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The Unified Payments Interface (UPI) is now live with 21 banks

The National Payments Corporation of India (NPCI) announced that it's ambitious payments architecture the Unified Payments Interface is now live for customers with 21 banks launching their apps on the Google Play Store. UPI launch begins the cashless revolution! https://t.co/ykOTc4CRG6 — Nandan Nilekani (@NandanNilekani) August 25, 2016 The NPCI added that RBL Bank and IDBI Bank have been on boarded as issuers  which enables their customers to download any UPI enabled-apps mentioned above and link their account. The list of banks who have a UPI-enabled mobile app on the play store: Andhra Bank  Axis Bank Bank of Maharashtra Bhartiya Mahila Bank Canara Bank Catholic Syrian Bank DCB Bank Federal Bank ICICI Bank TJSB Sahakari Bank Oriental Bank of Commerce Karnataka Bank UCO Bank Union Bank of India United Bank of India Punjab National Bank South Indian Bank Vijaya Bank YES Bank. UPI is a payments architecture that will allow users to make a transaction without divulging their account details via aliases (such as shashidhar@hdfcbank) and make pull-based payments. The payments architecture was built upon the IMPS mobile payments system which let customers to transfer money across different banks with the use of a single identification and password. Through this, multiple bank accounts can be be linked to a single mobile banking application and money can be both received and requested through the same interface. More on that here. Wallets not on the UPI The draft paper on the UPI also said that it would provide interoperability between different payment systems including mobile wallets. However, AP Hota, CEO…

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