UPI

UPI or “Unified Payment Interface” has been taken up by NPCI (National Payments Corporation of India) as a new initiative to simplify and provide a single interface across all NPCI systems, thereby creating interoperability and superior customer experience. UPI is expected to further ease instant payments via Mobile, Web and other applications.

Unlike typical payment systems, UPI is innovative and unique in a way that one can identify a beneficiary customer by Virtual Payment address (VPA) in addition to regular bank account number and bank IFSC code. UPI is much more simplified and user-friendly than IMPS. Also, UPI is more secure than IMPS, as UPI enables the customers to perform transactions without sharing sensitive credentials.

Sarvatra® UPI Switch is based on the same proven robust switching platform as Sarvatra® IMPS Switch. It implements complete UPI functionality and has been operational since the launch of UPI in April 2016, with 200+ banks live on UPI.

Key Aspects of UPI

Four-Party Model

The technical architecture and standard APIs specified by NPCI facilitate all types of transactions between these four entities:
1. Payer PSP, 2. Remitter / Payer Bank, 3. Payee PSP, 4. Beneficiary / Payee Bank

App Agnostic

UPI permits payments via mobile app, web, and other applications.

Multiple Use Cases

Payments are both sender (payer) and receiver (payee) initiated.

Most Secure

Payments are carried out in a secure fashion aligned with extant RBI guidelines.

Single Identifier

Payments can be done using Mobile No., Aadhaar No., Virtual Address (VPA), or A/c No. & IFS code.

Unique Features

1-click 2-factor authentication, biometric authentication, use of payer’s smartphone for secure credential capture.

Advantages Transactions Capabilities Architecture Platform

Supports the Four-Party Model of NPCI UPI.

PSP mobile application on Android, iOS, and Windows platform with NPCI common library integration

Mobile Application Web Server to route transaction requests from mobile devices to UPI Switch

Based on the same proven robust switching platform as the NPCI award-winning Sarvatra IMPS Switch implemented in one of the largest banks in the country

Implements complete UPI functionality and is operational since the launch of UPI in April 2016

Working with top banks for UPI, has a head-start in UPI switch and mobile applications development and deployment

Pay transaction
Collect transaction
Virtual Address Management: VPA to multiple A/c’s or vice versa
Merchant transactions (Pull)
Registration of multiple bank accounts
Transaction status
Mini Statement (last 5 UPI transactions)
Balance Inquiry

Supports all types of UPI transactions
Supports all delivery channels
Platform-independent Application
Front-end Web-based User Interface
Built-in MIS Reporting System
Built-in OTP Engine or can connect to Third Party OTP engines
Multiple bank registration