We are moving steadily towards a cashless
economy. We are already quite familiar with the notion of digital money.
Keeping aside the pros and cons of this paradigm shift, Indian Financial System
sees this as a good sign with solid support from the Government. In a recent
discussion with Limit, Mr. A P Hota, CEO and MD of National Payments
Corporation of India (NPCI) stated they expect the Unified Payments Interface
(UPI) to go live in April this fiscal.
The NCPI manages the Rupay payments
structure that permits various lenders to connect as well as handle fund
transactions. The notion of every fiscal tools having a sole identity on the
UPI, which shall then be utilized to conveniently and easily accomplish online
disbursements. The UPI is like your personal email ID for your assets. Talk
about making an already quick-easy online payment system even more so. You
won’t need to use account numbers and IFSC Code too.
