Andhra Pradesh Chief Minister Y S Jagan Mohan Reddy will be launching India’s largest ‘UPI-based payment system’ soon on Monday. Dilip Asbe, MD and CEO of National Payment Corporation of India and L V Prabhakar MD & CDO of Canara Bank will grace the ceremony alongside Jagan.
Canara Bank, being one of the top in the bank sector, has provided its support by teaming up in this initiative led by Andhra Pradesh government in association of National corporation of India (NCPI). This new unprecedented move aims to provide access to UPI QR code-based payment system in 15,004+ gram and ward secretariats (GWS) in the state from Monday.
NPCI is an umbrella organisation set up under the recognition of reserve bank of India & Indian Banks association that includes retail payment services like IMPS, Rupay UPI etc
The introduction of UPI-based payment system will be a pioneering change in digital payments as it would boost impetus to digital payments and redefine financial inclusion in the state.
In view of Corona pandemic, this first-of-its-kind initiative aims to empower thousands of villagers to provide hassle free regular payments with digital interface. It ensures secure, instant, and contactless payments in their day to day transactions.
How it works? :
The user needs to register a request to initiate UPI transactions by scanning the dynamic UPI QR code through any UPI-enabled application. This will pop up a QR code on the computer screen present in the Village Secretariats and Ward Secretariats, implying that money needs to be collected.