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UPI: It's not only about transferring money

The interface allows you to add multiple banks and transfer money, even between payment wallets, for a fraction of existing costs

Tinesh Bhasin 

Want to check whether your friend or colleague wants to return the money you had loaned him? Send an SMS to his bank with a request for payment. The SMS will be forwarded to the friend or colleague and if he approves, the bank will pay.

The Unified Payment Interface (UPI), launched last week in association with 21 banks, is expected to make some cutting-edge changes, such as the one mentioned above. Today, there are a number of options as far as transferring money goes; these are some new changes that will simplify life to a great extent. Now, there is the Immediate Payment Service (IMPS) ...

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First Published: Sun, August 28 2016. 22:30 IST
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