Here's a little briefing on how payments have been made till date & how RBI Governor Raghuram Rajan intends on altering stuff
Yesterday’s payments:
Vendor has your debit/credit card
Type in details of your credit card number, date of expiry, CVV etc
Go to your bank app, fill in IFSC code and bank account of vendor
Today’s payments:
Get a UPI address like aadishesh@sbi from your bank. Link it to your bank account
Type ‘Pay aadishesh@sbi Rs 70’ from bank app. Payment made in one click
Send a payment request to a particular UPI. If that person clicks ‘Yes’, payment gets credited to your UPI which is linked to your bank account
How United Payment Interface is unique
- Single-click, two-factor authentication
- Vendor does not have your credit/debit card or bank account details
- Just has your UPI name
- No need to create beneficiaries in bank accounts to make payments
- Only used for bank-to-bank payments
- Can't be used for wallets right now
- Unlike wallets which are also easy to use, UPI operates across all banks, vendors and individuals
- Receivers can initiate a transaction
Source: Yahoo
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