Trupay starts offering payments through UPI By Abhishek Nair, ET...

Trupay starts offering payments through UPI

By Abhishek Nair, ET Bureau | Sep 06, 2016, 07.33 PM IST
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READ MORE ON » Yes Bank | UPI | Trupay | RBI | NPCI

UPI is a payments platform that was recently launched by the Reserve Bank of India backed National Payments Corporation of India.
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MUMBAI: Financial technology companyTrupay, has partnered with Yes BankBSE -5.32 % to offer a peer to peer payments application based on Unified Payment Interface (UPI). UPI is a payments platform that was recently launched by the Reserve Bank of India backed National Payments Corporation of India (NPCI).

Trupay enables its users to send and receive money from their bank accounts with the help of their phone number. Customers of over 20 banks will be able to make payments on the mobile application. This comes as a big boon for merchants since it will significantly reduce the transaction costs and merchants will receive payments in real time.

"Trupay hopes to leverage on the new UPI platform for both online and physical payments. Not only will you be able to send money to anyone in the country in seconds but with Trupay even the smallest of merchants will be able to turn their mobile phones into a POS machine to receive digital payments directly into their bank accounts," said Rahul Gochhwal, co-founder of Trupay.



Trupay was also one of the first few companies in the country to offer Immediate Payment Service (IMPS) based real time mobile payments solution for Cash on Delivery payments with their mobile app Trupay.

India leads the world in payment processes with UPI

By ECONOMICTIMES.COM | Sep 03, 2016, 02.05 PM IST
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READ MORE ON » UPI | Unified Payment Interface | National Payment Corporation of India | KYC | Convenience |Aadhaar card

The huge convenience of not having to log into multiple secure websites and applications is supplemented by security as well.
By Hemal Kotecha

While we continue to deliberate on consumers' changing tastes in what they buy, the equally significant parallel story is that they are also changing how they transact.

The huge socio-economic divide, cultural differences and disparity in education may seem to some as India's biggest development roadblocks, but are also our strongest drivers of innovation. In payment processes, contactless payments were introduced to counter security issues and aid convenience, payment banks have been sanctioned as a step towards inclusion, and the Aadhaar card initiative has the ambitious target of introducing system and cost efficiencies in payment disbursal. We are now at the cusp of another innovation.

Here's where we stand today. Consumers continue to have no time, merchants still battle security concerns, and financial institutions are continuously trying to become more efficient and keep pace with consumer demands. This, despite various innovations to counter such problems. Life has certainly become easier and more secure but there is room for so much more. The issue of financial inclusion, regulation and control are still looming large in India.

Enter UPI
In this scenario, the primary body that governs payment systems in India - National Payment Corporation of India (NPCI) launched the Unified Payment Interface (UPI). What it does is act as an aggregator of all accounts held by a consumer so that people can make transactions from multiple accounts owned by them, from one single mobile application or web interface. The huge convenience of not having to log into multiple secure websites and applications is supplemented by security as well. Using UPI, consumers can make or 'collect' payments by creating a unique virtual address similar to their existing email addresses - thereby eliminating the need to share bank account numbers.

Designed to facilitate interoperability and a new level of security, UPI boasts the following features: