Parents :
| Date and time note was created | $= dv.current().file.ctime |
| Date and time note was modified | $= dv.current().file.mtime |
UPI UPI is a payment markup that provides a way to make online transactions in a mobile friendly , interoperable and which is fast.
Background : UPI was built so that the problem of making the transactions that was not dependent on the crappy apps developed by the banks.
Main features of UPI
-
Mobile Friendly Create a complete user interface that is easily accessible and can be used through mobiles phones
-
Interoperability Create such a interface that can be used from different payment service providers . An interoperable means anyone could download a payment app, link any bank (that they own), and transact with anyone else from any other bank.
-
Fast: The systems that were earlier used like NEFTs and others take a long troll on the time of the user.
UPI uses a human-friendly format ID that is called UPI VPA (Unified Payment Interface Virtual Payment Address)
Format of UPIVPA :<unique_identifier>@<address_provider> . Examples : alice@ybl and bob@axis here alice and bob are unique ids and ybl,axis are address providers.
Thus as you can see those are of different banks and hence interoperable Examples : alice@ybl and bob@axis here alice and bob are unique ids and ybl,axis are address providers.
Thus as you can see those are of different banks and hence interoperable
Types of payment that can be done
- Created by the Payer
- Created by the Payed-to
Ecosystem
Banks
Banks that hold your money : issuing banks Banks that can be used with UPI and have tie-ups with Apps like Paytm : Aquiring Banks
Core Banking System (CBS) uses a CRUD to manage user accounts
Debit : Money taken out of the CBS (subtracted out of the balance) Credit: Money given to your account by the bank (added to the account)
Payment Apps
Banks ⇒ Payment Apps ⇒ User