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  • UPI - Unified Payment Interface

    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)

    • Amazon Pay to Likely Integrate with UPI

      TAmazon pay is likely to collaborate with the UPI platform in India and the company has been performing tests to check the integration capability and stability of the same.

      Amazon is at present checking out the possibilities of how UPI can be used and assessing various factors such as network stability, transaction failure rate and customer user experience issues.

      Apart from this, the company is also exploring the other possibilities in the UPI ecosystem and is on the lookout for partnerships. The aim is to build a product that delivers great customer experience, according to a representative from the company.

      8th November 2017

    • Surge in UPI Transactions this October

      There has been an immense growth in the number of Unified Payments Interface (UPI) transactions, which has given a boost to the digital revolution. 

      To put it in numbers, there has been a 100% growth rate in the month of October, when compared to the previous month.

      There were as many as 76.9 million UPI transactions in October as compared to the previous month,  where there were only 30.9 million transactions.

      The National Payments Corporation of India (NPCI), the umbrella organisation for digital/retail payments, made an announcement on Twitter about this achievement. UPI transaction values have increased to Rs.7,057 crore in October, compared to the previous year’s Rs.5,325. Post demonetization, there has been an increasing adoption rate for digital payment methods across India. UPI is a simple and user-friendly digital payment mode that can used through an app on your mobile phone.

      8th November 2017

    • With Google Tez, UPI Transactions Surge Above 76 Million

      The number of UPI transactions soared in the time period between September and October, the same time period when the UPI-enabled payment solution app Google Tez was launched in India.

      The number of UPI transactions doubled to reach 76.96 million. The Tez app was launched on September 18, while UPI was introduced a month earlier.

      According to officials from Google, as many as 4.1 lakh users downloaded the Tez app just within 20 hours of the launch. UPI usage is only likely to increase in the next few months.

      Surge in UPI transactions this October

      There has been an immense growth in the number of Unified Payments Interface (UPI) transactions, which has given a boost to the digital revolution.

      To put it in numbers, there has been a 100% growth rate in the month of October, when compared to the previous month.

      There were as many as 76.9 million UPI transactions in October as compared to the previous month, where there were only 30.9 million transactions.

      The National Payments Corporation of India (NPCI), the umbrella organisation for digital/retail payments, made an announcement on Twitter about this achievement. UPI transaction values have increased to Rs.7,057 crore in October, compared to the previous year’s Rs.5,325. Post demonatization, there has been an increasing adoption rate for digital payment methods across India. UPI is a simple and user-friendly digital payment mode that can used through an app on your mobile phone.

      6th November 2017

    • WhatsApp to Launch In-chat Payments

      Popular chat platform WhatsApp isn likely to launch its very own digital payment application that will be in-built in the app. The service, in all probability, might be launched in December this year.

      The popular messaging service has more than 200 million users, making it an ideal platform to launch a digital payment service. The plan is to introduce an in-chat payment application that may work in collaboration with the UPI. It is said that WhatsApp will work in collaboration with banks such as ICICI, HDFC, SBI, and the like to make this service available to customers.

      6th November 2017

    • Now, UPI on Paytm Payments Bank

      Paytm Payments Bank will now include the Unified Payments Interface (UPI) system as one of its features. The facility will soon be launched for all account holders after testing and fixing bugs.

      The feature is likely to be made available in the next few weeks. Paytm Payments Bank UPI will allow customers to transfer funds with a UPI ID to all merchants or account holders without any hassle, at the click of a button.

      The interest rate offered by the payments bank is around 4%.

      17th October 2017

    • Airtel Payments Bank for Multiple Bank Account Holders

      Airtel Payments Bank has a 25 million customer base and was launched in the early half of 2017. The payments bank provides users many benefits and features.

      The interest rate offered on opening a savings account with this platform is around 7.25%, which is much higher than what most banks offer in the country. The lucrative interest rate is one among the main advantages of the digital payment interface. Apart from this, once a customer chooses to open his/her personal Airtel Payments Bank savings account, the customer will be eligible to get a free and complimentary personal accident cover that is worth Rs.1 lakh.

      To open an Airtel Savings Bank account visit the nearest Airtel store and furnish your Aadhaar card. An account can be opened with as little as Rs.100.

      One of the other benefits of this payments bank is that it is also integrated with the Unified Payments Interface (UPI). You can use any bank account and register for the UPI service using this app. The Airtel Payments Bank app can be downloaded easily. With the UPI application, customers can send and receive money, link more than one bank account, pay utility bills, etc. The app also offers a secure interface that can be locked and unlocked with an mpin and there is a very low minimum balance criteria.

      16th October 2017

    • Send Money Faster Using UPI through Payment Bank Apps

      The Unified Payments Interface (UPI) has made it easy for all customers to send and receive money at the click of a button through a smartphone. This has, in many ways, changed the dynamics of banking in India. There is no need to physically visit a bank in today's times and all types of banking transactions can be done on a smartphone.

      Mobile banking has simplified things for many people, making managing and investing a lot more easier, practical, less time-consuming and more convenient. According to reports, digital payments in India will go up almost 10 times by the year 2020. Apart from this, there is also a prediction that more and more non-cash transactions will be carried out in the future. The modes of non-cash payments include mobile wallets, platforms like the UPI, net banking, debit/credit card, etc. There could be a 40% increase in many of the non-cash transactions.

      Airtel payments app is one such app that allows customers to send and receive money through UPI. This makes digital payments very easy through a virtual identity.

      According to reports, UPI transactions have increased 100-fold in the 10 months that it has been launched.

      12th October 2017

    • Now, Pay Credit Card Bills on PhonePe Without IFSC Code

      In the coming months, customers will be able to make credit card payments through PhonePe and bills can be paid without providing IFSC code. The service is likely to be launched soon.

      Sameer Nigam, CEO, PhonePe, said that credit card bill payment can be made without IFSC code through the UPI system without any hassle. The same can also be done through debit cards.

      To pay a credit card bill, traditionally, customers had to key in the card details and make a payment through NEFT using IFSC code.

      11th October 2017

    • Transfer Money Without IFSC Code Using UPI

      In normal practice, it is necessary to provide bank account details and IFSC code for initiating any type of fund transfer. However, with the Unified Payments Interface (UPI), there is no need for IFSC code or other banks details, money can be transferred at the click of a button through this payment interface.

      It can often get time consuming and cumbersome for customers to type out all information to initiate a bank transfer. UPI is the solution for this problem.

      All you need to transfer funds using UPI is a virtual address, which is similar to an email id. There is no need to register a beneficiary or wait for activation of the beneficiary. There are many payment banks in the market that allows customers to use the UPI interface to send and receive money at the click of a button. Payments banks have become very convenient for customers because of the ease of use and there is no need to maintain a minimum balance. Airtel Payments Bank is one such in India. The app can be downloaded and money can be added on the app. One can send and receive money on the Airtel Payments Bank app using UPI. There has been 68.33 crore deposits made into this payments bank, according to reports.

      11th October 2017

    • How does Google Tez Work

      The Google Tez platform uses the Unified Payments Interface (UPI) to process transactions and since it is not a mobile wallet customers do not have to pre-load it.

      The Google Tez app processes transactions using QR code, audio QR code, phone number or account number. Apart from this, Google is also offering a cashback of Rs.51 for referring new users to the platform. Customers can pay and receive money through the UPI ID.

      5th October 2017

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