SBI Launches United Payment Interface -Based App The ongoing currency crunch will settle in the coming days since the new Rs 500 notes are being dispersed all over the State. According to State Bank of India Chairman Arundhati Bhattacharya, people are still clinging on to Rs 100 notes, fearing a shortage and future demand. Once the new Rs 500 notes will be distributed thoroughly, the situation will definitely come under control. The new note was released in Chennai ATMs on Thursday. In few more days, they will be made available in Coimbatore and other cities. Furthermore, more notes in the lower denominations have been put into circulation. Ms. Arundhati Bhattacharya was present as a part of the CSR activities of the bank. Bhattacharya also mentioned that around 60 per cent of ATMs have been recalibrated in order to handle the new Rs 500 and 2,000 notes. The remaining 40 per cent will be calibrated in the coming five days. It is observed that after the demonetization, more people were making digital transactions. State Bank of India (SBI) disclosed that the launch of SBI Pay, its United Payment Interface (UPI) app. People might be curious regarding this app. Basically, SBI Pay is a payment solution not only for SBI account holders, but also for customers of all banks who are part of the UPI. People can send and receive money from their smartphones with a virtual payment address acting as a unique identifier. No other details are necessary to use the app other than the virtual payment address. It is going to provide some other features like merchant payments and enhanced transaction limits are expected to be added later. Ms. Arundhati Bhattacharya is of the view that with the current demonetization drive of the government and the push towards digital or cashless payments, SBI Pay is hoped to be a game changer in the digital payment ecosystem since the bank has the biggest customer base in the country. All android users will get the benefit of the app. The iOS version will be rolled out as and when the National Payments Corporation of India (NPCI) comes out with specifications for the iOS platform.
Along with the SBI, HDFC Bank is also going live on UPI. As of now, a total of 30 banks boast of UPI-enabled mobile apps on Google Play Store. This coming together of all major banks on UPI is an important boost to bank-based digital payments. In current times of cash crunch, UPI can be a major boon to enable even the smallest merchant to receive digital payments. On 25th Nov, SBI share price showed a marginal rise of 0.17%. The stock is trading at Rs. 262.20.
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Article Written by Madhurima Chowdhury