The National Payments Corporation of India (NPCI) has adopted a Unified Payment Interface. This allows customers to use their mobile number in place of bank account details to make a payment over the phone or on the Internet. By simplifying the purchasing path for people, the Unified Payment Interface ensures a user-friendly experience as well as optimal convenience.
A great option for smaller banks that don't have the proper infrastructure to create their own e-wallet, the Unified Payment Interface provides a slew of possibilities. NPCI states, "Whole focus on simplifying payment, idea is to go for largely cashless system. Not changing infra or getting new payment system so we are creating a facility whereby payments products can be launched by banks using imps."
Unified Payment Interfaces
The National Payments Corp of India Introduces One Click for Payments
Trend Themes
1. Unified Payment Interface - The introduction of NPCI's Unified Payment Interface has simplified the purchasing path and created possibilities for cashless systems.
2. Mobile Payment - The use of mobile numbers in place of bank account details for payments creates a user-friendly experience and convenience, paving the way for more mobile payment options.
3. Simplifying Payment - The whole focus on simplifying payment creates opportunities for businesses to create innovative solutions that provide a seamless and hassle-free payment experience for customers.
Industry Implications
1. Banking - The Unified Payment Interface has created opportunities for smaller banks to offer e-wallet services without the need for extensive infrastructure investment, enabling them to compete with larger banks.
2. Fintech - The use of mobile numbers as a payment measure opens up opportunities for fintech companies to create new and innovative services that make it easier for people to transact in the digital economy.
3. E-commerce - The Unified Payment Interface streamlines the checkout process, increasing the likelihood that consumers will complete their purchase, which could lead to an increase in e-commerce transactions.