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Indian banks are getting tech savvy with the launch of next-generation payment services, taking customers to the virtual world of new age banking landscape. Unified Payments Interface (UPI), the advanced version of Immediate Payment Service (IMPS) — a round-the-clock funds transfer service launched by Reserve Bank Governor Raghuram Rajan last week — is set to become an efficient alternative to mobile wallets and make cashless payments faster, easier and smoother for millions of people in India.
“For a number of years, we have been saying we need a revolution in banking in India. I think we can confidently say the revolution is upon us. What we have in India is the most sophisticated public payments infrastructure in the world,” Rajan said at the launch of the UPI.
Update: 30th Nov
State Bank of India, HDFC Bank Ltd, HSBC and Standard Chartered Bank went live with their UPI app
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