New Delhi: An upgraded Unified Payments Interface is in offing for banks in order to promote digital transactions.
The single new UPI will provide cost effective and secured option, a senior finance ministry official has said.
The new platform will be very easy to use and data will be completely secured here.
About 30 banks including SBI, PNB and Canara Bank have their individual platforms.
UPI is an indigenously developed platform by National Payments Corporation of India (NPCI) and set up with the support of the Reserve Bank and Indian Banks Association (IBA).
With this new payment method, mobile phones will be used as virtual debit cards and a customer will be able to send or receive money instantly along with other features, the official said.