Weekly Current Affairs

Unified Payments Interface goes live [Economy]

  • Unified Payment Interface — a payment application by which a recipient can initiate the payment request from a smart-phone — has been made operational following final approval from the RBI.
  • Real-time sending and receiving money through a mobile application at such a scale on interoperable basis had not been attempted anywhere else in the world.
  • Most leading banks such as ICICI Bank, Axis Bank, Punjab National Bank, Union Bank of India have tied up with NPCI for the service.
  • UPI app of 19 banks will be available on the Google Play Store in the next two to three working days for the customers to download and begin start using app.