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Unified Payments Interface (UPI) is an Indian instant payment system as well as protocol developed by the National Payments Corporation of India (NPCI) in 2016. The interface facilitates inter-bank peer-to-peer (P2P) and person-to-merchant (P2M) transactions.
Yono Lite is a mobile banking application from the State Bank of India. [ 7 ] [ 8 ] Earlier, it was available as "SBI Anywhere Personal" but it was rebranded as "Yono Lite" in 2018, after the introduction of YONO app. [ 9 ] In 2021, Yono Lite saw several updates to protect its users from digital frauds.
Eko India Financial Services, the business correspondent of State Bank of India (SBI) and ICICI Bank, provides bank accounts, deposit, withdrawal and remittance services, micro-insurance, and micro-finance facilities to its customers (nearly 80% of whom are migrants or the unbanked section of the population) through mobile banking. [15]
Launched on 30 December 2016, [1] it is intended to facilitate e-payments directly through banks and encourage cashless transactions. [ 2 ] [ 3 ] The application supports all Indian banks which use UPI, which is built over the Immediate Payment Service (IMPS) infrastructure and allows the user to instantly transfer money between 170 member ...
Each financial institution can determine the types of financial transactions which a customer may transact through online banking, but usually includes obtaining account balances, a list of recent transactions, electronic bill payments, financing loans and funds transfers between a customer's or another's accounts. Most banks set limits on the ...
After appropriate checks with the customer's bank, the transaction is forwarded to a central switch. The role of the switching agency is played by the National Payments Corporation of India (NPCI). NPCI routes transaction to the payee's bank based on the MMID. A transaction is initiated by sending the following details: Mobile number of the payee
Online Banking ePayments (OBeP) is a type of payments network, developed by the banking industry in conjunction with technology providers.It is specifically designed to address the unique requirements of payments made via the Internet.
Online shopping is a form of electronic commerce where the buyer is connected directly online to the seller's computer usually via the Internet. There is no specific intermediary service. The sale and purchase transaction is completed electronically and interactively in real-time, such as when buying a new book on Amazon.com.