UPI: India's Unified Payments Interface
As a UPI user who is using this from literally day 1 and who is hard core advertiser of this, here are few important points:<p>1. Security: Signup requires phone number validation via SMS and phone number must be registered with bank. It also requires additional details like debit card validation. This makes is hard to spoof. After signup your device finger print is stored with NPCI and this works as 1st factor. An additional PIN is also required during signup.
You can send money only from registered device and requires fingerprint and pin validation.<p>2. Every digital transaction in India triggers SMS, so that provides additional transparency to user.<p>3. All payments are from bank account to bank account and they happen in real time! Also no transaction fee!<p>4. Merchants require no special equipments and they advertise their VPA usually via QR code in shops so it’s easy for users to pay.<p>4. Online payments can be either user triggered or can be requested via pushing payment request to user app. However user needs to approve the request with pin.<p>Point 3 &amp; 4 were the biggest reasons why India adopted it pretty quickly. Also ofcourse due to Jio boom &amp; cheap chinese smartphones!