HDFC Bank brings UPI to its mobile banking app

Friday 4 November 2016 11:37 CET | News

HDFC Bank has announced that the Unified Payments Interface (UPI) is now live on its mobile banking app.

Banks that are a part of the UPI can sign up and create a virtual payment address and link their bank accounts to the app. At the moment, three largest private sector banks in India such as ICICI Bank, HDFC Bank and Axis Bank, are live on the payments platform.

On the app, users can send and request money from other users on the UPI. The bank’s app allows users to send money through virtual address, bank account number and IFSC Code, mobile number and MMID. There is also an option to send money to an Aadhaar number.

However, this seems inactive at the moment, according to Medianama. The NPCI is expected to launch UPI 2.0 in March 2017 which will integrate Aadhaar, therefore currently UPI hasn’t got Aadhaar integration, even though the draft paper for the UPI had detailed out that it would be using the Aadhaar to map out financial addresses on the UPI.

An important aspect is that HDFC Bank has not enabled PayZapp, its mobile wallet, with the option of loading money through the UPI.

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Keywords: HDFC Bank, Unified Payments Interface, UPI, mobile banking, online banking, banking, India, mobile app, virtual address, bank account number, Aadhaar
Categories: Banking & Fintech | Online & Mobile Banking
Countries: World
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Banking & Fintech