“Our developing economy has the fastest Internet Penetration across the globe” said Sumit Kumar Singh, Associate Director for Online Products, MakeMyTrip.


UPI is a payment system that allows anyone to transfer money between two parties through few simple clicks of their mobile phones. At HelloMeets we believe in bringing you together to dicuss the latest stuff in tech, so an event was conducted on UPI with high participation from surprisingly all age groups.

Now there’s been a lot of buzz around the UPI lately. Thankfully we live in 2016 where major banking innovations are being introduced. You can now essentially turn your phone into a debit card and use it anywhere!

How to go about it?

1. DON’T ask for the Bank Account Number

2. DON’T ask for the IFSC Code

3. DO ask for their virtual identity; example willywonka@axis OR 1234567890@icici

4. Use the IMPS payment framework which works 24X7, unlike NEFT or RTGS services which have specific working hours

5. Get your payment request instantly verified on phone! Secured, I assure you that!

6. There is no other step. You are done :P

Sumit explained how the focus of UPI is in line with RBI’s vision of migrating towards a “less-cash” and more Digital society. The objective is to offer architecture and a set of standard APIs to facilitate the online immediate payments through smartphone adoption, Indian language interfaces, and universal access to Internet and data.

Did you know that 41% of the population in India is UNBANKED?!

Astonishingly Internet Banking penetration is half of that number.

What is needed to make an online payment?

1. Activation of debit cards

2. Funds

3. Net banking facility

The records held with RBI show that out of 400 million Debit Cards, mere 80 million cards are activated!

Sounds absurd right? Please wonder. Fintech companies are doing some phenomenal work here. On the contrary, banks suffer; example- to convert 100 rupees to plastic cost incurred is 15 rupees, not every citizen has an identity card, black money can be converted to white easily, chance of fraud, cost of money transfer etc. Hence the Acquiring Merchants in the middle make lots of money on this; example- Float.

“The actual mobile users having 3G/4G plans accessing internet for transactions are less than 1% in India” — Sumit Kumar Singh, Associate Director for Online Products, MakeMyTrip.

Such a minuscule number! Now when carriers don’t assume transparency and dupe you and charge, of course the acceptance of internet transactions is a far cry.

UPI proposed by NPCI is working with RuPay and is just VISA and MasterCard analogy of the Indian Government.

The Benefits of UPI

1. Simplifying Authentication.

2. Simplifying Issuance and Acquiring Infrastructure.

3. Flexibility for PSP and users — Superior Mobile Experience to customers and payments without sharing personal banking details.

4. Enabling 1-click 2-FA Transactions.

5. Stimulating Innovation- Allows for innovation in interface, convenience, authentication, without changing the core API structure.

6. Creating National Interoperability- Provides for nationwide PSP to PSP interoperability.

7. Blessing for small-scale banks that don’t have the necessary infrastructure to set up their own e-wallet or digital bank.

8. Allows for collection of online payments for Merchants.

9. Allows for setting easy mechanisms for subscription based services.

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Some of our upcoming events are:

  1. Android Design Library — 2nd July 2016
  2. Parse Workshop — 10th July 2016

Blog Credits : Sakshi Kaul