The Unified Payments Interface (UPI) will be launched later this month on July 31, reports the Indian Express, quoting National Payments Corporation of India Chairman AP Hota, who said that that 15 banks are ready with the applications for the UPI, and applications from State Bank of India and HDFC Bank will be ready by September.
Some of the banks who are ready with applications are Union Bank of India, Oriental Bank of Commerce, Andhra Bank, Catholic Syrian Bank, Karnataka Bank , DCB Bank, Punjab National Bank, Canara Bank and Axis Bank. At the soft launch, 29 banks had expressed interest, out of which 19 banks have started building applications.
Unified Payments Interface is a payments architecture developed by the NPCI that will allow users to make a transaction without divulging their account via aliases (such as shashidhar@hdfcbank) and will allow pull-based payments.
Note that wallets were not allowed to be a part of the UPI as as banks needed time to catch up to them in terms of services. However, they can sign on with banks as merchants. Recently, Axis Bank and FreeCharge partnered to allow its users to make payments through the UPI. Through this, FreeCharge users will be allowed to load money into their wallets through the UPI option which will be powered by Axis Bank’s SDK.
Other launches by the NPCI
The Indian Express added that NPCI will also be launching the Bharat Bill Payment System (BBPS) in August, the electronic toll collection (ETC) in September, National Common Mobility Card in October and the RuPay credit card in November.
The credit cards launch is delayed as the NPCI is changing to a new switching platform. “The old switching platform is the Eurnonet platform and the new platform is the FIS platform. The difference in the two lies in the capacity of processing. Now can process only 40 million transactions a day. So on the whole RuPay’s network does about 25 million transactions. So now we are building capacity for 100 million now,” AP Hota had told MediaNama in an interview.