Mumbai: Union Bank of India is pleased to announce that it is one of the first public sector Banks to launch Unified Payment Interface (UPI) mobile application for their customers today. At present, the application is available for Android based mobile phones.  App is available for download on the play store as Union Bank UPI App.

Shri Arun Tiwari, Chairman and Managing Director, Union Bank of India said that UPI, the brainchild of RBI has seen its light today.  Keeping the tradition of fore fronting the technological developments, Union Bank in association with NPCI is one of the first Public sector Banks to launch this product.  This mobile App can be used by both our Banks customers and non-customers.

Salient features of UPI

UPI Application allows customer to instantly transfer money to the customers of same Bank or other Banks.  The App is based on IMPS payment framework.  Here, the beneficiary i.e receiver of the money need not disclose the account number and IFSC code to the sender.  The receiver is required to give the virtual Identity of the account to the sender so that the amount can be sent seamlessly. Further, the user can have multiple virtual IDs for the same account.  Further, anybody can make use of our UPI App and can add the accounts of other Banks into it.  The beauty of the product is that it provides payment options for both send and receive money.

Advantages:

Real time settlement of Funds

No need to remember or share account details.

Collect Money

Send Money using Virtual id, Account No with IFSC code or Aadhaar number.

Add multiple bank Account in same application.

Source : Sachin Murdeshwar