The demonetization drive that was started in November last year caused widespread inconvenience to millions of people as ATM machines ran out of new currency. To combat that inconvenience, Axis Bank has launched its very own Unified Payments interface in the form of the Axis Pay app. This is a very simple app which can be linked to a bank account and enable the user to send and receive funds securely and quickly, using just their name.
What is UPI (Unified Payment Interface)
UPI is the short form of Unified Payments Interface (UPI), an electronic platform introduced by NPCI to aid inter-operability between various banks. With the help of a UPI app, users can exchange funds with their smartphones using a single identifier like a VPA (virtual payments address) or a UPI ID. There is no need to enter any bank account related information like account number or IFS code, etc.
Features of Axis Pay UPI
- Initiation of transaction – Transactions via UPI can be initiated via the UPI app of any bank to credit or debit the beneficiary/sender’s bank account.
- Types of transfers – With the UPI system, users can make push and pull transactions which refer to making payments and collecting payments as well.
- Beneficiary details required – To carry out a transaction via UPI, all that is needed is the beneficiary’s UPI ID. No other bank account related details are required.
- Addition of beneficiary – In the UPI system, there is no need to add or approve a beneficiary before making the transaction. Funds can simply be transferred to the beneficiary’s UPI ID.
- Complexity of ID – Since the UPI Id is generated by the user themselves, it is easy to remember it.
- Transfer speed – Fund transfers carried out over the UPI system take place almost instantly and in real time. This means that if you have transferred funds to a beneficiary, the latter will receive them almost instantly after the transaction is successful.
- 2-factor Authentication – To ensure that transactions take place securely, UPI employs 2-factor authentication where the first factor consists of device hard binding. Here, a combination of the device ID and the SIM (mobile number) is stored. The second factor of authentication is a 4 or 6-digit mPIN which the user has to enter to access the app.
- Transaction limit – The transaction limit for fund exchange over UPI is currently set at Rs.1 lakh.
Getting Started With Axis Pay UPI App
To get started, the sender and receiver must first download the Axis Pay UPI App which is available for download on the Google Play Store or the Apple App Store. After the app is installed, they must choose their bank and bank account. They must then create a Virtual Payment Address (VPA) or a UPI ID. Once the ID is created, they must link their savings bank account to the UPI ID after which they can begin to send and receive payments securely and instantly.
Axis Bank UPI FAQs
- What are the charges for using the UPI service?
Currently there are no transaction charges applicable on fund transfers using the Axis Pay UPI App.
- How do I send money via the Axis Pay UPI App?
To send money via Axis Pay, you must select your UPI ID and the receiver’s UPI ID. After that, enter the amount of money you wish to send and enter the PIN to complete the transaction.
- How do I receive money using the Axis Pay UPI App?
To receive money using the UPI app, you must first select your and the sender’s UPI ID, following which you must enter the amount. You will receive the money when the sender approves the transaction on their app.