What does UPI Stand for?
UPI is a short form for Unified Payment Interface. It is a payment system like you have mobile wallets, debit / credit cards or a cheque. In this payment system you have to use a mobile phone to send or receive money and the process is quick and easy to learn and it’s just like sending an SMS message.
How to Download UPI App?
UPI App can be downloaded from Google Play Store for Android Phones and App Store for Apple devices.
UPI App Download Links
- ICICI Bank – Android
- State Bank of India (SBI) – Android
- Punjab National Bank – Android
- Canara Bank – Android
- United Bank of India – Android
- Union Bank of India – Android
- Bank of Maharashtra – Android
- Axis Bank – Android
- HDFC – Android
- Andhra Bank – Android
- Catholic Syrian Bank – Android
- Oriental Bank of Commerce – Android
- UCO Bank – Android
- DCB Bank – Android
- Vijaya Bank – Android
- South Indian Bank – Android
- RBL Bank – Android
- Allahabad Bank – Android
- Federal Bank – Android
- IndusInd Bank – Android
- Karnataka Bank – Android
- TJSB Bank – Android
How to send payments via UPI Apps? First go through the registrations.
Step 1 : Download UPI App from above links or the App Store.
Step 2 : Create your profile
Profile details you will be asked are – name, password, virtual id (address for payment)
Step 3 : Add your Bank Account with “Add/Link/Manage Bank Account“. Here your virtual ID created in step 2 will be linked to your account number.
Step 4 : M-Pin can be generated by selecting bank account from where you want to initiate the process of transaction.
To Send Payments
Step 1 : Log in to UPI Application
Step 2 : Select option Send Money / Payment.
Step 3 : Enter payee virtual ID, the amount to be transferred and then select the account that will be debited.
Step 4 : Now you will review the screen for confirmation of payment details.
Step 5 : MPIN is now required to be entered.
Step 6 : You will get a message for success or failure.
How to Collect Money / Request Money via UPI Process
Step 1 : Log in to your UPI App
Step 2 : Select Collect money, after login.
Step 3 : Enter virtual id of payer and amount to be credited in your account.
Step 4 : Review each detail and click on confirm.
Step 5 : Payer will now receive a notification on his mobile phone for money request.
Step 6 : Click on notification to open downloaded UPI App to review request of payment.
Step 7 : Accept or decline the request of payment.
Step 8 : If accepted, MPIN will be asked to authorize this transaction.
Step 9 : Transaction is now complete and you will get notification in successful or failed transaction.
Step 10 : Requester will get a notification plus SMS from his bank about the credit of the amount transferred.
Benefits of UPI over traditional / older methods
- You get send / receive money instantly with 24*7 availability throughout the year.
- You can download one UPI App for multiple bank accounts
- Virtual ID is a better and secure way to send / receive money.
- Sharing of bills with friends can also be done easily.
- Cash on delivery and ATM is not required and COD can be eliminated.
- You can pay bills of various utilities and you also get Barcodes to scan and pay exact amount without getting worried of lose money.
- All kind of collections, disbursements and donations can be highly scalable.
- You can complaint about any issue directly from the App.
Do I need to download app of my Bank?
There is no need to download the app from your Bank. For example, if you have existing account in SBI and you want to download UPI app of ICICI bank then you can do it and add your bank account to your UPI App.
Any UPI App of any bank or third-party can be downloaded to your phone via download links above and you can use that UPI app to send / receive money.
I have multiple accounts, so do I need to download UPI App multiple times?
NO, you can add more than one existing banking account in UPI App of any bank. From your multiple accounts you can select one to make it a Default account.
This transaction can only be successful if sender / receiver also has UPI App with virtual ID, other than you.
Is there any limit of sending money to ones account?
Per transaction you can send up to Rs 100000
Are there other Apps that are not made by Banks (Third party UPI Apps)?
Yes, following are few popular apps that are 3rd party and made with the help of Yes Bank or powered by Yes Bank.
Is UPI Better than IMPS in any way?
IMPS is as fast as UPI, but you need to know the bank details of the recipients in IMPS transfers, whereas in UPI method you don’t require any bank details.
With UPI you can also pay for your shopping bills, but IMPS can’t pay for it. Its a one touch method and your payment can be transferred immediately, plus the success rate will always be higher.
— NITI Aayog (@NITIAayog) November 28, 2016
What is VPA?
VPA is a short form of Virtual Payment Address which will be the only necessary detail you need for transferring money to someone else. This identification is in the form of mail ID, for example rahul@sharma, mukesh@icici, vivek@xyz etc. It will be easy to remember and once you send payment to someone the VPA will be saved in your app.
The next time you want to send money to same person again, you don’t have to ask him/her about it, you can easily browse through your contacts and send the money.
UPI Transfer is it cheaper than NEFT and IMPS?
UPI is the cheapest way to send money and it will only cost about 50 paisa per transaction. NEFT and IMPS both are much costly.
NEFT charges about Rs2.5 while IMPS charges a minimum of 5 Rupees per transaction.
Tutorial on UPI payments and App Download
Its one of the most safest and easy money transfer system and NPCI will be upgrading / adding new features to it. This is the best way to go ahead with cashless economy and thus reduce black money and hawala schemes.
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