Why in Broadcast?

• Punjab National Bank (PNB) has rolled out an IVR-powered digital payment solution “UPI 123PAY” in collaboration with the National Payments Corporation of India.

Aim

• The introduction of 123PAY UPI is aimed at providing UPI perks to areas without internet connection and people having no smartphones.

Bank Transaction Limit on UPI

• NPCI has set out guidelines for UPI transactions stating that a person can initiate a maximum payment of Rs.1 lakh per day through UPI.
• The UPI limit varies from small banks (Canara Bank Rs. 25,000), to big banks (SBI Rs.1 lakh).
• NPCI has also set a limit on the number of transactions per day which is 20 transactions post per day.

UPI App Limit

• Google Pay, Paytm, and Amazon Pay UPI have set a limit of Rs.1 lakh per day along with a total of up to ten transaction limits across all UPI apps and bank account.

Unified Payments Interface

• Unified Payments Interface (UPI) is a system that powers multiple bank accounts into a single mobile application, merging several banking features, seamless fund routing & merchant payments into one hood.
• It also caters to the “Peer to Peer” collect request which can be scheduled and paid as per requirement and convenience.
• The pilot launch was on 11th April 2016 by Dr. Raghuram G Rajan, Governor, RBI at Mumbai.

Uniqueness

• Immediate money transfer through mobile device round the clock 24*7 and 365 days.
• Single mobile application for accessing different bank accounts.
• Single Click 2 Factor Authentication – Aligned with the Regulatory guidelines, yet provides for a very strong feature of seamless single click payment.
• Virtual address of the customer provides for incremental security with the customer not required to enter the details such as Card no, Account number; IFSC etc.
• QR Code
• Best answer to Cash on Delivery hassle, running to an ATM or rendering exact amount.

UPI - Benefits to the Ecosystem participants

1. Banks:

• Single click Two Factor authentication
• Universal Application for transaction
• Leveraging existing infrastructure
• Safer, Secured and Innovative
• Payment basis Single/ Unique Identifier
• Enable seamless merchant transactions

2. Customers:

• Round the clock availability
• Single Application for accessing different bank accounts
• Use of Virtual ID is more secure, no credential sharing
• Single click authentication
• Raise Complaint from Mobile App directly

3. Merchants:

• Seamless fund collection from customers - single identifiers
• No risk of storing customer’s virtual address like in Cards
• Tap customers not having credit/debit cards
• Suitable for e-Com & m-Com transaction
• Resolves the COD collection problem
• In-App Payments (IAP)