Blazepe- Blazepe tech private limited

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Shop No. 1, Plot No. 132 B, Tara Nagar E, Near Umrao Vatika, Kanakpura Road, Jhotwana, Jaipur, Rajasthan, 302012

Email: info@blazepetech.com

UPI Switching Services

UPI or “Unified Payment Interface” has been taken up by NPCI (National Payments Corporation of India) as a new initiative to simplify and provide a single interface across all NPCI systems, thereby creating interoperability and superior customer experience. UPI is expected to further ease instant payments via Mobile, Web and other applications. Unlike typical payment systems, UPI is innovative and unique in a way that one can identify a beneficiary customer by Virtual Payment address (VPA) in addition to regular bank account number and bank IFSC code. UPI is much more simplified and user-friendly than IMPS. Also, UPI is more secure than IMPS, as UPI enables the customers to perform transactions without sharing sensitive credentials.

Blazepe® UPI Switch is based on the same proven robust switching platform as Blazepe® IMPS Switch. It implements complete UPI functionality and has been operational since the launch of UPI in April 2016, with 200+ banks live on UPI.

Four-Party Model: The technical architecture and standard APIs specified by NPCI facilitate all types of transactions between these four entities:
1. Payer PSP
2. Remitter / Payer Bank
3. Payee PSP
4. Beneficiary / Payee Bank
App Agnostic: UPI permits payments via mobile app, web, and other applications.
Multiple Use Cases: Payments are both sender (payer) and receiver (payee) initiated.
Most Secure: Payments are carried out in a secure fashion aligned with extant RBI guidelines.
Single Identifier: Payments can be done using Mobile No., Aadhaar No., Virtual Address (VPA), or A/c No. & IFS code.
Unique Features: 1-click 2-factor authentication, biometric authentication, use of payer’s smartphone for secure credential capture.

Banks can become PSPs (“Payment Service Providers”) and offer a common UPI mobile app to their own customers as well as customers of other banks.

Customer Retention: Enhances customer satisfaction as it offers many benefits, viz. privacy, convenience, multiple utilities, and a single beneficiary identifier.
Customer Acquisition: When it is used by customers of other banks, a properly designed app can help in the Bank’s customer acquisition strategy.
Simplifies Digital Banking Strategy: For Banks as PSPs.
Makes Digital Wallets Redundant: Banks need not compete with Digital Wallet Service providers or woo customers with extravagant digital wallets.
Risk Mitigation: Authorization is split between PSP and Remitter Bank (first factor of authentication is with PSP, the second with Remitter Bank.

Supports the Four-Party Model of NPCI UPI
PSP mobile application on Android, iOS, and Windows platform with NPCI common library integration
Mobile Application Web Server to route transaction requests from mobile devices to UPI Switch
Based on the same proven robust switching platform as the NPCI award-winning blazepe IMPS Switch implemented in one of the largest banks in the country
Implements complete UPI functionality and is operational since the launch of UPI in April 2016
Working with top banks for UPI, has a head-start in UPI switch and mobile applications development and deployment