What is UPI App check out the complete details about the Unified Payment Interface supported applications & UPI payment system; it will make all your online payments very easy.
What is UPI App – Unified Payment Interface of India
Let’s talk about the new payment system in India which is known as Unified Payment Interface also called as UPI Payment System. It is a payment platform for various mobile applications, and this system has made online payment very easy. We let you all know all details in this article about its use, benefits, payment charges, how to connect with bank etc. This is the latest method for digital payments and even government is supporting it for online payments. Read this full article to know an importance of Unified Payment Interface of India.
Unified Payment Interface UPI Benefits
Ex-governor of Reserve Bank of India Raghuram Rajan has said that launching of UPI is a revolutionary measure for digital payments and it will make online payments as easy as sending an SMS.
- Payments through Unified Payment Interface can be done in a fraction of seconds and people can use it 24*7 and 365 days a year. Holidays, working hours, bank strikes etc. won’t affect this system.
- Sending money will not require bank account number and IFSC code of the recipient, it just required registered mobile number or virtual payment address.
- With a single UPI app, people can use their multiple bank accounts that mean you do not have to download various applications for all bank accounts.
- Through this, you can send money to anyone immediately, in other payment systems people have to wait for 24 hours to pay a new person.
- Once a sender approves a request, you can receive money and also you can pay your bills through this application.
- By this system, if you have ordered something on a cash on delivery option, that time you just have to confirm the bill and delivery boy will get confirmation, no need to pay cash.
— NITI Aayog (@NITIAayog) November 28, 2016
How to get UPI supported apps?
- UPI is a payment getaway for mobile applications; a person will require a smartphone and internet facility on their phone to use any application for digital payments.
- Currently, UPI supported apps are launch only for android users; soon they will announce it for OS and Windows based phones.
- People can download any UPI application from Google play store of your phone after that register your mobile number and bank account number.
- Most of the banks have their own payment applications and after UPI was launched, banks have added UPI features in their existing application.
- People who have downloaded any payment app offered by a bank can just update that app to use UPI features.
- There are many applications available on a play store, but recommend everyone to download which is very efficient and convenient to you.
Which UPI App should you download?
- There are various UPI supported applications available on an app store, but people have to choose wisely which app they should download.
- If you are using app provided by your bank then just updates that app to use UPI features, no need to download or try other applications.
- If you are downloading for the first time, then we recommend people to download an app of their bank, mean in which you have an account.
- Recently Government of India has launched a UPI app called BHIM (Bharat Interface for Money), people can download that as it is a government owned app so it is very safe and secure to use for online payments.
These days government of India has launched few schemes like Lucky Grahak Yojna and DigiDhan Vyapar Yojna to promote cashless transactions in the country. Every day government is announcing Result of Lucky Grahak Yojana for special cash benefits to them, these schemes is launched to encourage people to pay through credit or debit cards or online payment mode, to make country cashless as this is very beneficial for the development of a country.
— Nikhil Kumar (@nikhilkumarks) January 31, 2017
How to Connect UPI app to Bank Accounts?
- By any UPI app, people can send money with just a click a button, but you cannot use this app as a wallet.
- You have to feed bank account number in this app and follow some simple step to register your bank account.
- This application has made all your bank payments very easy, you can send money to anyone with a fraction of seconds.
- People can also connect more than one bank accounts in a single UPI app and you can transact from all bank accounts.
Process to Send Money through UPI App
- First of all, open a UPI payment system app on your mobile then feed passcode.
- After feeding a password application will open and then after you can do all your transaction.
- After that click on send money, after that choose a bank account from which you want to send.
- Now select a recipient with virtual payment address or bank account number or mobile number.
- if receipant is not in your list than you can add it.
- Now enter the amount you want to send and after that, you have to enter Mpin.
- After doing this, an amount will be immediately credited to recipient’s bank account.
Security of payment through UPI
Unified Payment Interface is much secure payment getaway for mobile banking and internet banking while transferring funds through UPI app, to open an app people have to feed passcode and at the end of transferring of fund people will require MPin. By this two steps authentication payment is much secured compared to other payment modes.
Charges on UPI Transfer
— BHIM (@NPCI_BHIM) February 1, 2017
If we compare charges on other online payment options, transfer charges on UPI is very less, you will cost around 50paisa per transaction if you transfer funds through any UPI supported applications. If we look at charges on other payment modes, NEFT will cost you around RS. 2.5 And IMPS fund transfer will cost you around RS. 5.
Virtual Payment Address (VPA)
To transfer funds through UPI supported applications it does not require recipient bank account number or other bank details just with the help of Virtual Payment Address you can transfer fund in a fraction of a second. While you register your bank account number on UPI app you will be asked to create VPA, after creating it you can use this app to send and receive money.
VPA is very easy to remember it just like email address, you can also add recipients virtual payment address in UPI app, so next time you just have to select receiver’s VPA to send him or her fund. When you want to receive money from any person then just give them your VPA so that they can send you money instantly.
Why UPI is better than IMPS?
- Just like UPI, IMPS also transfer funds 24*7 and 365 days a year, but there are more other benefits of UPI compare to IMPS method
- To transfer funds through IMPS, you will require bank details of a receiver while on UPI it is not necessary.
- It is compulsory to feed bank account number and IFSC code of recipient to transfer funds through IMPS, while it does not require on UPI.
- By the UPI app, you can transfer funds with just one click and it would reflect immediately on your bank statement, this is the main benefit of this app, after using it you will also say this method is much better and faster than compared to other methods.
We have explained almost everything about What is UPI App, if still, anyone wants to ask us any questions relating to its use, download etc. please write us in a comment box provided below, we will reply back as early as possible with a suitable answer. We are here to help each and every person to use UPI payment system and encourage people to get used to this method and make your banking work easier and also support our PM’s cashless India dream.