UPI, expanded as Unified Payments Interface, is gaining popularity and is becoming one of the most preferred methods of digital transactions in India. There are many apps that provide users this facility and apart from this, many banks have tied up with UPI and customers can use this platform through bank apps as well. UPI is being offered by many chat platforms and mobile wallets in the market.
What is UPI
UPI is a digital payment system through which a user can both send and receive money through a Virtual Payment Address (VPA). The money will be directly debited from the customer's bank account.
Apps with UPI Feature in India
Below is the list of App that provides UPI Feature:
- BHIM app
- Airtel Payments Bank
- Google Tez
- Paytm Payments Bank
- SBI Pay
- Axis Pay
- BOB UPI
This is one of the most popular payment apps that allows users to transact using the UPI interface. This is considered to be one among the most preferred apps for UPI. The app was founded in 2015 and is powered by Yes Bank.
This mobile wallet app company has also collaborated with the UPI platform to provide customers the facility to transact and transfer funds in an easier manner. Customers can add money into their Paytm wallets with the UPI ID. Along with other payments options such as debit/credit card, net banking, etc., UPI is also one among them. Customers can also initiate collect money requests through Paytm with UPI. After the remitter accepts the payment request, the money is added to the Paytm wallet.
The BHIM (Bharat Interface for Money) app has been developed by the National Payments Corporation of India (NCPI). This app is known for its simplicity. It also offers a very secure interface. The payment interface comes with all the essential features and is known for its good user experience. Funds transfers can be initiated either through VPA, QR code or bank account number and IFSC code.
This Indian payments network also joined the UPI interface. All Mobikwik customers can use UPI to add money into their wallet. They already provided various services such as fund transfer using debit/credit card, net banking, cash pickup and cash deposit. The e-wallet service provider also has tied-up with various e-commerce merchants.
Airtel Payments Bank
This payments app has also integrated with the UPI system to allow hassle-free digital payments through its app. The app will enable users to create VPAs and link their bank accounts. The main advantage of this payments bank is that payments can be made both offline and online.
Launched by technology giant Google, the Tez app is one of the other apps that will provide customers the facility of using UPI. What makes this app different is that it is available in many Indian languages such as Telugu, Tamil, Marathi, Kannada, Gujarati, Bengali, and Hindi.
Now, Uber has included UPI as one of the modes of payment. You can pay for your Uber rides with this interface.
This payments app has made available UPI as one of its payment methods. This app had been providing fund transfer facility through IMPS before it joined the UPI bandwagon.
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%.
This is a State Bank of India (SBI) app that is specially built for UPI requirements. The main advantage of this app is that even those who do not hold an account in SBI can use the app to send and receive money using a VPA. The app is very simple to use and one can easily register for the service after downloading the app.
The UPI interface can be used through the iMobile and Pockets app offered by ICICI Bank. The app can be downloaded from Google Play store. To send money through this app, you have to go to the ‘Funds Transfer’ option and click on the UPI method.
Axis Bank is one of the other banks that has launched a UPI enabled platform for its customers. This comes with a very user-friendly interface and various other features.
The BOB UPI app has been launched by Bank of Baroda and can be downloaded from Google Play Store. One of the advantages of this app is that it provides customers certain additional features that are not available on other UPI apps.
Around 52 banks in the country have collaborated with UPI to provide customers the service. While most banks have developed their own UPI app in their existing mobile apps, other banks do not have UPI, while some banks have partnered with third parties to provide customers’ access to UPI.
The UPI interface is changing the way digital payments are being made in the country. There a number of UPI apps in the market and there are more and more such apps that are being launched. Another important point to remember is that you can use any UPI app to link your bank account Therefore all UPI apps are interoperable. For example, a customer can use or connect a Yes Bank account on the ICICI Pockets app.
FAQs on Apps that Allow UPI Payments
- How to use UPI?
To use UPI, search for an app and download it on your phone. Register for the service, link your bank account and transfer funds using the virtual identity.
- What are the key features of UPI?
- Customers can send and receive money using a VPA
- Payments can be made to merchants
- It is a safe and secure payment option
- Funds can be transferred on a 24/7 basis
- Is UPI different from other fund transfer methods such as RTGS, NEFT, or IMPS?
Both NEFT and RTGS are fund transfer methods that take quite a bit of time, hence contributing to significant delays. UPI, however, is based on the IMPS system that is designed for mobile phones. UPI is a very user-friendly and easy to set-up interface.
- How is UPI different from IMPS? Does UPI offer any additional features?
The additional features offered by UPI include P2P functionality, simplification of merchant payments, a single app for money transfer and single click for two-factor authentication.
- Is it possible to pay online merchants via UPI?
For customers who shop online, payments to merchants can be made if the UPI option is available in one of the payment options.
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