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Unified Payments Interface in India: Revolution in the making
Journal of Payments Strategy & Systems,
10
(3),
279-284
(2016)
Abstract
Payment systems in India have undergone rapid changes during the past few years. The Vision Document on Payment Systems released by the Reserve Bank of India states several measures for building a ‘less cash’ society. The adoptions of mobile and card payment systems are two key components of this initiative. This paper presents an overview of a transformational project initiated recently by the National Payments Corporation of India (NPCI). This project aims to empower the bank customer to ‘send’ and ‘collect’ money in real time with just an e-mail, like a financial address, both for personto- person (P2P) payments and Business to Consumer (B2C) Collect.
Keywords: Unified Payments Interface (UPI); National Payments Corporation of India (NPCI); mobile PIN (MPIN); one time password (OTP); cash on delivery (COD); payment service provider (PSP)
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Author's Biography
A. P. Hota has been Managing Director & CEO of National Payments Corporation of India since February 2009. A significant part of his career has been in the area of the design and implementation of payment systems in India. He has played a key role in the implementation of MICR technology in cheque clearing, electronic funds transfer, automated clearing houses, cheque truncation systems and Real Time Gross Settlement (RTGS) systems in India. In August 2010 he joined as the Managing Director and CEO of National Payments Corporation of India (NPCI), which has been set up by banks in India to provide central infrastructure for various retail payment systems in the country, including card payments. Under his leadership, NPCI launched India’s own card scheme ‘RuPay’ in a record three years, which is now accepted on all three channels — Automated Teller Machine (ATM), Point of Sale (PoS) and eCommerce — with an issuance figure of more than 270 million RuPay cards. Under his leadership, a transformational product, the Unified Payments Interface, was also launched. He is a member of various Committees of the Government of India and Reserve Bank of India (RBI) and has contributed to policy and decision-making processes in relation to payment systems and financial inclusion in particular. He is a regular speaker at payment systems and financial inclusion conferences in India and abroad.
