State Bank of India, HDFC Bank go live on Trupay UPI

State Bank of India along with HDFC Bank on Wednesday went live with their United Payment Interface (UPI) services on Financial Technology company Trupay.

Trupay is one of the first non bank companies in the country to offer UPI payment solution. With current demonetization drive this will be a big boost to enable bank based digital payments.

This will be a big boost for UPI payments since SBI and HDFC comprise about 35 percent of country's banking population. With SBI and HDFC coming onboard the total number of banks offering UPI services on Trupay has increased to 28 major banks covering more than 90 percent of country's banking population.

Trupay has also unveiled its UPI based merchant solution which enables merchants to collect payments through UPI.

In current times where customers and merchants are facing major problems in cash transactions this can be a big boost to enable cashless digital payments without cards or POS machines. A merchant can onboard himself on Trupay in two minutes and start collecting UPI payments from his customers who will be directly able to pay from their bank accounts using mobile phones.

With Trupay UPI users and merchants are able to create their virtual payment address for eg. rahul@xyzbank and goyalstores@xyzbank and users can send money directly from their bank account into merchants bank account with a tap on their mobile phone.

"This coming together of all major banks on UPI is a major boost to bank based digital payments. In current times of cash crunch UPI can be a major boon to enable even the smallest merchant to receive digital payments," said Co-founder Trupay, Rahul Gochhwal.