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How the Unified Payments Interface will affect payment gateways

Need to know The Unified Payments Interface (UPI) is a payments architecture by the National Payments Corporation of India (NPCI) which will allow payments via aliases which don't need account details, and enable pull payments. The UPI will eliminate the need for payment gateways to maintain relationships with each bank for settlement, and they will have to keep one with the NPCI. Payment gateways will also help merchants set up an alias to receive payments. Wallet and netbanking payments will decline (according to Harshil Mathur). Cards will still have use cases for payments on international websites. The Unified Payments Interface (UPI) was launched earlier this week with 29 banks. The new payments architecture from the National Payments Corporation of India (NPCI) is poised to change payments in the country and will allow users to make a transaction without divulging their account details and IFSC codes through aliases (such as shashidhar@hdfcbank) and will allow pull-based payments. In a conversation with MediaNama, Harshil Mathur co-founder and CEO of  Razorpay, explains how the UPI will change things for payment gateways. The big advantage Mathur explains that payment gateways currently have to maintain an individual relationship with each bank to route and settle payments. With the UPI, it would eliminate this. "So the UPI is a boon for payment gateways. Right now, we as a payment gateway are a facilitator for payments for merchants. Our relationship with the merchant is to help them with different payments instruments," Mathur said. Initially, the UPI will be offered to customers as…

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