UPI and USSD are about to be get more feature-rich and sport new interfaces; here’s how they work

Demonetisation has started the conversations around alternative ways of making and receiving payments in India. While the first thing that come to mind are digital wallets, we need to understand that for a major part of India, switching directly to wallets is not the easiest option. Online transfers are the most commonly used means, but this year the government is pushing forth for transacting using two technologies which have not really achieved their true potential — Unified Payments Interface (UPI) and Unstructured Supplementary Service Data (USSD).

According to a report in Economic Times, a new UPI app that is common among banks and payment platforms is in the works and should be launched in a week’s time. Along with this, a more feature-rich version of the USSD app is also in the works, which lets you perform banking operations from even a feature phone.

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