April 12 2016: Forget net banking or debit/credit cards, United Payment Interface is here!
The National Payments Corporation of India (NPCI has  unveiled the Unified Payments Interface (UPI), hailed as a next generation technology in the money transfer space that is set to completely revolutionise payments by making it as simple as sending a text message on a mobile phone.
Indian Media  resources and graphics on the nitty-gritty of UPI:

Business Standard: Now, transfer your money via SMS
Financial Express: Mobile Banking, The next big leap
Economic Times: Your smartphone  just became a bank