Snapdeal-owned Freecharge has partnered Axis Bank to allow users to make payments using Unified Payments Interface (UPI) system through its platform.
UPI allows users to pay merchants directly from their bank account without sharing their card details.
“We will launch UPI support in partnership with Axis Bank by the end of July. Axis Bank’s SDK (software development kit) will be used internally by Freecharge app to offer both registration and payments,” Freecharge CEO Govind Rajan told PTI.
This will enable customers to pay for transactions using UPI, he added.
UPI, which was launched in April by National Payments Corporation of India (NPCI), facilitates ‘virtual address’ as a payment identifier for sending and collecting money.
It uses MPIN for the two-factor authentication (as mandated by RBI) instead of the one-time password (OTP).
“The partnership allows Freecharge users to pay for transactions from their bank accounts and they don’t have to be customers of Axis for this,” Axis Bank Executive Director Retail Rajiv Anand said.
[Source:- Business Standard]