI app include bills, merchant payments and remittances.
The National Payments Corporation of India (NPCI) was set up in 2009 as the central infrastructure for various retail payment systems in India. During the last six years, NPCI has grown multi-fold from 2 million transactions a day to 25 million now.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)