New payment method: UPI ( Currently availaible in India only )

[aahnik]

Payment method name: UPI (Unified Payment Interface)

Payment method website: http://cashlessindia.gov.in/upi.html

It is a payment protocol run by NPCI ( National Payments Corporation of India ). Many other countries are planning to use a fork of UPI.

This option will allow the user ( the one who wants to recieve money ) to add his/her UPI address. The person who wants to pay can use any app to pay to that address.

0% Transanction fees is the best thing about it.

UPI is just like email address. The person who wants to pay can use the app/service of their choice like Google Pay, Phone Pay, Paytm, WhatsApp pay etc. Every UPI address is connected with a bank account. There can be multiple addresses connected to one account.

Example of an UPI address : something@upi ( The extensions can be different )

Just like cryptocurrencies. There is an address that is connected to wallet. The person who wants to pay can choose any wallet app.

[aahnik]

If the person who wants to pay, is using on a mobile device, the coindrop site should not display a qr code. Instead it should give the option to open the link in any wallet app in their phone like Phone Pay, Google Pay, Paytm, etc.

this is availaible only for india

Please add this, because, of its 0 transanction fees. Other payment gateways like Google Pay, Stripe, also allow users to pay using UPI, but they charge transanction fee.

Displaying my UPI address, i can recieve payments without any transanction fee. ( from another indian, using upi wallets ).

You can understand the importance of this by seeing the population of India, and the no. of new internet and UPI users in last 5 years.

This is very helpful.

For this you dont need to integrate with any other api. Just the address will be displayed.

Generating dynamic qr code ( for paying a set value and authenticating the transanction ) for a particular payment is a paid service, provided by many payment gateways.

Coindrop should show a static qr code (qr code that simply points to the address, the payer can choose any value, no way to authenticate , cant be used for putting something beyond a paywall) for the address.

[aahnik]

( in India ) As was the case with UPI that has grown nearly 4,000 times in the last four years and has outpaced (debit and credit) card transactions by a huge margin—Rs 386,107 crore and Rs 168,169 crore, respectively, in October 2020—the new innovations are also based on an open architecture that allows any entity to start leveraging it, provided it uses the protocols prescribed.

In the case of UPI, the model was so successful, Google recommended that the US Fed use a UPI-based system to build a new inter-bank real-time-gross-settlement service

[aahnik]

Hi @remjx , thanks a ton for adding UPI

I believe in the button only "UPI" will look good. The expanded form makes the button very long.

In India, all payment interfaces just mention "UPI". So I think the full form is not needed in the button.