UPI makes paying on mobile devices more convenient by wrapping the two-factor authentication into one click.
Soon, you could be paying for cabs, shopping and dining with a single tap. According to a report in Livemint, the National Payments of India Ltd’s (NPCI) has developed a unified payments interface (UPI) system that went live on Monday.
The launch is significant because it will work across all banks irrespective if them having signed up for the service. It also makes paying on mobile devices more convenient by wrapping the two-factor authentication into one click. But it will notify when a payment is requested by the seller.
The report also states that at no point will the identity be revealed, making the entire process secure and private despite being convenient. This new tech could hurt the popularity of ewallets that require you to load cash and have a restrictions on the amount of transactions that can be done in a day.