As a constructive effort to simplify the process of online payments for customers, CCAvenue recently announced the integration of Unified Payments Interface (UPI) which is a platform built upon the IMPS system. The UPI was launched by NPCI (National Payments Corporation of India) which is supported by RBI. This interface is designed to deliver to the customer, a seamless experience while transacting online.
Online Payment Processor Deploys Unified Payments Interface
UPI is nothing but a payment interface that support instant online payment from a user’s smartphone through a user-generated payment identifier VPA (Virtual Payment Address). A Virtual Payment Address can be created by customers and linked to their bank account. abc@bank for example is an email id in which ‘abc’ can be chosen by the customer on a UPI enabled bank app. Without disclosing the bank account detail, the customer can complete the transaction by using an authentication code (MPIN) on the bank app. The customer can now escape the hassles of card credentials or banking details and yet enjoy a secured and seamless transaction experience.
CCAvenue merchants will now be able to enhance its range of customers through the newly introduced API feature as all the CCAvenue merchants will have UPI as a payment option for offering an unlined checkout experience.
Upgraded Version of UPI
CCAvenue has a vision set for rolling out UPI 2.0, which is an upgraded version of UPI. The company will be working with NPCI and its banking partners for the release of the interface. UPI 2.0 is the enhanced version of the interface which integrates the functions of UPI with Aadhaar and Bharat Bill Payment System (BBPS) and also includes features such as pre-authorized transactions through biometric authentication and digital signatures. CCAvenue becomes one of the first to receive RBI’s in-principle approval to operate as a BBPOU under the Bharat Bill Payment Systems (BBPS). To facilitate online bill collection, CCAvenue will be thereby able to register billers for electricity, DTH, telephone, gas, water, etc. on the BBPS platform. The customers will get interoperable bill payment services with multiple payment modes and instant confirmation of payment.
Mr. Vishwas Patel, Chief Executive Officer of Avenues Group, mentioned in one of the official publications that the integration of UPI is aimed at enhancing online payments which in a way will contribute to the digital transactions in India. “It is a major step towards building a cashless society. UPI payments will simplify payments and revolutionize the way mobile banking is done” he added.
About CCAvenue
CCAvenue is an India based online payment gateway solutions provider. The online payment company caters to more than 1 lakh Indian online merchants and facilitates the acceptance of online payments through multiple options including 6 major credit cards, 53+ Net Banking, Amex EzeClick, 98+ Debit Cards (All MasterCard, Visa, Maestro, RuPay Cards), 16 prepaid instruments and up to 11 Multi Bank EMI options. Being a merchant payment processing company, CCAvenue also has its operations in UAE where it has partnered with Mashreq bank and launched e-commerce and m-commerce online payment solutions.
For more information, visit CCAvenue.ae
