The United Payments Interface (UPI) went live on August 25 and 21 banks have got approval to release their apps. The new payments interface aims to make it easier for users to send and receive money using a single password and identification. FreeCharge has now partnered with Axis Bank to launch UPI that allows instant transactions from a smartphone using a virtual payment address (VPA). Customers will be able to create a virtual address on their FreeCharge app and link it to their bank account to register on the UPI platform. This feature is available only on Android as of now. Also Read - Reliance Jio is offering its subscribers Rs 2,020 cashback: Here's how to get itAlso Read - FASTag Update: How to recharge FASTag account for Electronic Toll Collection
Customers can create multiple handles/VPA linked to their bank accounts. When the customer makes the payment using their handle or Axis Bank’s VPA, they will be transferring money from their bank account to the merchant or beneficiary account without exposing details such as account number, IFSC code, etc. UPI eliminates the need for merchants to be PCI-DSS certified to store customers’ payment credentials as the VPA can be stored against the customers’ login. UPI is only available on the new version of Freecharge’s Android app. The partnership allows Freecharge users to pay for transactions from their bank accounts and they don’t have to be existing customers of Axis Bank, said Govind Rajan, CEO, Freecharge, in a statement.
Public sector Andhra Bank said it has launched an app to facilitate easy transfer of funds and merchant payments using smartphone. Andhra Bank One-UPI App aims at creating less cash and more digital-driven society. The bank partnered with National Payments Corporation of India (NPCI) to introduce Unified Payments Interface (UPI) app in the first phase. The mobile solution offers flawless, easy and secure financial transaction facility between different bank accounts through single app. The service can be availed 24 7 and is available only to Android smartphone users and is available on Google Play store for download.