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NPCI’s “Unified Payments Interface” | Forget Account details, Credit & Debit Cards, Digital Wallets – Aadhaar & Mobile is the new ‘Financial Identity’

Yesterday April 11, RBI Governor Raghuram Rajan and Infosys co-founder Nandan Nilekani, adviser to the National Payments Corporation of India [NPCI] launched the NPCI’s most ambitious project, a new Electronic Fund Transfer protocol, Unified Payments Interface (UPI) wherein 29 banks would be enabled with this interface under the 1st phase; and then gradually other banks would be brought into the system. UPI is expected to bring about a significant shift in the way mobile banking transactions are conducted. It is a single interface across all NPCI systems, allowing customer to instantaneously transfer funds across different banks with the use of single identification and password.

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M-Commerce: “A retail outlet in User’s pocket” | 14 Key Considerations

The phrase ‘mobile commerce’ was originally coined in 1997 by Kevin Duffey – “the delivery of electronic commerce capabilities directly into the consumer’s hand, anywhere, via wireless technology.” Mobile commerce transactions continues to grow, and the term includes the purchase and sale of a wide range of goods and services, online banking, bill payment, information delivery and so on. Also known as m-commerce.