UPI to be available offline: Govt to make digital payments user-friendly

The upgraded version of UPI will have basic features such as ability to send or receive money, more

With emphasis on digital payments, the Centre plans to introduce a newer version of United Payment Interface (UPI) and the Unstructured Supplementary Service Data (USSD) that will be consumer friendly and help make digital transaction even without internet connection.

 

According to a report published in The Economics Times, in a week's time, a easier-to-use application for UPI will be launched. UPI, launched in August, has been defeated by other small players because of its lack of common application. The new version of National Payments Corporation of India (NPCI)'s UPI, however, will not replace the existing ones.

 

Features that are included in the upgraded UPI are: 

 

Through a single app, users will be able to download to transact across multiple banks

 

The upgraded version of USSD platform will enable banking through feature phones

 

The upgraded version of UPI will have basic features such as ability to send or receive money, linking of accounts, saving profile of the user, changing the language, recording beneficiary details and providing balance enquiry

 

Current issues in UPI

 

There could be four parties in a UPI transaction: Two app developers (sender’s and receiver’s), the bank from which money is sent and the receiving bank. In UPI, a person can use any bank’s app without being its customer and add another bank’s account to it. But, if a transaction fails and the funds don’t return to the sender’s account, he has no option but to approach his bank to resolve the problem. 

 

Bankers say at present there’s no automatic reversal of money. “National Payments Corporation of India’s (NPCI) officials do help to resolve such problems but the volume of transactions is quite low. It will be difficult for banks, as well as NPCI, to handle grievances when the volumes are in millions,” says a banker. And, the customer will need to proactively follow up with banks.