Now a days digital payments got more demand due to the effect of demonetization. So the central governments have introduced the new plans in the process of United Payment Interface which can also known as UPI and the Unstructured Supplementary Service Data which can also known as USSD. The new system is more user-friendly, and it helps to make digital transaction even without the internet connection.
The primary objective of this new app is easier to use, and with this single app, users can do transactions across multiple accounts. They are going to launch this app with the platform of USSD which enables banking through feature phones.
The Upgrade version of UPI has the basic features like sending and receiving money, changing the language and providing balance inquiry. They also plan to combine USSD with UPI, and integrate the services in a way that non-Internet users are able to use these services for encouraging cashless transactions.
By this UPI they are enabling money transfer through mobile device around the clock in 365 days. It is a single mobile application for different bank accounts.
The user of UPI can use any banks’ app without being its customer and add another bank’s account to it. But, in case transaction fails and the funds won’t returns to the sender’s account, at that time user have to approach the bank.
Bankers said there is no automatic reversal of money. The officials of a national payments corporation of India help to resolve the problem, but the volume of transaction is quite low. They also said it would be difficult for banks, as well as NPCI, to handle grievances when the volumes are in millions
The authorities also said the new app wouldn’t replace the existing app. Only the basic features will remain same. Remaining features are going to be changed. According to the information, this app will be launched in the first week of January.