What Is UPI And How Does It Work?
UPI Payments is a method that allows you to transfer money with just 1 click and 7 seconds. Whether it’s friends, family, business persons, or even your favourite online shopping website. UPI is a real-time digital money transfer service that instantly transfers money between any two bank accounts in India. It serves as a cardless and faceless payments system. Here’s everything you need to know about the UPI app and how it works!
UPI is a mobile-only payment system launched in 2016 that employs Near-Field Communication (NFC) technology. Users can make payments on any card-supported terminal machines or any NFC-enabled phones with this mobile wallet. As the user base of UPI payment apps is growing gradually and fastest, there is a need to know the tricks and tips on how to use UPI applications to their full potential. Now, many banks are conducting workshops and other interactive sessions on the usage of UPI payment applications.
If a customer is asking why or how to use upi payment via their bank, shed some light on transaction fee, security, etc and build trust over here. People who do not get time to attend these workshops can follow our easy & simple steps listed below, which will help them discover this app & make transactions faster.
To create a new UPI ID or UPI payments ID, you need to have a valid mobile number registered with an authorised bank. Once it is activated, log into the bank’s website and fill in the form provided. Once this is successfully done, your mobile number will become your virtual payment address for making digital payments of money between banks. How easy is it to make a UPI payment? Very simple. All you need to do is enter the beneficiary’s virtual payment address and the amount to be transferred – there’s no need for bank name, account number, IFSC code, or even the bank’s name. Create your virtual payment address.
It’s a unique ID that you can use to send or receive money using UPI from/to your bank accounts without having to share each other’s account details. Click on the below banner to get started. This application can also be used as a secure mass payment application, where you can pay your employees, contractors, or anybody who has an account with a UPI-enabled bank.
Creating your UPI Payment ID using your Unified Payments Interface or mobile banking app is a very simple process, and the procedure to create the same is almost the same across all UPI apps.
To add UPI as a payment option, download your desired digital payment solutions—from the App Store or Play Store. First, log in to your account on the app. Once you’ve verified your PIN and added a UPI address and bank account details, opening the app after that will prompt you to set a four-digit app code, which needs to be used for all UPI transactions. You can either choose to use your standard phone password as an App Code or create a new one.
After you verify your mobile number, UPI will ask for your payment address. Tap the plus icon in the top right, and add details like name, telephone number, and date of birth. Add the receiver’s mobile number as well. Please keep in mind that you need to have a UPI-enabled mobile number for the payment of the bill to get done. In this process, one of your accounts must be provided with the bank details such as the IFSC code and account number. Additionally, if you have more than one account linked to the same mobile number, you may select your desired account by opening the app from your device. Finally, the app will display your UPI ID. UPI payments are amongst the best payment options available today since they make it easy to send and receive money instantly 24×7 through your mobile device, they eliminate the need to enter multiple bank details while making transactions, and they are available on one mobile app.