SBI, HDFC To Accept UPI Payments

Country’s largest bank State Bank of India (SBI) and second largest private sector bank HDFC have now joined the UPI bandwagon and account holders of these banks can now make financial transactions using this new mode.

The UPI or United Payment Interface allows a user to send or receive money from another account holder through his mobile number, and the sender or received does not need to share any private data like account number, IFSC code, branch or bank, etc.

Trupay is one of the first non bank companies in the country to offer UPI payment solution and various banks are using Trupay solution for their UPI based transactions.

With current demonetization drive this is expected to be a big boost to enable banks to go cashless. This will also be a good news for customers who are finding it difficult to withdraw or deposit money from ATMS or banks. Overall, these two banks account for over 35% of country’s banking population.

With SBI and HDFC coming onboard – the total number of banks offering UPI services on Trupay has increased to 28 major banks covering more than 90% of country’s banking population.

Trupay has also unveiled its UPI based merchant solution which enables merchants to collect payments through this platform. In current times where customers and merchants are facing major problems in cash transactions this can be a big boost to enable cashless digital payments without cards or POS machines. A merchant can get on board himself on Trupay in 2 minutes and start collecting payments from his customers who will be directly able to pay from their bank accounts using mobile phones.

With Trupay UPI users and merchants are able to create their virtual payment address for eg. [email protected] and [email protected] and users can send money directly from their bank account into merchants bank account with a tap on their mobile phone.

“This coming together of all major banks on UPI is a major boost to bank based digital payments. In current times of cash crunch UPI can be a major boon to enable even the smallest merchant to receive digital payments” said Rahul Gochhwal, Co-founder of Trupay.

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