Sparsham has always encouraged digital transactions since its conception. Most of our financial transactions leverage our online banking capabilities. This requires the donor to add account details to their payee list, and based on the bank’s terms and conditions, it may take a day or more to make a transfer. We were working with our banking service provider for a Unified Payment Interface (UPI) to overcome this time constraint challenges and ease the transaction experience.

The Unified Payments Interface (UPI) is an instant, real-time payment system developed by the National Payments Corporation of India to facilitate inter-bank transactions. The interface is regulated by the Reserve Bank of India and works by instantly transferring funds between two bank accounts on a mobile platform.

The creation of a UPI handler was one of the important action items, and Sayuj was working with the bank on the official formalities prior to submitting the request. SPARSHAM@SBI is the UPI handler associated with our account. Members and donors are requested to ensure the UPI handler before initiating a transaction. In India, there are a lot of phishing activities identified by creating UPI handlers with slight changes in the text. Kindly make sure you are engaging in a transaction with the right handler.

UPI ID

SPARSHAM@SBI

We are glad to announce the official inauguration of this handler was done by our member Jithin K by initiating the first transaction on Feb 15, 2020. The accounts team confirmed that the transaction was successful.