Archive · 24 Jul 2025
Indian Bank Launches IND-UPI to Reduce Costs
Indian Bank has created its own app called IND-UPI to handle payments.
This app will allow customers to send money using UPI directly through the bank.
The bank previously paid about ₹150 crore every year to other companies for this service.
Now, by using their own app, they can save money.
This money saved will then be used to give rewards such as cashbacks and scratch cards to the bank's customers.
Indian Bank launched IND-UPI, its own UPI-based payment solution.
The app allows customers to make UPI transactions within the Indian Bank ecosystem.
The bank aims to reduce costs incurred from third-party providers.
Indian Bank spent approximately ₹150 crore annually on third-party UPI transactions.
The bank plans to offer incentives to customers using the IND-UPI app.
- Who
- Indian Bank, its customers, and third-party UPI providers.
- What
- Indian Bank launched IND-UPI, a UPI-based payment solution.
- When
- Published on July 24, 2025
- Where
- Within the Indian Bank ecosystem.
- Why
- To save costs associated with third-party UPI transactions and provide benefits to its customers.
Indian Bank
Third-party providers
Financial Efficiency
Indian Bank
Reduced spending on third-party providers, allowing for cost savings.
Third-party providers
Using existing infrastructure.
- Bank
- Indian Bank
- App Name
- IND-UPI
- Type
- UPI-based payment solution
- Cost Savings
- ₹150 crore annually (approx.)
- Customer Benefit
- Cashbacks and scratch cards