UPI is a unique, interoperable payment infrastructure that facilitates instant online payment from a smartphone using a Virtual Payment Address (VPA) as a payment identifier.
Consumers will be able to create a Virtual Payment Address such as abc@bank (where ‘abc’ can be chosen by the consumer) on a UPI enabled bank app, link it to their bank account and complete the transaction using MPIN as the 2-factor authentication. This feature will offer consumers a faster and secure checkout experience without the hassle of typing card/net banking credentials or beneficiary’s bank details.
UPI will be available as a payment option for all CCAvenue merchants at traditional debit card rates. This inclusion will allow CCAvenue merchants to offer a frictionless checkout experience and tap a whole new segment of customers.
“In addition to internet banking, wallets, credit card and debit card, customers of merchants using CCAvenue PG will now be able to transact via UPI. The integration of UPI is set to boost online payments industry with increased adoption of digital transactions in India. Moreover, it is a major step towards building a cashless society. UPI payments will simplify payments and revolutionize the way mobile banking is done”, said Mr. Vishwas Patel, Chief Executive Officer, Avenues Group.
CCAvenue will work with NPCI and its banking partners to roll out UPI 2.0, the upgraded version of UPI, which is slated to be released by NPCI early next year. UPI 2.0 will be focused on integrating UPI with Aadhaar and the Bharat Bill Payment System (BBPS) to include features such as pre-authorized transactions through digital signatures and biometric authentication.
CCAvenue is one of the first to receive in-principle approval from the RBI (Reserve Bank of India) to operate as a BBPOU under the Bharat Bill Payments Systems (BBPS). As a BBPOU, CCAvenue will be able to register and onboard billers of utility services such as electricity, water, gas, telephone, DTH etc. on the BBPS platform to facilitate online bill collection.
CCAvenue will also offer interoperable bill payment services to customers, through a network of agents or online, providing multiple payment modes with instant confirmation of payment. With Unified Payments Interface (UPI) and Bharat Bill Payment System (BBPS) onboard, CCAvenue would substantially contribute towards the government's ambitious 'Digital India' initiative.