The National Payments Corporation of India (NPCI) is likely to file for a patent for having rolled out an inter-operable payment system called the unified payment interface (UPI), according to an NPCI official.
UPI uses a smartphone to transfer funds between two people using ‘virtual payment address’ as a payment identifier. It uses a single click two-factor authentication.
Launched in April, the platform is doing about 5,000 transactions a day, the official said. UPI is available only for Android phones, and will be made available for the iOS platform in the next month and a half, the official said.
On issues such as loss of a handset and the use of rooted phones the officer said two-factor authentication was robust enough to combat any potential compromise. In addition, banks also have their own risk management and surveillance systems.
YES Bank on Monday commenced UPI-based services by tying up with 50 companies.
The bank has set itself a target of 5 per cent share in the payments business by 2020, according to Ritesh Pai, Head (Digital Banking), YES Bank.