CCAvenue Rolls Out UPI Enabled Payments For Merchants And Consumers
Published by NextBigWhat | 17th October, 2016
Online payment gateway CCAvenue has announced the integration of Unified Payments Interface on its platform, aimed at detangling payment complexities for consumers and to deliver a smooth and seamless transactional experience. UPI will also be available as a payment option for all CCAvenue merchants at traditional debit card rates, the company said.
"In addition to internet banking, wallets, credit card and debit card, customers of merchants using CCAvenue PG will now be able to transact via UPI. The integration of UPI is set to boost online payments industry with increased adoption of digital transactions in India. Moreover, it is a major step towards building a cashless society. UPI payments will simplify payments and revolutionize the way mobile banking is done", said Mr. Vishwas Patel, Chief Executive Officer, Avenues Group.
The company is the latest among the payment startups to launch UPI. Razorpay, Instamojo, MobiKwik, and Freecharge have already implemented UPI on their platforms.
CCAvenue will work with NPCI and its banking partners to roll out UPI 2.0, the upgraded version of UPI, which is slated to be released by NPCI early next year. UPI 2.0 will be focused on integrating UPI with Aadhaar and the Bharat Bill Payment System (BBPS) to include features such as pre-authorized transactions through digital signatures and biometric authentication.
UPI is a unique payment platform, which was recently launched by the Reserve Bank of India-backed National Payments Corporation of India (NPCI). It's built to empower customers to initiate payment requests through their smartphone. It provides a Virtual Payment Address (VPA), through which users can send and receive money on a two-factor authentication.
"In addition to internet banking, wallets, credit card and debit card, customers of merchants using CCAvenue PG will now be able to transact via UPI. The integration of UPI is set to boost online payments industry with increased adoption of digital transactions in India. Moreover, it is a major step towards building a cashless society. UPI payments will simplify payments and revolutionize the way mobile banking is done", said Mr. Vishwas Patel, Chief Executive Officer, Avenues Group.
The company is the latest among the payment startups to launch UPI. Razorpay, Instamojo, MobiKwik, and Freecharge have already implemented UPI on their platforms.
CCAvenue will work with NPCI and its banking partners to roll out UPI 2.0, the upgraded version of UPI, which is slated to be released by NPCI early next year. UPI 2.0 will be focused on integrating UPI with Aadhaar and the Bharat Bill Payment System (BBPS) to include features such as pre-authorized transactions through digital signatures and biometric authentication.
UPI is a unique payment platform, which was recently launched by the Reserve Bank of India-backed National Payments Corporation of India (NPCI). It's built to empower customers to initiate payment requests through their smartphone. It provides a Virtual Payment Address (VPA), through which users can send and receive money on a two-factor authentication.
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