Telecom major Bharti Airtel on Sunday launched Unified Payments Interface (UPI) based system on its digital platform, enabling its customers to transfer money to any bank account without paying any transaction fee.
With the UPI integration, Airtel Payments Bank has become first payments bank to integrate UPI system on its digital platform.
"We are pleased to announce UPI integration with Airtel Payments Bank. This would allow all our 20 million bank customers to create their personalised UPI handles on the Airtel app, and enable them to make digital payments in both the offline and the online space. Our bank customers would also be able to link their bank accounts on Bhim app and make UPI payments," Airtel Payments Bank MD and CEO Shashi Arora said in a statement.
Customers are not charged any transaction fee if they transfer money using UPI system or BHIM application. Earlier, without UPI, Airtel Payments Bank customers were charged in decimals for transferring money to any other account.
"We are happy to get on-board Airtel Payments Bank on BHIM/UPI platform. Through this association, we foresee significant rise in digital transactions at untapped merchant locations and person-to-person payments space," National Payments Corporation of India (NPCI) Chief Operating Officer Dilip Asbe said.
For UPI based payments and transfers, customers are not required to furnish their bank details to enable transactions and can create an identity like email id which is easy to remember.
The UPI system will allow Airtel Payments Bank customers to pay merchants by scanning any UPI QR code when they shop.
UPI is now accepted across categories of merchants, including billers, insurance , travel, retail etc, both online and offline.
(with PTI inputs)