The MMIDs being bank issued & different for each account, are difficult to remember The IFS Codes being bank & branch specific are particularly inconvenient to use No pre-addition or approval of Beneficiary required one can simply transfer to Beneficiary UPI ID Pre-addition & bank approval of IMPS Beneficiary needed before transfer can be done(except for a few banks) Pre-addition & bank approval of NEFT Beneficiary needed before transfer can be done Need Beneficiary Mobile phone number and the MMID for the specific account or Account Number and IFC Code Need Beneficiary bank account details such as IFS code & Account Number both Payment & Collect transactions possible Only push transfers or payment transactions possibleīoth push & pull transfers possible i.e. Must be initiated from the Sender/Remitter bank's appĬan be initiated from any bank's UPI app to debit the chosen Sender/Remitter bank account Roles and Responsibilities of NPCI / PSP and TPAPs in Unified Payments Interface

The bank offers UPI services for customers (peer–to peer and peer-to-merchant payments) through various platforms, including:Īpart from the above the Bank has also partnered with the following TPAPs ( Third Party App Providers) to offer UPI services on their platform:-ĭispute Redressal Mechanism – Unified Payments Interface So customers can make faster payments to their peers and merchants. Therefore, customersĭo not need to know the payee's or payer’s IFS code, bank account details, etc. It allowsĪll account holders to send and receive money using their smartphones a single identifier – virtual payments address (VPA) commonly known as UPI ID – without entering any bank account information. It’s a one-stop solution for multiple bank accounts. Unified Payments Interface (UPI) is a platform provided by the National Payments Corporation of India (NPCI) to facilitate inter-operability amongst various banks. Pradhan Mantri Jeevan Jyoti Bima Yojana.

Commercial Vehicle & Construction Equipment Loan.

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