Have you ever hesitated to enter your bank details like debit card number again and again whenever you want to make an online transaction? Now you have the power of UPI payment to get free from such tensions. You just need to create a UPI pin and generate a UPI ID from any of the UPI apps.
What is UPI Payment?
The full form of UPI is the Unified Payments Interface. It is a mobile app used for making digital payments. There are a number of different UPI apps in the Play Store such as Google Pay, PhonePe, BHIM, etc.
Read: Google Pay - A Secured Solution for online Payment
You can download and install one of them to take the convenience of online payments. Click here to download Google Pay from Google Play Store. Users can transfer money between their bank accounts in no time using UPI. The system works based on the infrastructure of the IMPS. It is very easy to use and do not even need to share the bank details to send or receive payment. The UPI is an initiative by National Payments Corporation of India (NPCI). The transactions in UPI are regulated and set up by the Reserve Bank of India.
The benefits of UPI.
When you shop online, you can pay through UPI when you see UPI as a payment option. On clicking that, you will need to enter your Payment Address / UPI ID. Once entered, you will receive a request on your UPI app. Enter your UPI-PIN here and to complete your payment. As easy as this!
So, the reasons behind the remarkable increase in such apps in day to day life are:
Mobile number
Account number and IFSC
QR code etc.
- It is very easy and simple to use. You can send and receive a payment within two clicks of your phone.
- No need to share Account/ Card details for UPI transactions. It allows users to send and receive money from their smartphones using just their mobile number or virtual payments address (VPA/UPI ID) without entering bank account details.
- Fast transactions: You can send/transfer money to others instantly through this app. No need to load your money to any digital wallet for making transaction. The transfer can be done directly from the bank account.
- Most importantly, transactions through UPI are not only fast but also safe and secure. It uses a highly encrypted format and 2 Factor Authentication.
- You can pay others using UPI apps in a variety of manner such as:-
Mobile number
Account number and IFSC
QR code etc.
- You can also pay for your monthly bills, recharge and other merchant payments.
Read: Jio Recharge Trick Using Jio Vouchers
How to use UPI app
To take the facility of UPI you need to create your UPI ID and UPI pin first. UPI-PIN is the Personal Identification Number of 4 to 6 digit code. You have to generate a pin before the first transaction through such App.
However, it is a one time process to create a PIN for UPI payment. If you have already set up a PIN with any UPI Apps you can use the same on others.
Create UPI-PIN -A one time process
To create a UPI-PIN, you will require to enter your debit card details and verify that with the OTP which you will receive in your number registered with your bank. Thus you can create your pin. Hereafter, you have to enter this PIN to authorize your all transactions.Read: HOW TO PROCESS AND UPDATE KYC ONLINE
Conclusion:
With the revolution of the banking system, we have the gift of UPI, a step towards the cashless economy. Since its launching in 2016, about Rs 3 lakh crores has already been transferred through the UPI. Nearly all of the banks, more than 130 in numbers have linked themselves with the UPI. They have also launched their different UPI apps.
List of UPI apps for Android
- Google Pay
- PhonePe
- BHIM UPI APP
- SBI Pay
- HDFC Bank Mobile Banking
- ICICI Pockets
- Axis Pay UPI App
- Union Bank UPI App
- PNB UPI
- Canara Bank UPI – eMpower
- United UPI
- Andhra Bank ONE – UPI App
- UCO UPI
- Bank of Maharashtra – Maha UPI
- Vijaya UPI
- South Indian Bank – SIB M-Pay
- KBL SMARTz (UPI)
- OBC UPI PSP
- DCB Bank UPI App
- Lotza – UPI
- TranZapp – UPI