4 ms·
Is UPI in India tied to apps such as Paytm etc? or is it in itself is an app? What is the security and privacy aspect of using it?
by gordon_freeman 7y ago
Is UPI in India tied to apps such as Paytm etc? or is it in itself is an app? What is the security and privacy aspect of using it?
- davchana 7y agoNo, Paytm is like Paypal, anybody using it need to have Paytm account. UPI is Unified Payment Interface; sort of RSS but two way, anybody can make client for it, UPI never holds money, Clients connect to user's bank accounts (any bank); client send & receive money to/from bank accounts only, but UPI streamlines this, its kind of hub, but money flows direct between two accounts. Most banks offers their UPI clients in their main app. A user need a bank account & then he can either signup on his bank app like SBI HDFC AXIS or any common app like Google Pay, Phone Pay. The username is like email address, user@bank style. Only banks offer the part after @. Amazon uses @abl, phonepe uses @ybl. Once you type in user@bank in any client, it fetches the current official name of user. UPI does not hold the info, but gets it in real time from @bank.