Virtual UPI / VPS Creation Enrolment API Service

Virtual UPI / VPS Creation Enrolment API Service

National Payment Corporation of India ﴾NPCI﴿ had developed a Unified Payment Interface ﴾UPI﴿, one interface across multiple bank accounts.UPI may be a Single click Two Factor authentication system, available around the clock.UPI uses Virtual ID which is extremely secure. You can Get All Details about VPS Creation Enrolment API Service.

Push Payment:

UPI push payment may be a system for sending money employing a virtual address. it's a really simple process user logs in to the UPI application, selects the choice of Send Money/Payment Then enters the beneficiary's virtual id, enter amount and unique PIN then the user gets an authenticated confirmation of successful or failure message.

Pull Payment:

User Login his bank's UPI application, makes the choice of money collection ﴾request for payment﴿ then enters remitters﴾payers﴿ virtual id, the amount and the account to be credited in, and then the payer will get the all notification on his mobile device for request money transactions. Payer then can authenticate payment requests than can decide to click on accept or decline.

In case of payment acceptance, the payer will submit UPI PIN to authenticate the payment transaction. Check Mini Statement: The customer can check balance his own account's current balance using AADHAR Enabled Payment. Customers can do that without having any sort of card like ATM, Debit, credit, etc. Also, no need for smartphones, and don't need to remember PIN or password.

It is very quick and available 24x7 and therefore the same process is often followed for all banks related to this AADHAR number.

Balance Check:

The customer can check balance his own account's current balance using AADHAR Enabled Payment. Customers can do that without having any sort of card like ATM, Debit, credit, etc. Also, no need for a smartphone, and don't need to remember a PIN or password.

It is very quick and available 24x7 and therefore the same process is often followed for all banks related to this AADHAR number.

UPI 2.0 Payment Services:

You can now link your over‐draft account to UPI which wasn't available so far. Earlier there was no digital mode to try to do so and it is a no‐time process.QR also can be used for this service.UPI 2.0 will have a Capture and hold facility. Merchant is going to be ready to block a particular amount of cash on their user's cards and debit/refund it later.

Now, customers do use UPI 2.0 payments who can identify complete refund payment transactions in such order don't need to create issue fresh refund transaction request for users and have to make clarity on the refunds made.

Payment Invoice:

Earlier a collect request was sent customer and only verify the quantity being paid. Now before making the payment customer is going to be ready to check the invoice being paid and .in other words, the customer is going to be ready to view the bill within the UPI app, verify the small print and pay the invoice, and therefore the merchant will get payment. This functionality is merely available for the invoices of verified merchants.

Payment Mandate For Schedule Payment:

Merchant can pre‐authorize ﴾Mandate﴿ a transaction, for debit from customer's checking account for later payment Or any user can schedule a payment for later debit. UPI mandate's its main feature that is to transfer money later, however, the commitment towards that's to be done presently. It's possible that a sender may be forgotten to transfer money later so creates a decree or a service/merchant payment wherein these functions could also be required sometimes. The customer's accounts shall get debited when the mandate is executed. UPI mandates are often executed on just one occasion only.

Features

  • Real‐time status for Vendor/ salary payment on the client application
  • NEFT, RTGS, FT, IMPS, UPI all types of Multi‐mode/ single‐mode payment
  • Status authentication for every payment made using API
  • Coexistent notifications for the RTGS, NEFT, IMPS with or without remitter validation
  • Real‐time alert for cash, cheque & DD collected within the account with validation
  • Collection through API on UPI VPA
  • For multiple collection modes there are immediate transaction posting alert
  • Generation of collection link to payers with payment & settlement status to the merchant through API
  • Refund API service

Benefits

  • No got to visit the bank for transaction processing
  • Immediate banking functionality – reduce turnabout for doing all financial transactions
  • No got to send a physical Payment request to bank or upload CSV/Txt files
  • No got to toggle between two platforms for using banking services
  • Immediate status of transactions on client's platform automatically
  • Automated reconciliation
  • Saves Manpower effort & cost
  • Improved operational efficiency

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