Private sector RBL Bank has received approval from the NPCI for providing services under the Unified Payment Interface (UPI) platform.
RBL Bank is registered as both an issuer and acquirer bank on the UPI framework.
The bank is actively pushing UPI with its partners across industry verticals and customer segments. For instance, Oxigen will use RBL Bank’s UPI interface for its 25 million mobile wallet customers as well as enable merchant payments for its 200,000 agents through Oxigen point of sale terminal, internet-enabled PC and mobile application.
RBL Bank is also a preferred partner for Merchant Acquiring aggregators, including MSWIPE, Ezetap and MRupee.
These aggregators will be live on the RBL Bank UPI platform to enable their merchants to accept payments using mobile point of sale (mPOS) solutions.
The UPI framework allows customers to use their smartphones to transfer funds or make payments on the go.
This platform is interoperable and will make payments more cost-effective, secure and easy, thereby pushing India towards a cashless economy in the coming years.