National
Payments Corporation of India (NPCI) announced on 26th August that bank
applications for the Unified Payment Interface have officially become
operational. Within 3 days apps of 19 banks went live on Play Store. In this
post, we are going to discuss all about UPI (Unified Payment Interface)
What is UPI and what can a user do
with the app?
UPI is a
payment system that allows money transfer between any two bank accounts by
using a smartphone. UPI allows a customer to pay directly from a bank account
to different merchants, both online and offline, without the hassle of typing
credit card details, IFSC code, or net banking/wallet passwords.
How can I start using UPI?
If you
already have apps of the below banks, just update the app from play store. If
not downloaded then now it's a good time to start using banking through mobile
app.
The UPI app
of 19 banks have gone live - Andhra Bank, Axis Bank, Bank of Maharashtra,
Bhartiya Mahila Bank, Canara Bank, Catholic Syrian Bank, DCB Bank, Federal
Bank, ICICI Bank, TJSB Sahakari Bank, Oriental Bank of Commerce, Karnataka
Bank, UCO Bank, Union Bank of India, United Bank of India, Punjab National
Bank, South Indian Bank, Vijaya Bank and YES Bank
Good Old SBI
is not on the list, if you are searching, like I did.
1. Create
virtual address
2. Set your
bank account to receive and pay from
That's all.
You are on the way to start using it. Just share your virtual address to your
friends and business parties.
How safe is UPI?
It is safe
as the customers only share a virtual address and provide no other sensitive
information.
Here is my
Virtual address manishkumar@axis . Simple. You can also think of this virtual
address as your email ID. (of-course you cannot send emails through it, haha)
What kind transactions can be
performed via UPI?
1. Merchant
payments,
2.
Remittances,
3. Bill payments
among others.
The per
transaction limit is Rs.1 lakh.
Source:[https://goo.gl/sgQhhL]
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