Good news for those who frequently transfer money through NEFT and IMPS. Now onwards sending money to any bank account is dead easy. No need to enter bank name, branch name, IFSC code and other details to transfer funds to others.
Starting from today UPI (Unified Payments Interface has come into effect, the National Payments Corporation of India is accepting applications from banks in this regard. Soon we can enjoy hassle free fund transfers.
Similar to mail ID’s every bank account holder irrespective of the bank they are using entities a unique ID. For example, my Axis bank ID might be sridharnallamothu@axis or 4545452sridhar@axis, etc., So to send funds to my account just knowing my unique id is sufficient, other details are not required in the coming future.
With the UPI not only smooth fund transfers but also a number of other possibilities likely to happen. Aadhar based biometric authentication and some other things may be possible with UPI.
The dedicated UPI application will be available on Google Play Store. Users need to use it to transfer funds to any other accounts. Andhra Bank, Axis Bank, Canara Bank, ICICI, Union Bank of India, Vijaya Bank, Punjab National Bank are going to release UPI application in the coming two to three days. Other banks may take another few days to implement it.