Unified Payments Interface (UPI) is a system that powers multiple bank accounts into a single mobile application (of any participating bank), merging several banking features, seamless fund routing & merchant payments into one hood. It also caters to the “Peer to Peer” collect request which can be scheduled and paid as per requirement and convenience. Each Bank provides its own UPI App for Android, Windows and iOS mobile platform(s).
How is it unique:
- Immediate money transfer through mobile device round the clock 24*7 and 365 days. You can send or receive money 24*7, even on public/bank holidays.
- Single mobile application for accessing different bank accounts.
- Single Click 2 Factor Authentication – Aligned with the Regulatory guidelines, yet provides for a very strong feature of seamless single click payment.
- Virtual address of the customer for Pull & Push provides for incremental security with the customer not required to enter the details such as Card no, Account number; IFSC etc.
- Bill Sharing with friends.
- Best answer to Cash on Delivery hassle, running to an ATM or rendering exact amount.
- Merchant Payment with Single Application or In-App Payments.
- Scheduling PUSH and PULL Payments for various purposes.
- Utility Bill Payments, Over the Counter Payments, Barcode (Scan and Pay) based payments.
- Donations, Collections, Disbursements Scalable.
- Raising Complaint from Mobile App directly.
How to get it:
- You must have a Bank a/c.
- Mobile number should be linked with bank a/c.
- Smart Phone with internet facility.
- Debit Card for re-setting MPIN.
Service Activation Process:
- Download any bank App for UPI.
- Do registration online on the App with a/c details.
- Create a virtual ID.
- Set MPIN.
What is a Virtual Payment Address (VPA)?
For using UPI, users need to create a Virtual Payment Address (VPA) or Virtual ID of their choice like xyz@hdfc and link it to any bank account. The VPA acts as their financial address and users need not remember beneficiary account number, IFSC codes or net banking user id/password for sending or receiving money.
What is required for Transaction:
- Smartphone with internet facility.
- Registered device only.
- Use registered MPIN.
- Self Service Mode.
- The UPI money transfer is free. The UPI transaction charge is zero for now. Some banks are going to charge for this, but it would be a negligible amount in comparison of NEFT, RTGS and IMPS.
Funds Transfer limit:
- You can transfer INR 50.00 to INR 1 lacs per transaction.
So, If you didn't try it yet, start using it as soon as possible. It is simple and easy to use. It facilitates the money payment without even knowing the bank account number of the payee. Go Cashless!
courtsey:www.cashlessindia.gov.in and www.npci.org.in
Sunday, June 18, 2017
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