Features of UPI3:
- Payment systems should be simpler. Transfer of money should be done with just an identifier without having any complex details to hand. It should be done at a simple click.
- Innovation is a major aspect. Both the payer and payee shouldn’t face any difficulties.
- The solution needs to have strong and efficient data protection.
- The adoption of this app needs to be scalable to a billion users and even large scale adoption also.
- In the coming 5 years, the number is expected to rise 500 million users of smartphones. So the solution should be channelized in a proper mechanism to take full advantage of that.
- The UPI will have a significant control over current systems and can take mobile payments to next level.
- The UPI is supported by the aadhar system. It is based on the unique identification code and it is ensured that each transaction happens between two persons.
- UPI will create a new ecosystem so that it will offer simpler and instant solutions to the customers. There will be no entry barriers for start-ups and for small businesses as it will solve the problem of collecting money for products and services.
- It is a very significant move, as the service can be provided to the merchant with the help of the smartphone at the place of business.
- It is a big platform for a growing economy like India. There will be no paper money and consumers will not be facing any barriers.