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What Is UPI - Unified Payment Interface? How To Use UPI Service For Digital Transaction Or Cashless Payment? - DigiTeck

Tags: bank payment
National Payment Corporation of India (NPCI) has launched a new digital payment service called Unified Payment Interface (UPI) in the form of android application for smart phones. UPI uses IMPS (Instant Money Transfer Service), which immediately credit fund to beneficiary account. UPI is simply a payment system through which anyone can transfer amount from one Bank account to another bank account via any smart phone. You can use this service anytime in both online and offline mode without typing your card details, IFSC code or any net banking/ wallet password because it works with VPA or Virtual Payment Address which is directly linked with your bank account in very secured manner. You can only do transaction up to rupee one lacks using UPI. Other services initiated by NPCI for digital or cashless payments are *99# and APES (yet to be started).

Unified-Payment-Interface-UPI

Currently 32 banks have their UPI apps which you can download from play store. Banks with PSP and Issuer are:
      ·         Allahabad Bank – AllahabadBank UPI
      ·         Andhra Bank – Andhra Bank One
      ·         Axis Bank – Axis Pay
      ·         Bank of Baroda – Baroda MPay
      ·         Bank of Maharashtra – Maha UPI
      ·         Canara Bank – Canara Bank UPI eMpower
      ·         Catholic Syrian Bank – CSB UPI
      ·         DCB Bank – DCB Bank UPI
      ·         Federal Bank – Lotza UPI
      ·         HDFC Bank – HDFC Bank Mobile Banking
      ·         ICICI Bank – Pockets – ICICI Bank
      ·         IDFC Bank – IDFC UPI
      ·         IndusInd Bank – IndusPay UPI
      ·         Karnataka Bank – KBL SMARTz
      ·         Kotak Mahindra Bank - KayPay
      ·         Oriental Bank of Commerce – OBCUPI PSP
      ·         Punjab National Bank – PNB UPI
      ·         South Indian Bank – SIB M-Pay
      ·         State Bank of India – SBI Pay
      ·         TJSB Bank - TranZapp
      ·         UCO Bank – UCO UPI
      ·         Union Bank of India – Union Bank UPI App
      ·         United Bank of India – United UPI
      ·         Vijaya Bank – VIJAYA UPI
      ·         Yes Bank - YesPay

Bank Only With Issuer:

      ·         Central Bank of India
      ·         Dena Bank
      ·         HSBC
      ·         IDBI Bank
      ·         Indian Bank - IndPay
      ·         RBL Bank – RBLPay
      ·         Standard Charted Bank   
   

   UPI Apps For Non-Banks:

      ·         NuPay
      ·         Alphapay
      ·         Jugnoo Pay
      ·         Mypoolin
      ·         Paysay
      ·         PhonePe
      ·         Splitkart
      ·         Trupay
   

UPI App Registration Steps:

      ·    First download UPI app either from app store or bank websites.
      ·      Create your profile by entering details like name, virtual id (virtual payment address), password,          etc.
      ·      Now go to “Add/Link/Manage Bank Account” option and link bank account and account number       with VPA.

How To Generate M-PIN:

      ·         First select the Bank account from which you want to do transaction.
      ·         Now Enter last 6 digit of your debit card separated with expiry date, example- 111111 1234
      ·         Enter the OTP that you have received from your bank and create your 4-6 digits MPIN.

Features of UPI:

      ·         UPI-Unified Payment System allows payments via UPI mobile app or web, etc.
      ·         Sender (payer) and receiver (payee) both can initiate the payments.
      ·         Payments carried out in a much secured manner as per RBI guidelines.
    ·    Payment can be done through Aadhaar Number (UID), Virtual Payment Address (VPA), Accoun Number and IFSC (Indian Financial System Code), Mobile Number & MMID.
    ·  Payment uses single click, two factor authentication, Biometric authentication, and uses payer’s smart phones for secure credential capture, etc. In two factor authentications use of device fingerprint as first factor and PIN/Biometric is the second factor of authentication.
     ·       Instant money transfer using smart phones 24*7 and 365 days.
     ·      You can shares bills with your friends
     ·      You can do utility bill payment, Payment through Barcode scan.

See Also:

How To Use *99# Service For Digital Banking And Cashless Payment - DigiTeck
A Step Towards Digital India - Types of Digital or Cashless Payment Mode Available In India - DigiTeck
E-Wallets Digital Cashless Payment Mode - DigiTeck

    Keywords: E-Wallet, Digital-Wallet, PayTM,Android-Pay,Google-Wallet, Digital-Banking, Dial-*99#, Digital-India



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What Is UPI - Unified Payment Interface? How To Use UPI Service For Digital Transaction Or Cashless Payment? - DigiTeck

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