A number of public and private sector Indian banks are this week rolling out a unified payments interface (UPI), which uses an email like virtual address as an identifier for sending and collecting money. The platform is inter-operable among the participating banks.

 These are Union Bank of India, ICICI Bank, Federal Bank, Punjab National Bank, United Bank of India, Oriental Bank of Commerce, Bank of Maharashtra, Vijaya Bank, UCO Bank, Catholic Syrian Bank, Andhra Bank, TJSB Bank, DCB Bank, Canara Bank, Bhartiya Mahila Bank, YES Bank and Axis Bank.

“Banks meeting the criteria of 1,000 pilot customers, 5,000 transactions and 90% success ratio will go operational on 31st July. We expect the number to be around 15 banks,” A P Hota, MD and CEO of the National Payments Corporation of India (NPCI) told The Times of India.

By Scott Thompson

 

by Scott Thompson
Scott is Senior Editor at IBS Intelligence. You can follow him on Twitter and contact him at: Scott.Thompson@ibsintelligence.com
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