Your online payments procedure is going to get easier and less hassle-free in near future. Google is all set to launch its Unified Payments Interface (UPI) in India to facilitate a revolutionary change in the country’s digital payment structure. The tech giant has already come across the testing phase and approached the Reserve Bank of India to approve the service launch. The Managing Director and Chief Executive Officer of NPCI, Mr. A. P. Hota briefed the media on the issue this Monday.
It is relevant to mention in this context, NCPI (National Payments Corporation of India) is the authorized body for all retail payments system existing in the country. Other than Google, renowned tech brands like Whatsapp and Facebook are also in the race to roll out their own UPI services. However, the MD and CEO emphasized that Google is more preferred than the other competitors because their system is at a more advanced stage to roll out. While addressing a knowledge session electronic payments in India, Mr. Hota was quoted as saying, “Quite likely Google would come first, because their testing is more or less complete. We have written to RBI seeking approval just two or three days back,” he said. “As far as Whatsapp is concerned, discussions have commenced, it requires a series of discussions. For Facebook, discussions are in the preliminary stage.”
According to insider information, chances are high that Google will have a separate app integrated with its Android Pay application for the procedure. Whereas, Whatsapp and Facebook are more likely to integrate their popular instant messaging services, WhatsApp and Facebook Messenger respectively. Once the UPI rolls out, the banks can have their individual application. Out of 50 banks that are UPI members, 37 of them are already into the process of developing their own applications to facilitate the Unified Payments Interface.
The government is determined to take the nation to the digital age and facilitate electronic monetary transactions in almost every sphere of life. In this situation, eCommerce retailer Amazon and cab service provider Uber are upgrading their systems to accept UPI payments. The other transport vehicle provider, Ola, has its system already upgraded. Considering all these factors, fund transfer and payment process will become much simplified in the near future.