What is UPI(Unified Payments Interface)?Trupay

Unified Payments Interface

What is UPI? How it works?
And many other questions answered by Trupay.

Leave your details to know more



Hi Rahul! Vivek here

Hi Vivek! Whats up?

Seems like i just woke you up?

Yes..Weird dream..I was being hassled by all these problems and then I got this superpower which made all the problems disappear.

Ahaan! So your nightmare transformed into a happy dream. That's cool!

What problems? And before I forget I called cos I forgot to pay you for the film we watched.

Eeeh! Now you're spooking me. I was dreaming up exactly about these payment scenarios only and what all can go wrong!

Don't ask my bank account , IFSC and all that now! Pay me later

Haha! Chill.

A good man always clears his debts.And no I don't need your account number

What then? You use a wallet?


Then what?????

Oh I use UPI.I just need your virtual id.

UPI? That sounds even more complex. What is that and what's this virtual id?

Calm down! UPI is the simplest thing ever. It stands for Unified Payments Interface.

It is a payment system that allows you to easily send and receive money securely from anyone with their smart phone.

All you need is just an id without having to share any bank/account details with others..

Wait! But Can't we do that already?Duh! Cards & Wallets

No, UPI allows you to pay directly from your bank account to anyone without the hassle of having to type in your card details or wait for an OTP.

In the case of wallets, both sender and receiver need to be on the same wallet otherwise no transfer can happen. Plus No need to top up like in the case of wallets.

Directly from the bank ha? Does that mean I keep earning bank interest too?

You got that right! Basically, your money won't get stuck like in the case of a wallet and you can earn bank interest on it too

That sounds awesome. But wait. With wallets I feel secure as I have limited money in them. Won't this compromise my bank account if I get hacked. What about security?

Quite the contrary. UPI is fully secure. Infact, it was built with security in mind. No sharing of bank account details. Just a virtual id such as rahul@yesbank

Oh that sounds just like an email.

Yes, you just need to register with your bank and you will be allotted a virtual id. You can even set up separate id's for different accounting heads.For e.g. rahul@yesbank for your electricity bill payments.

That's awesome.

Exactly.And it's secure because it's based on 2 Factor Authentication. You just give your virtual id and confirm transaction with an MPIN(just a password).No sharing of details and fully encrypted.

Whoa! Who's designed this again? Doesn't sound like a private enterprise.

Yes. The UPI has been designed by the NPCI - the foremost payments body in the country

It's not descended out of the blue. Nandan Nilekani says it's like an advanced version of IMPS on which transactions worth Rs 8000 crore a month are already taking place.

8000 crores! So this sounds legit tested. And IMPS ha? So this is like an official functionality. Not some private operator.

Yes Immediate Payment Service (IMPS) is an instant interbank electronic fund transfer service through mobile phones. Banks have already had this functionality for the past few years.

So this is like the next level in instant seamless payments

Oh believe me it's a whole new way of transacting with the world. You get ease, convenience bank interest, freedom of interoperability between all banks. Everything!

Ok enough about the benefits!Where can I use it?

Oh you can send and request money,split bills, set up reminders, snooze them etc.

For Starters, just give me your virtual id, make a request and i will approve your payment. As for where you can use it, imagine whenever you have to pay, all you have to do is think of UPI.






Wow! So the UPI is like a superpower.

Seems like my dream really came true.

Nobody can stop an idea whose time has come.