CCAvenue rolls out UPI (Unified Payments Interface) enabled online payments for merchants and consumers
13th October, 2016
UPI is a unique interoperable payment infrastructure that facilitates instant online payment from a smartphone using a Virtual Payment Address (VPA) as a payment identifier. Consumers will be able to create a Virtual Payment Address such as abc@bank (where 'abc' can be chosen by the consumer) on a UPI enabled bank app, link it to their bank account and complete the transaction using MPIN as the 2-factor authentication on the bank app without disclosing their bank account details. This feature will offer consumers a faster and secure checkout experience without the hassle of typing card/net banking credentials or beneficiary's bank details.
UPI will be available as a payment option for all CCAvenue merchants at traditional debit card rates. This inclusion will allow CCAvenue merchants to offer a frictionless checkout experience and tap a whole new segment of customers.
"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.
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 is an extension of additional capabilities which 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. CCAvenue is one of the first to receive in-principle approval from the RBI (Reserve Bank of India) to operate as a BBPOU under the Bharat Bill Payments Systems (BBPS). As a BBPOU, CCAvenue will be able to register and onboard billers of utility services such as electricity, water, gas, telephone, DTH etc. on the BBPS platform to facilitate online bill collection. CCAvenue will also offer interoperable bill payment services to customers, through a network of agents or online, providing multiple payment modes with instant confirmation of payment. With Unified Payments Interface (UPI) and Bharat Bill Payment System (BBPS) onboard, CCAvenue would substantially contribute towards the government's ambitious 'Digital India' initiative.
About National Payments Corporation of India
Incorporated in December 2008, National Payments Corporation of India (NPCI) is an umbrella organization for all retail payments system in India. It has ten promoter banks namely, State Bank of India, Punjab National Bank, Canara Bank, Bank of Baroda, Union Bank of India, Bank of India, ICICI Bank, HDFC Bank, Citibank and HSBC. During the last five years, the organization has grown multi-fold from 2 million transactions a day to 20 million transactions now. From a single service of switching of inter-bank ATM transactions, NPCI now offers a range of services such as Cheque Clearing, Immediate Payments Service (24x7x365), Automated Clearing House, Electronic Benefit Transfer and the domestic card payment network, RuPay. To know more, visit www.npci.org.in.
Headquartered in Mumbai, CCAvenue is a payments platform for ecommerce businesses in India. CCAvenue is designed to help its 1 lakh+ merchants accept online payments through a spectrum of new-age payment options including 6 major Credit Cards, 98+ Debit Cards (All MasterCard /Visa /Maestro /RuPay Cards), Amex EzeClick, 53+ Net Banking, 48 Bank IMPS, 16 Prepaid Instruments and up to 11 Multi Bank EMI options. CCAvenue now also offers UPI (Unified Payment Interface) and will soon be adding BBPS (Bharat Bill Payment System) payment facility on its platform. Backed by a 15-year history of industry firsts, outstanding innovations and prestigious accolades, CCAvenue offers a multi-channel payment platform, along with a bunch of disruptive features such as CCAvenue Checkout, CCAvenue S.N.I.P., CCAvenue Store Front, CCAvenue Card Storage Vault (tokenization) and more. CCAvenue has successfully achieved the ISO/IEC 27001:2013 certification in addition to being PCI DSS 3.1 compliant.