Accel India, cash, startups, fund of funds

After Razorpay started accepting UPI payments, now CCAvenue has also announced the integration of Unified Payments Interface. UPI is a platform launched by RBI-backed National Payments Corporation of India (NPCI) built upon the IMPS system.

This integration aims at detangling payment complexities for consumers and delivers a smooth and seamless transactional experience. UPI is a unique, interoperable payment infrastructure that facilitates instant online payment from a smartphone using a Virtual Payment Address (VPA) as a payment identifier.

It will be available as a payment option for all CCAvenue merchants at traditional debit card rates. This inclusion will allow CCAvenue merchants to offer a frictionless checkout experience and tap a whole new segment of customers.

Consumers will be able to create a Virtual Payment Address such as abc@bank (where ‘abc’ can be chosen by the consumer) on a UPI enabled bank app, link it to their bank account and complete the transaction using MPIN as the 2-factor authentication.

This feature will offer consumers a faster and secure checkout experience without the hassle of typing card/net banking credentials or beneficiary’s bank details.

Mr. Vishwas Patel, Chief Executive Officer, Avenues Group, said,

In addition to internet banking, wallets, credit card and debit card, customers of merchants using CCAvenue PG will now be able to transact via UPI. The integration of UPI is set to boost online payments industry with increased adoption of digital transactions in India. Moreover, it is a major step towards building a cashless society. UPI payments will simplify payments and revolutionize the way mobile banking is done.

CCAvenue will now work with NPCI and its banking partners to roll out UPI 2.0, the upgraded version of UPI, which is slated to be released by NPCI early next year. UPI 2.0 will be focused on integrating UPI with Aadhaar and the Bharat Bill Payment System (BBPS) to include features such as pre-authorized transactions through digital signatures and biometric authentication.

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