Trupay

Trupay is the Unified Payments Interface - UPI App based real-time online and mobile bank payments Gateway system. UPI is the future of real-time mobile payments in India. The company was founded by Rahul Gochhwal, Narender Kumar and Vivek Locheb.
At present, if a person wants to transfer money, he needs the account number and IFSC code of the receiver. Then, he will need to add the other person as a beneficiary. For credit card transfer, you need the card number. With UPI, an individual only needs make a unique virtual private address (VPA), simpler than signing up for an e-mail. If you are a bank customer, your VPA can be created like xyz@abank. If an individual wants to make a payment to her maid, she can simply type the VPA and initiate a transfer.
The trupay UPI apps are currently available on both Android and iOS enabled with UPI.
Unified Payment Interface is an initiative by National Payments Corporation of India’s (NPCI), set up with the support of the Reserve Bank of India and Indian Banks Association (IBA). The NCPI operates the Rupay payments infrastructure that - like Visa and MasterCard - allows different banks to interconnect and transfer funds.
IMPS (Immediate Payments Service) is also an initiative of NCPI. UPI is the advanced version of IMPS.
India moved a step closer towards becoming a cashless economy with the launch of Unified Payment Interface (UPI). With this new payment method, your smartphones will soon double up as virtual debit cards and you’ll be able to send or receive money instantly.
Features and uses
Cash on delivery, the big driver behind the e-commerce boom, will probably die a natural death for people with smartphones. They can use the UPI app to pay after receiving the goods.
All they need to know is the unique ID of the ecommerce firm. The biggest impact of this app will be on third-party payments. The UPI app does away with IFSC code and bank account number and branch detail requirements, once UPI is in place. You just need the receiver's unique ID. Open the UPI app, select the amount to be paid, add the unique ID of the beneficiary and select 'send'. The app will ask for a mobile pin to authenticate the payment.
What can I do with UPI
The idea behind the UPI is to do away with all of this. The interface will allow account holders across banks to send and receive money from their smartphones using just their Aadhaar unique identity number, mobile phone number or virtual payments address without entering bank account details.
According to NPCI, so far only 29 banks have agreed to start this service. If your bank is UPI-enabled, you can ask it to connect you to the system. To initiate a transaction, you can use two types of address—global or local. Global address includes your mobile, Aadhaar and bank account numbers. A local address can be a virtual address. Let’s say your bank gives you a virtual ID similar to your email ID (for instance, name@companyname). This virtual address will allow you to send and receive money from multiple banks and prepaid payment issuers.
So, you will no longer need to use a particular app to send and receive money. For example, if you use a taxi service, at the end of the journey you just have to give your virtual address and the driver will request money from it. You will get a message on your mobile phone asking for authentication. Once you authenticate the transaction by entering your password, it will be complete. This process doesn’t require either the driver or you to share bank details. Since UPI runs on IMPS, the service will be available real time and 24X7.
Nandan Nilekani, man behind Aadhar and now an advisor to NPCI, said: “UPI is a layer we have put on IMPS. It (IMPS) didn’t really have the easy debit capability and that has been addressed by this platform. We think with UPI coming, it is going to be an important merchant platform. Once it is adopted by all banks, money can be transferred from a bank to any other bank using a mobile phone”.

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