What is UPI – all you need to know about Unified Payment Interface

What is Unified Payment Interface (UPI) , available on android, download from google play store : National Payments Corporation of India (NPCI) announced that bank applications for Unified Payment Interface (UPI) have become operational. UPI app of banks can be downloaded and used for transacting.

What is Unified Payment Interface UPI
What is Unified Payment Interface UPI

What is Unified Payment Interface (UPI), How to Use it

UPI is a payment system that allows money transfer between any two bank accounts by using a smartphone.

Unified Payment Interface allows a customer to make payment from a bank account to different merchants, both online and offline without hassle of typing debit/ credit card details, IFSC code or net banking / wallet transaction passwords.

Key Features of UPI App :

  • UPI is built on IMPS, allows to real time money transfer
  • Make or collect payments with a Virtual Payments Address.
  • You can use UPI to pay merchants who use it as a payment option
  • UPI’s two-factor authentication makes it a safe and secure payment option.
  • You can send or receive money 24*7, even on public/bank holidays.

How to download UPI app ?

Currently, you can download UPI app of 19 banks –  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 and YES Bank — The UPI app will be available on the Google Play Store of Android phones in the next few days for customers to download.

Stepwise procedure to get started with UPI :

  • Go to Google Play Store , download the UPI app and install in Phone
  • Set app login
  • Create virtual address
  • Add your bank account
  • Set M-Pin
  • Start transacting using UPI

How safe it is to use UPI?

It is safe as the customers only share a virtual payment address and provide no other sensitive information.

What kind transactions can be performed via UPI ?

Merchant payments, remittances, bill payments among others.

What is per transaction limit ?

The per transaction limit is Rs.1 lakh.

How exactly does one make a payment transaction?

A user can make an in-app payment for goods or services purchased online. For instance a site allows purchase of a movie-on-demand.

User clicks buy, the site/app triggers the UPI payment link and is taken to the pay screen of the UPI app, where the transaction information is verified and a click followed by entry of a secure PIN completes the purchase

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