News UPI allows you to transfer money without knowing the bank account

[Deepu]

Send money up to Rs 1 lakh to any bank account through your mobile without entering debit/credit card details, netbanking/wallet password or even knowing the receiver’s account number. This is not magic, it is called Unified Payment System.

Launched by retail payment platform National Payments Corporation of India (NPCI) - backed by the RBI, the UPI app user need not remember the 15-digit bank account number or the 11-digit IFSC code (used to identify bank branches).

Instead of account details, the receiver can merely share a virtual address, which can be your name, or your phone number and the sender can transfer money. For example, if your name is abc, the your virtual address could be abc@axisbank or abc@icicibank; if your phone number is 1234567890, then your virtual address could be 1234567890@axisbank or 1234567890@icicibank and so on.

On Thursday, the RBI approved the Unified Payment System (UPI), a common platform which links your bank account number to a virtual payment address, effectively making money transfer as easy as an SMS.

UPI allows you to transfer money without knowing the bank account. Here’ how... | business-news | Hindustan Times

 

[Prateek Marwadi]

but i won't use that bcoz of my security purposes.

 

[Aviral Sangal]

And that is?

Sent from my Redmi Note 3 using Tapatalk

 

[Prateek Marwadi]

And that is?

Sent from my Redmi Note 3 using Tapatalk

means ?

 

[Aviral Sangal]

Your security purposes? They are better than the security apparatus they have put in place?

Sent from my Redmi Note 3 using Tapatalk

 

[Deepu]

but i won't use that bcoz of my security purposes.

RBI has approved this. Only after using the interface we will come to know whether it is good or bad

 

[Prateek Marwadi]

Your security purposes? They are better than the security apparatus they have put in place?

Sent from my Redmi Note 3 using Tapatalk

not my. I said in general like for one's security purposes.
this year many people got the mails regarding the tax exemption and tax return back and many people felt in this trap.
they provided all the details of their banks and later all the money went withdrew.

so these kind of apps cannot be trusted atleast for the transfering of ur valuable money.

 

[Deepu]

ICICI Pockets App already got updated and it added UPI payment interface

 

[Prateek Marwadi]

ICICI Pockets App already got updated and it added UPI payment interface

but y we are not allowed to transfer the money from the banking mobile app in the same way as it is done via banking website.

 

[Deepu]

but y we are not allowed to transfer the money from the banking mobile app in the same way as it is done via banking website.

Not Sure.. In that case why has Banks tied up with this Payment interface?