National Payments Corporation of India(NPCI) together with the RBI is launching the Unified payment interface(UPI). UPI which is developed on the IMPS framework will allow instant bank to bank transfers through mobile based on a unique identifier. With UPI you will not need to have the IFSC code and Bank accounts of the payee. All you need is the unique identifier of the payee. UPI is going to change the entire payments industry of India. Will the mobile wallets survive?
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