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  • Unified Payment Interface (UPI)

    With ICICI crossing 1 lakh virtual IDs for using UPI platform, in September 2016 one must wonder about what is this new payment platform everyone is talking about. UPI is the new way to make payments on your smart device. This new interface was launched in late August 2016. Though there are other online payment gateways, the speed and convenience of this new payment platform makes it very appealing. People can simply download the application from Google Play app store. This app works with your bank account and other merchants and bill payment facilities.

    This is an initiative by the National Payments Corporation of India. You also do not need any third party access login or ID. Since, the app will be triggered for payment as long as you have the it downloaded and activated with your bank account number. This means that you do not need any other wallets to make payments or buy stuff on your phone. Note that different banks have different UPI apps for this platform. Also, the maximum amount for each transaction is Rs. 1 lakh.

    National Payments Corporation of India:

    National Payments Corporation of India or NPCI is a unified organization for all systems for retail payments across India. This organization was created under the supervision of the Indian central bank being Reserve Bank of India (RBI) as well as Indian Banks’ Association (IBA). In 2005, the RBI set up the Board for Regulation and Supervision of Payment and Settlement Systems (BPSS) in 2005. Once that was done a organization was proposed in a vision document incorporating Retail Payment Systems across the country. The main aim was to accumulate multiple payment systems across the country that have different service levels in complete uniformity along with good standard business process being practiced for retail payment systems. But UPI was a simple effort formulated with the vision which was secondary in the creation of NPCI which was to provide the public with affordable payment platform to aid financial inclusion as well as make payment convenient for an ordinary man.

    What are the transactions that can be performed using UPI?

    The following are the type of the transactions, that can be conducted through UPI:

    1. Remittances: If you need to send or transfer money quickly to your friends or family, or somebody needs money urgently, this app this correct click or tap for the individual.
    2. Bill payments: From Utility bills to your communication bill payments can be made.
    3. Merchant transactions:This could be anything from booking movie tickets online to buying groceries on an online app.

    Know other ways of money transfer - NEFT , RTGS , IMPS

    How Do I register on the UPI app?

    Here are the steps you need to follow for registering on your bank’s UPI app:

    1. You need to first download the UPI application from the Google Play App Store or the Bank’s website. Most banks will send you the download link your phone if you try to download it from the bank’s website. The UPI app for ICICI Bank is called iMobile. Similarly, all the other banks wills have similar apps. But hereon the registration process followed by all the banks are more or less the same for most banks.
    2. Once you have finished downloaded the app. Open the app and create a profile.You need to entering details for the registration such as your name, a virtual id or payment address, an appropriate password, account details.
    3. There would be an option such as, Add or Link or Manage Bank Account which will then allow you to link your bank account number with the newly created virtual id.
    4. You would also need to use a M-PIN to use UPI. In order to do that you have generate it through the following steps:
      1. Choose the bank account from which you want to pay using UPI and Mobile Banking Registration/Generate MPIN.
      2. If you tap on Generate MPIN, you will receive a One Time Password (OTP) from you bank on your registered mobile number.
      3. It will then ask you for the last 6 digits of debit card number and the expiry date of your card.
      4. Simply enter the 6 digits of OTP and the MPIN of your choice, followed by a tap or click on submission button.
      5. You will then get a confirmation text for your new MPIN.

    How to Make Payments Using UPI?

    This is how UPI works when sending money to another party:

    1. You need to first Log on to your bank’s UPI application
    2. Once logged in choose the option for sending money or payment.
    3. You need to then enter the beneficiary’s virtual id and the amount you wish to send followed by the account number.
    4. Once you get a confirmation message, do check the payment details to confirm the payment.
    5. You need to then key-in the MPIN.
    6. You will get a notification that will know whether the payment ‘successful’ or ‘failure’ message.

    How to Receive Payment Using UPI?

    This will also help you to understand how to accept or decline if someone sends you a UPI payment request from their end. For this too, you need to log on to your bank’s UPI application:

    1. Once you are logged in successfully tap the collect money option that signifies request for payment.
    2. You need to then enter the payer or money sender’s virtual id, the amount as well as the account that needs to be credited.
    3. On the next screen that will follow you will need review and check the payment details and then tap or click to confirm.
    4. The request money notification will be then sent to the payer.
    5. Now the payer has to tap and click on the sent notification.
    6. He or she opens his or her bank’s UPI app reviewing your payment request.
    7. Payer then can tap on accept or decline based on their decision to pay your account.
    8. He or she would have to enter the MPIN for authorising the transaction.
    9. Once you get the transaction is complete, payer gets notified if the transaction was ‘successful’ or was ‘declined’.
    10. As a recipient also get a notification as well as text from bank once the money has been credited to your account.

    Banks Which Offer The UPI Facility:

    The following banks are some of the banks which offer payments through UPI from their banks accounts as of August, 2016. However, there are more to banks who are opting in for it.

    • 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
    • YES Bank

    News Related to Unified Payment Interface (UPI)

    • ‘Tez’: Google’s New Digital Payment App

      Google has launched a new mobile payment app called Tez that will enable users to send and receive funds through an Android smartphone. With this app, one can carry out financial transactions by linking their respective bank account with the app. The money transfer process will be backed by the National Payments Corporation of India’s (NCPI) Unified Payments Interface (UPI).

      The service can be used for direct money transfer by linking Tez with UPI. The app offers high-end security and one can send and receive money without having to provide bank details such as IFSC code, etc. Apart from English, it is available in various Indian languages such as Tamil, Telugu, Marathi,Kannada, Gujarati, Bengali, and Hindi. Customers can make payments through the app using their respective credit or debit cards. Apart from this, reward points can be earned for all transactions made through the app.

      18th September 2017

    • Now, Hitch an Uber Taxi Ride and Pay With UPI

      The next time you book an Uber cab, you need not pay using the Paytm app or through your debit/credit card. Customers can now directly use the United Payments Interface (UPI) app for seamless and hassle free digital payments on Uber.

      Uber has now collaborated with UPI to allow Uber customers to make payments through the UPI interface. To enable this payment method, go to the Uber app and under ‘add payment method’ click on the UPI option. After this, users will have to link their Virtual Payment Address (VPA), provided by UPI upon registration, in the respective Uber app.

      For those who do not have a VPA, it can be obtained by downloading the UPI app and carrying out the registration process.

      Using UPI app

      In order to have access to UPI services, one needs to have a bank account, a registered mobile number and a smartphone that is Android enabled. The first step is to download the UPI app, verify your phone number and initiate the registration process. During this process, one has to furnish other personal details and then choose an appropriate VPA.

      15th September 2017

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