What is UPI? How it works Why credit card is linking with UPI and Advantages
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- UPI
- What is UPI? How it works Why credit card is linking with UPI and Advantages
UPI (Unified Payment Interface)
- an advanced version of Immediate Payment Service (IMPS)
- UPI is a system that powers multiple bank accounts into a single mobile application (of any participating bank), merging several banking features, seamless fund routing & merchant payments into one hood.
- The National Payments Corporation of India (NPCI) operates a number of systems, including the National Automated Clearing House (NACH), Immediate Payment Service (IMPS), Aadhaar enabled Payment System (AePS), Bharat Bill Payment System (BBPS), RuPay, and others.
- UPI is currently the biggest among the National Payments Corporation of India (NPCI) operated systems.
- Top UPI apps today include PhonePe, Paytm, Google Pay, Amazon Pay and BHIM, the latter being the Government offering.
- NPCI launched UPI with 21 member banks in 2016
Challenges:
- The threat of cybercrime in the global banking and financial services industry has increased. E.g. Malicious Software Cerberus
- Fraudulent claims, chargebacks, fake buyer accounts, promotion/coupon abuse, account takeover, identity theft, card detail theft and triangulation frauds are emerging as challenges.
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