Banks including ICICI Bank, Canara Bank, Andhra Bank said they will be releasing a UPI-enabled app on Google Play at the beginning of September 2016. ICICI Bank has announced that the feature is live on its iMobile and Pockets mobile apps. Pockets allows P2P and e-commerce payments by users including those who dont have an ICICI Bank account.
Other major Indian banks in the country such as SBI, HDFC, and Kotak said that they will be releasing a UPI-enabled app soon, according to Mashable. The iOS version of UPI-enabled apps is expected sometime in the next six months. Banks with over 1,000 pilot customers, 5,000 transactions, and an 80% higher success rate are eligible to adopt UPI on their app and offer it to the general public through the Google Play.
Users are required to download the UPI-enabled app, set a PIN code, create a virtual address, and link it to any bank account. Once is set it up, the user opens the app, selects the amount, enters the receiver’s unique ID, and selects send. The app will ask for an authentication ID, received via phone.
UPI offers a payment range that varies between Rs 50 (75 cents) to Rs 100,000 (USD 1,500) in one transaction. The payments system is designed to serve as a replacement for all the apps that customers needed to make money transactions on online shopping websites, pay electricity bills, barcode-based payments, and deposit college tuition.
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