UPI set to be more convenient, facilitate more interoperability

Some recent and upcoming developments on the Unified Payments Interface (UPI) platform will make it more convenient and interoperable across the entire payment ecosystem and could increase its adoption.

The National Payments Corp. of India (NPCI) is in the process of linking UPI to payment wallets, executives of companies involved in payments solutions told Mint, on the condition of anonymity. “At present, NPCI is addressing concerns of stakeholders so that everyone agrees on the modalities. UPI could be available on wallets within a few weeks,” said a person involved in the discussions, on the condition of anonymity. Once this happens, individuals will be able to transfer money from the wallet of one company to another, send money from their wallet to another person’s bank account and use their credit cards to send money to another person’s bank account.