The recent Demonetization movement by the Indian government is pushing forward the Unified Payment Interface (UPI), the system launched by the National Payments Corporation of India (NPCI) and the Reserve Bank of India (RBI). The UPI facilitates easy payment between peer-to-peer and peer-to-entity.
The users just have to create a virtual payment address and link it to their bank account. The user may download UPI app of any bank and use with other banks account too. The transfer of money is as easy as sending a message, as there is no need of filling the details of the beneficiary’s account or their own account details. Moreover, the service is instant and round the clock without interruption like public or the bank holidays.
It is a great opportunity for the Mobile app development companies as the UPI works on the mobile platform. Till date, the UPI app of Android platform is convenient and the system is not yet available for the other platforms.
A few of the features of Android UPI App are summarized below.
- The funds could be transferred to other banks, utility shopping, merchants, and so forth instantly without any restrictions. There is no waiting period for new payee too.
- The UPI is flexible as it could be used for all banks. For instance, the user has downloaded the UPI app of Bank X. He can use the same app for transacting money from other bank Y or Z. In simple words, it is a kind of open networking of the bank accounts.
- The transaction fee is free as of now. Even if it is charged in future, it is going to be cheaper and negligible.
- It is safe and secure, as the bank accounts are linked with the mobile number. There is no need of filling in the details of the bank accounts.
- The UPI works efficiently on the Android platform as of the date today. The Nokia has recently announced that they would be releasing two new Android phones in the year 2017.
- The cashless economy revolution in India would bring the Android App Development into the limelight as the highest market filtration is represented by the Android platform.
We, at Orange Mantra are involved in developing mobile apps on major platforms like Android, iOS, Windows, Hybrid apps, and web apps. The convenience, speed, and security of the app we offer have made us the best service providers in the industry. For more details, get in touch with our mobile app developer experts by contacting us.