What is Unified Payment Interface?- UPI is a payment system that allows UPI app users to transfer money between any two banks. UPI app allows the user to send money directly from a bank account to different bank account, both ways either online or offline, without any hurdle of typing credit card details, IFSC code etc.
How can one download the UPI app?
There are 19 banks that are facilitated with UPI payment system and the bank are listed below:
- 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
You can download this app on the Google Play Store of Android phones in the next few days for customers to download.
Steps to get started with UPI
- You need to download the app from google play store and install into your phone
- Set app and log in
- Create virtual address
- You need to add your bank account
- You need to set M-Pin
- Your app is ready for transaction, start transaction using UPI
How safe is UPI?
One of the best thing about this app is that it’s fully abstract than ever, you only need to share your virtual address and you do not require to share other sensitive information. Like account number, your account name, IFSC code, branch etc.
What kind transactions can be performed via UPI?
Merchant payments, remittances, bill payments among others.
Is there a per transaction limit?
Rs 1 lakh is per transaction limit in UPI payment system.
How exactly does one make a payment transaction?
A user can make payment for goods or services purchased online. For example, an e-commerce website allows you to purchase a product online.
User clicks buy now, the website/app triggers the UPI payment link and take you to pay through UPI app, where the transaction is verified and a click followed by entry of a secure PIN will finish the payment process and through this way, you will be able to purchase your desired product.