Unified Payments Interface (UPI)

Unified Payments Interface (UPI) is a system that powers multiple bank accounts into a single mobile application (of any participating bank), merging several banking features, seamless fund routing & merchant payments into one hood. It also caters to the “Peer to Peer” collect request which can be scheduled and paid as per requirement and convenience.

Unified Payments Interface (UPI) is India’s real-time mobile payments system, developed by the National Payments Corporation of India (NPCI). It connects multiple bank accounts into a single mobile application, allowing immediate money transfer and payments 24/7. 

The interface allows individuals to link their bank accounts to multiple peer-to-peer (P2P) payment apps, such as Paytm, Google Pay, PhonePe, MobiKwik, and BHIM  (NCPI’s P2P app), among others. Individuals can use UPI to pay each other, as well as banks and institutions that are UPI enabled, via phone numbers, QR codes, account numbers and IFSC codes, Aadhar numbers.

Types of Transaction

Bill Payments

Users can avail the facility of payment of utility bills via. UPI by adding Shivalik Bank’s account in any of the PSP apps available in the market.

Merchant Transactions

Users can now make payments to merchants using UPI.With UPI, users can pay merchants on their e-commerce platform as well as their .

Fund Transfers

UPI also allows P2P transaction in real time, i.e. transfer of funds between the receiver’s bank account and the sender’s bank account .

Features & Benefits of UPI

Immediate money transfer through mobile device round the clock 24*7 and 365 days.
Single Click 2 Factor Authentication – Aligned with the Regulatory guidelines.
Merchant Payment with Single Application or In-App Payments.
Raising Complaint or dispute from Mobile App directly

Payment initiation modes – UPI

QR Code Scanning – Now customers can pay for their purchases at merchant outlets by simply scanning QR code using PSP app. QR code enables seamless transactions across banks for all cardholders and UPI users.
Mobile Number – Customer can make a payment or transfer funds by simply typing or keyed beneficiary’s mobile number and without inputting beneficiary’s whole bank account details like account number, IFSC, Payee Name, etc.*
* Beneficiary’s mobile number should be registered and linked with his/her bank’s account number and his/her bank must be lived on UPI channel.