New Smartphone App to Revolutionise Fund Remittance

Fund transfers across State bank of Hyderabad though made easy through multiple facilities like RTGS, IMPS and NEFT. Though these modes of fund transfer are handy and have made the process of sending money to another person or business way easier, the presence of numerous other details that need to be furnished during the process of each makes it a bit of a headache. Even while considering the availability of such fund transfer techniques over dedicated mobile applications, the initial setup process remains the same and needs to be done through the website of the bank.

Keeping in view the complications that arise while transferring money and making payments, Raghuram Rajan of the Reserve Bank of India has put forth a new initiative in an innovative mobile application known as UPI (Unified Payment Interface). In short, it can be summarised as an app that enables instant online payments and transfers through bank. The UPI app aims to change the traditional way transfers and payments are done through banks. SBH is very efficient to provide this facility along with some other banks. Normally, one would need to add a person or a business as a beneficiary and for that, need to furnish details like IFSC code, bank account number, branch and other details. Then comes the wait for a duration of an hour to anything like 24 hours before a transfer can actually be done. Even after that, one might need to do a two-step verification using their CVV number, security grid, questions or mobile pin to authorise a transaction. A shorter, if not the same process, is also followed for payments and becomes quite tedious for people who are more prone to shopping online and making quite a few transactions online. The new UPI app from the Reserve Bank of India aims to change all this.

Through the Unified Payment Interface app, one would be facing just four steps to complete any transaction. The UPI id of the beneficiary would be required, the amount that needs to be transferred needs to be keyed in and after clicking on the ‘Send’ button, one would need to confirm the transaction through a mobile pin. Considering that many steps have been removed in the process of fund transfer and payments, the app basically makes online payments much easier. One would not need to go through the hassle of providing a card’s CVV, expiry date and password and still make an effective payment. Considering cash on delivery or card on delivery, customers can also scan the QR code that the delivery person has on his app and make an effective payment through their mobiles. A total of 29 banks have been enrolled in the UPI network and the testing has been initiated for this framework by State Bank of Hyderabad and nine other banks. The use of this application will also allow third party transfers to be a lot easier.