#npci ( National payments Corp of India) has created a unique, innovative ecosystem across not just India, but also several countries. The backbone of the NPCI system- popularly known as the UPI ( unified payments interface) is what is fuelling transactions at a scale of billions, never seen before by merchants and credit card companies .
It seems that transacting with credit cards is so neanderthal-
Find the payment link or POS
Find the credit card or the gpay wallet ,
3.type in a 16 digit number,
4. expiry date ,
5. CVV ,
6. name ,
7. address ,
8. the amount,
9.and then get an OTP and then type in the OTP.
All this, even for a payment of 1$ to someone.
With UPI, The same eight step process is whittled down to three simple steps,
since i already have the UPI app installed in my phone. The UPI app is pre-connected to a digital wallet , which is preconnected to my bank.
What makes it very easy is that the merchant or the payee displays a UPI QR code which is already connected to their bank. If it is a personal payee, their number is already connected to their bank via the UPI app.
Now, i can follow the simple steps to pay :
1.. Scan the QR code or look up the telephone no from my address book
2. Enter the amount
3. Type in the Pin
Whoosh - payment done !! ( the backbone - the UPI interface has created all the connections from the QR code or the payee number to the bank already).
Checks and balances - the UPI has a daily limit, and you can set a limit on the wallet amount as well, so no one can transfer more in a day, or even millions or billions !
Amazing to know that Indian UPI has already reached Mauritius, France and many more countries.
Isnt it time all countries got the UPI going ?? Learn from #IndianInnovation at its best
Innovation by India #amblingindian
www.amblingindian.com- Quirly reads on India by the amblingindian , a new common woman of india