UPI merges multiple bank accounts into a single channel


UPI(Unified Payment Interface) enables user to merge multiple bank accounts within one single mobile application of any particular bank, which is one of the Latest Technology Inventions today.

This UPI is a mobile based application, which merges several banking features like banking, transfers and merchant payments.

Additional feature of this application is scheduling push and pull transactions for sharing bills between peers.

This UPI app could be used for paying online shopping websites and performing other utility bills, barcode based payments, to perform counter payments, school fees, college fees, donations, etc.

This interface could perform similar to IMPS (Immediate Payment Service) which is a 24*7*365 funds transfer service.

The app has the facility to identify bank customers with emaillike virtual address.

Considering the privacy of customer’s data, account number is not mapped anywhere in the application, so customers can share their financial address to anyone they prefer.

Mobile number could be used as the name instead of virtual address.

Some of the features included are:

  • Merchant payment with Single mobile App
  • Various Bill splitting among friends
  • Single Click-2 Factor authentication for subsequent transactions
  • Performs faster checkout
  • No timeout scenario
  • Suitable for e-Com & m-Com

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