United Payment Interface (UPI)
United Payment Interface is a payment system that helps to transfer or receive funds from a person having a bank account to another account holder. AN UPI transaction can be done with a Mobile phone having an UPI application.
How to use UPI?
To start using UPI, requirements are a bank account linked with your mobile phone number and a debit card.
Download a UPI application, each bank has its own application or any third party application.
To get started a SMS is sent by the app to verify the mobile number, registered with your bank account. SMS service should be active on your mobile phone.
if you are asked for bank account details provide it.
create your VPA address.
A VPA address is an ID required to do UPI transactions instead of your bank account number.
you can get your primary VPA id in your profile .
prefix a 10 digit mobile number ,email id, six digit numbers, alphabets along with the application code, it may look as xxxxxx@oksbi.
After creating the VPA, you would be asked to create M-PIN to use UPI. For generating a M-PIN, debit card is required, enter the required details such as last digits of your debit card and expiry date. set your M-PIN.
Transaction that can be done using UPI are
Transfer money.
Receive money.
scan QR code to pay.
How to make payments with UPI
Log in to the UPI application, using password or pass code , while third party application can be logged in by your G mail account.
After successful login, select the transaction option of Send payment.
if you have multiple bank accounts you may be asked from which account number you want to make payment, after confirmation, choose the option provided
VPA address ,Aadhar number ,bank account number or mobile number, just enter the 10 digit mobile number, check an confirm the name to whom you have to transfer, enter amount followed by M-PIN and the payment is done. Second option is to fill the bank account number, IFSC code , to verify it , transfer re 1 to the beneficiary account number, after confirmation enter the amount you want to transfer. Transfer amount limit is set by the bank, so always check the transfer limit allotted and make payments. Enter m-pin and confirm it.
SCAN QR CODE
A QR code of a merchant UPI id is printed ,you may scan this UPA address with your mobile phone with scan QR code option provided in your UPI application, enter the amount you want to pay ,enter m-pin , the transaction is completed by receiving a confirmation symbol on your phone, confirm it with the merchant.
How to make payments via payment gateway?
If you making payment for tickets ,bills etc. by a payment gateway ,enter the VPA address, a notification will be received on your mobile application, check and confirm it, enter your m-pin, thus if the transaction is successful a confirmation message is received.
How to receive payments with UPI?
Log in to your UPI application.
After successful login, select the option to receive money.
Enter the virtual id or account number to be credited, verify the details on the confirmation screen, enter amount and then click ok.
The payer will then get the notification on his/her registered mobile number.
Payer then will have to click on the notification and open his UPI app where the payment request is reviewed. Payer then will have to accept or decline the request
If the payer accepts the request, and enter the M-PIN the transaction is completed. Once the transaction is complete, payer gets the status of the success and decline transaction notification, or SMS from the bank about the amount received.
Benefits of UPI
It is one of the cheapest form of fund transfer made available by government of India to make cashless transactions, as compared to NEFT and RTGS.
Small transactions can be made easily required in our daily life ,and this reduces dependability of cash.
Payments of utility and communication bills, Merchant transactions are easily done without queue.
Mobile recharges, movie tickets, online shopping can be done receiving bonuses, discounts and reward points.
UPI transaction has a limit for amount transferred per day.
Transactions can be done 24 *7
0 Comments