Want to check whether your friend or colleague wants to return the money you had loaned him? Send an SMS to his bank with a request for payment. The SMS will be forwarded to the friend or colleague and if he approves, the bank will pay.
The Unified Payment Interface (UPI), launched last week in association with 21 banks, is expected to make some cutting-edge changes, such as the one mentioned above. Today, there are a number of options as far as transferring money goes; these are some new changes that will simplify life to a great extent. Now, there is the Immediate Payment Service (IMPS) that helps transfer a particular amount immediately, and of course, payment wallets that let you pay at a merchant store by scanning a Quick Response (QR) Code by using a smartphone. Banking has already shifted to your smartphone with feature-rich apps.
"Digital payments have been growing quickly in the country, but they are still a fraction of the overall payments. Most of the high-frequency small transactions are still in cash. The ease and convenience UPI offers will help individuals prefer to pay their maids, milkman, newspaper vendor, etc, digitally than in cash," says Sangram Singh, senior vice-president and head-cards & merchant acquiring business at read more..
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