UPI is set to become an efficient alternative to mobile wallets and cashless transaction in India.
Unified Payment Interface (UPI) was launched last week and lots of banks have already started their own UPI apps. UPI app enables its users to send and receive money from their smartphones without entering any additional bank information. UPI is currently available only for Android smart phone users.
UPI service is instant and this service is available 24×7 and 365 days.
One needs to have smartphone and their bank’s UPI app to send or receive money instantly or pay merchants who accept UPI as a payment mode.
How Unified Payment Interface (UPI) works?
To use UPI system, customers needs to register their mobile number with their bank. At the time of activation, the customer needs to get his/her mobile number verified by the system. If he/she is using some other mobile number which is not registered, UPI will not function.
1. Download your bank’s UPI app on your smart phone
2. Open and set the MPIN
3. Create your Virtual Payment Address and link your bank account
4. Enter the transaction amount [minimum is Rs. 50 and maximum amount of Rs 1 lakh per transaction]
5. Next enter your Unique ID of the beneficiary and click send
6. Once you hit send button, you will receive a authenticate code to your registered mobile phone which shall be used to authenticate the transaction
7. Once you approve the transfer, money gets instantly deducted from your account and transferred to the beneficiary’s bank account
Banks that have Unified Payment Interface (UPI) Apps
The list of banks providing the UPI app on Google Play Store now are ICICI Bank, Yes Bank, Andhra Bank, Axis Bank, Bank of Maharashtra, Canara Bank, Catholic Syrian Bank, DCB Bank, Federal Bank, , Oriental Bank of Commerce, Karnataka Bank, UCO Bank, UBI, Punjab National Bank, South Indian Bank and Vijaya Bank . Other Banks are expected to join in UPI by end of this year.
UPI is designed for the new mobile age and it is a cheap, fast, secure, reliable, instantaneous settlement platform.