Online travel portal Yatra.com has introduced unified payment interface (UPI), as an alternate payment option on its website, allowing customers to pay directly from a bank account to different merchants, both online and offline. The instant authentication and verification of identity and transfer of money is said to make the entire process seamless.
With UPI being adopted by 29 banks and bringing them all under one umbrella, user will not have to install multiple apps for different banks. UPI will bypass IFSC code, bank account number, and addition of a beneficiary by making transactions without the need for personal details.
Sharat Dhall, COO (B2C), Yatra.com, said, “By being an early adopter in integrating UPI for our website users, Yatra aims at providing convenient user interface to India. At present, there are abundant wallet options available and we wanted to make all the options available to our consumers to facilitate swift payment procedure. Yatra will soon be introducing UPI on its application.”
Brainchild of National Payment Corporation of India (NPCI) with the support of the Reserve Bank of India and Indian Banks Association (IBA), the two step process, UPI is expected to create a new ecosystem in the banking sector especially with the boost to low-cost, high-volume retail payments. Also, the recently launched BHIM app which is a common platform for UPI where transactions will be possible with just a fingerprint impression is considered a significant move towards building a cashless economy.