| | JULY 20208Unified Payments Interface (UPI) is an open-source platform designed for the mobile age that helps with easy integration of various payment platforms. UPI is powered by a single payment API and a set of supporting APIs. It has a fantas-tic value proposition including a simple authentication process, simple issuance & acquiring infra-structure, national interoperability, and more. This was a landmark in payment systems worldwide. No country had ever attempted an ini-tiative with such huge implications for going cashless and promoting digital payments with such ease and security.Samsung started rolling out Unified Payments Interface (UPI) integration to its Samsung Pay mo-bile wallets earlier in 2017. The lat-est Samsung Pay app update allows its users to scan Bharat QR codes to make easy UPI payments at mer-chants. Google has also launched its UPI-based payments app Tez on iPhone and Android, marking its entry into mobile payments space using UPI. The app, available in sev-en Indian languages, allows users to link their bank accounts to send money directly from their account or receive money to their account. Users will also be able to pay for goods online and in physical out-lets. Google has partnered with four banks - Axis Bank, HDFC Bank, ICICI Bank and SBI Bank for this service. Pretty soon, Facebook, Google, Amazon, Apple and Sam-sung will all be integrated, or have commenced the process of integra-tion with UPI if we are to believe media reports.Bharat QR was launched, mark-ing another landmark in payment systems. BharatQR, developed by NPCI, MasterCard, and Visa, is an integrated payment system in India. The system allows users to transfer their money from one source to another in a simple and quick way. The money transferred through BharatQR is received directly in the user's linked bank account. It provides a common interface for American Express, Visa, Master-Card, and RuPay cards. Unlike sys-tems and wallets used by banks, credit card companies and wallet providers, BharatQR is interopera-ble with all the banks. Many banks and all credit card companies in India support BharatQR, and are offering users special discounts and cash-backs to encourage BharatQR transactions.Although, BharatQR works, mainly, by scanning QR codes, it is not the only way to make EXPERTS TALKBy Akshaya Gaur, Founder, Consulting/Advisory, AayanAkshaya has over 39 years experience in the Banking industry and has a track record of leadership in Banking Technology with a strong customer, business.Payment Systems in India ­ Who will Win the War?THOUGHT LEADERSHIP
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