Payment collection platform Instamojo, in partnership with ICICI Bank, has rolled out Unified Payment Interface (UPI) for its merchants, which will enable customers to make online payments via UPI in addition to net banking, wallets, and credit/debit cards. The roll out is being implemented in phased stages, and the company said it plans to complete the entire rollout by the end of this month.
UPI is a unique payment platform, which was recently launched by the Reserve Bank of India-backed National Payments Corporation of India (NPCI). It’s built to empower customers to initiate payment requests through their smartphone. It provides a Virtual Payment Address (VPA), through which users can send and receive money on a two-factor authentication.