SBI Pay is a digital payment solution app that provides customers the Unified Payments Interface (UPI) facility, along with other features and benefits. This app can be used even by non-SBI customers to send and receive money through UPI and also for other types of peer-to-peer transactions.
The app is specially designed to support the UPI interface and will, therefore, allow any UPI account holder to send and receive money without account number, IFSC code or debit card details. Fund transfer can be initiated through the Virtual Payment Address (VPA).
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How Does SBI Pay Work
The SBI Pay works on the UPI interface system and users need to first key in their mobile number to register for the service. This interface and payment system is regulated by the Reserve Bank of India. SBI Pay works on a system that is very similar to IMPS for all fund transfer transactions. The SBI Pay app works by directly drawing funds from the bank account of the registered customer.
How to Download SBI Pay
The SBI Pay app can either be downloaded from Google Play store or through the SBI website.
- To download the app, go to Google Play store and search for SBI Pay
- Click on it and install
How to Register for SBI Pay
Step 1: Launch the app after download
Step 2: SMS-based mobile verification will be carried out upon start-up
Step 3: Choose a preferred VPA, enter name and email id
Step 4: Answer the security question
Step 5: Confirm details and click ‘Next’. The details will be submitted to the UPI engine for registration
Step 6: Proceed to select the bank account and click ‘Register’
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How to Set up M-Pin for SBI Pay
Step 1: Go to the account management page in the UPI app
Step 2: Proceed to choose the bank account and click ‘set M-Pin’
Step 3: Key in the last 6 digits of the debit card and the expiry date details
Step 4: Enter the OTP and choose an M-Pin
How to Transfer Money Using SBI Pay
Step 1: Open the app and log in by providing password
Step 2: Go to the ‘Pay’ option
Step 3: Choose an account from which you want to make the payment
Step 4: Enter the VPA, make remarks, if any, and enter the transaction amount
Step 5: Verify details and click ‘Pay’
Step 6: Enter M-Pin to authenticate the transaction and complete money transfer successfully
How to Collect Money using SBI Pay
Step 1: Open the app and log in by providing password
Step 2: Go to the ‘Collect’ option
Step 3: Enter the VPA of the person from whom you want to collect money, make remarks, if any and key in the transaction amount
Step 5: Verify details and choose an expiry date, a deadline within which the money has to be paid
Step 6: Click on ‘initiate request’. A confirmation message will be displayed
How to Respond to a ‘Collect’ Request on SBI Pay
- Open the app and log in
- Go to ‘Approve’ and choose ‘Collect Request’
- Choose either the ‘Approve or Reject’ option
- Enter the M-Pin to authenticate and process the transaction
Benefits and Features of SBI Pay
- Simple solution: The SBI Pay app is a one-stop solution for sending and receiving money at any time and from anywhere. The app simplifies the money transfer process.
- Fast and economical: One of the biggest advantages of this method of money transfer is that there are no charges levied. There is no kind of transactional fee involved, unlike other fund transfer methods.
- Any bank: You can use a single app to link any bank account and transfer money to any bank account. This is one of the main benefits of the SBI Pay app.
- No need to fill details: There is no need to fill in details such as bank account number, IFSC code or debit card details. All you need is a VPA.
- No need to register payee: There is no need to register a beneficiary/payee when it comes to UPI. This eliminates the waiting time for the beneficiary to be activated.
FAQs of SBI Pay
What is SBI Pay?
Ans: SBI Pay is a UPI app of the SBI which allows users to send and collect money through the payment system using a VPN.
What is the difference between UPI Pay and other digital payment apps?
Ans: With SBI Pay, transactions can be carried out on all 365 days a year and on a 24/7 basis. There is no need to provide any account details or IFSC code for funds transfer and the same can be done by only using a VPA.
What is a VPA?
Ans: Expanded as Virtual Payment Address, VPA, is like an email id or unique id that is used to identify each UPI user. With SBI Pay, each individual can choose his/her VPA during the registration process. This VPA is a must to initiate both collect and transfer requests.
Is it mandatory to register to send money?
Ans: Yes. A customer will have to register with the SBI Pay app to carry out transactions.
Can a person holding a bank account with another bank use SBI Pay?
Is it possible to link multiple bank accounts with a VPA?
Can a digital wallet be linked to UPI?
Ans: No. Only bank accounts can be linked with the UPI interface.
Is it possible to use multiple UPI apps on the same phone if they are linked with different bank accounts?
Is there a need to register a payee/beneficiary to initiate funds transfer through SBI Pay?
Ans: No. Through UPI there is no need for payee/beneficiary registration
What are the details required to send and receive money through SBI Pay?
Ans: The only piece of information required is a VPA.
What is the maximum limit for the number of transactions through this app?
Ans: At present, the upper limit for the transactions is Rs.10,000 per transaction and the maximum number of transactions that can be carried out each day is 5.
What should a customer do if he/she loses the mobile?
Ans: In such a case, the mobile number needs to be blocked as soon as possible. Since M-Pin is needed for every transaction, there is no need to worry.
What are the various channels that can be used to transfer money through SBI Pay?
- Account number and IFSC code
- Collect or pull based on virtual ID
What should a customer do if his/her account is debited but the transaction is not processed due to some error?
Ans: In such a case, the money will be automatically credited back to the customer's bank account number. If the customer’s account is not credited within 24 hours, then please contact the bank or call the customer care representative.
Is there any way the payment can be stopped if the funds are transferred by accident?
Ans: Unfortunately, this cannot be done. Once a payment is initiated, there is no going back.
How can a customer file a complaint in case of any dispute or problem faced in a transaction?
- Log in to the SBI app by providing password
- Go to ‘My UPI Transactions’
- Tap the ‘Raise Query’ option
- Choose the type query and enter the remark
- Verify details and ‘Submit’
What if the customer has two accounts with SBI? Is there a need to create separate VPAs for each account?
Ans: No. There is no need for multiple VPAs. A single VPA can be used by setting a preferred account. This option can be found under ‘Account Management’.
Is it possible to transfer funds to foreign countries using this app?
Is it possible to link NRE/NRO accounts with the SBI Pay app?
Do merchants also have a VPA?
Ans: No. At present this service is not available for merchants.
What can a customer do if he/she forgets his SBI Pay password?
Ans: In such a case, the password can be reset by going to ‘Account Management’
Are there any transactions costs attached with SBI Pay?
Ans: No. There is no fee levied for using this app to send or receive money at present.
Is it possible to track transactions in the app? If yes, how?
Ans: Yes. This can be done by going to ‘UPI Transactions’
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