HSBC launches its UPI for corporates in India

Foreign lender HSBC today launched its Unified Payments Interface (UPI) for corporates in the country.

"A UPI enabled platform will help the migration of cash towards the electronic platform and support the larger vision on digital payments while overcoming the challenges of a cash-fuelled economy," its country head Stuart P Milne said.

The UPI platform, which is managed by the National Payments Corporation of India (NPCI) was launched in April this year and various lenders have come out with their propositions starting September.

It is billed as a game-changer because of the ability to inter-operate between banks.