BHIM UCO UPI

UCO Bank launched the official UPI-Unified Payment Interface application for all banking needs of customers.

UCO Bank is a commercial bank and the Government of India provides various services to its customers.

Bhim UCO UPI-Unified Payment Interface allows customers to pay/collect using a virtual private address. Unique virtual private address for each customer account. Customers can download the UPI app and install it on their device (mobile / tablet). During registration, the UPI app communicates with NPCI in the form of encrypted data. Customer must create virtual address and complete profile information. Customers can add UPI enabled bank accounts based on their mobile number registered with the bank. After adding a bank account, it needs to be verified using debit card information and set MPIN using OTP. After verifying the debit card, the customer can pay/collect to another bank account. Customers can check the balance. UPI uses IMPS as its base. Customers can use P2P (using sender’s MMID and mobile), P2A (using IFSC and account), P2U (Aadhar payments) and VPA (Virtual Private Address) for payment. Customers can request collections for other UPI customers. This will appear in the Collect Authorization options where the user can accept or reject the request. Transaction history shows details of all payment and collection requests. By using Add Beneficiary, customers can add the benefits of other banks for payment.

An integrated payment interface allows payments to be made by either the payer or the payee. In the initial payee flow, the payment request is routed by the originating application through the NPCI switch for payer verification. However, in certain cases where it is possible to communicate with the payer immediately, it is preferable that the recipient sends a payment request to the payer, then he can initiate the payment request with the letter of credit.

The Unified Payments Interface (UPI) is an architecture and set of standardized APIs to facilitate the next generation of direct online payments, including leveraging trends such as increasing smartphone adoption, Indian language interfaces, and global Internet and data access. UPI was launched by the National Payments Corporation of India with the Reserve Bank of India’s vision of migrating towards a more digital and “less cash” society. NPCI is built on the Instant Payment Services (IMPS) platform through which people can transfer money instantly by going online – adding another layer that enables easy payments even on mobile phones.

As a part of digital banking, the bank introduced QR code for BHIMUCOUPI. This makes it easier to use fast money transfers and secure PoS (Point of Sale) refunds.