What is UPI and How to Use UPI Payments Apps

What is UPI and How to Use UPI Payments Apps

Banking

Hello Friends, Today we will talk about UPI (Unified Payment Interface) and learn about what is UPI, how UPI works, how to setup UPI app, How to use UPI Payment App, UPI ID (VPA) What are MPINs and what are the Advantages of using UPI Payment App?

 

When the Indian government Bans the currency notes of Rs 500 and Rs 1000 on November 8, 2016, then there was a debate on cashless payment in this country i.e., before demonetization in India everyone did not talk about cashless payments. or did not everyone use it

 

Before that time, only a small number of people in India used to pay cashless transactions through credit card, debit card or internet banking, but after the demonetization, the cash was lost to the people, then there was a flood of cashless transactions in our country. Everyone started talking about digital payments.

 

Today our country is going through a phase of change for the cashless economy, so the government is also running big campaigns to make the country cashless and new technologies are being developed for digital payments and today we are here Talk about one of the digital payment technologies and this technology is UPI.

 

What is UPI?

The full form of the UPI is Unified Payment Interface (Unified Payment Interface). First of all, I would like to tell you that UPI is not a payment application, but UPI is a Payment System Technology.

 

In simple language, UPI is a payment system technology that provides you with a common payment interface on all payment apps and with the help of this common payment interface you can easily “get money from someone else’s and transfer money to bank account”

 

The National Payment Corporation of India (NPCI) introduced the Unified Payment Interface (UPI) with the support of the Reserve Bank of India (RBI) and the Indian Banks Association (IBA).

 

I think you have heard NPCI’s name for the first time, so let me tell you that both the RBI and the IBA together formed NPCI as a non-profit organization in 2008 and since then the physical and electronic payment system of the entire banking system of India is handles with NPCI.

 

NPCI has designed the Unified Payment Interface (UPI) to make the electronic payment system even better, and as I told you that this is not an application but this is a payment system.

 

Therefore, any private companies or banks can integrate the Unified Payment Interface into their payment app with some guidelines. UPI is the best possible payment interface among all the payment interface (technologies) available so far.

 

Therefore, all private companies or banks are adding the UPI payment system to their payment apps, so that they can keep their payment apps updated with latest payment technology.

 

Nowadays, everyone has the latest and fast technology for every job and today UPI is the latest and best technology to received and sent money with the help of Unified Payment Interface. Let us know how UPI works.

 

How does UPI work?

Right now if you want to make an online bank payment, you have to enter the account number, account type, bank name and its bank’s IFSC code for the person to pay.

 

In this case, to whom you have to pay the online bank, you have to take all these bank account details and after that, you have to enter all these types of information by yourself and hence this online payment becomes a painful task.

 

Therefore, NPCI launched Unified Payment Interface (UPI) to simplify the online payment process, and then all the banks and companies integrated the UPI payment system into their mobile payment apps.

 

Through the UPI payment system, you can make a very fast and easy way to transfer money from your bank account to another bank account and also to get account information without payment receiver.

 

To make a payment from the UPI enabled payment app, you do not have to enter your debit card or credit card information, and you do not have to enter the account number, bank name, and IFSC code.

 

To pay for the UPI enabled the app, you simply have to enter the UPI ID of the payment receiver. We also call the UPI ID as the Virtual Payment Address (VPA) and this UPI is Unique for every user who uses the UPI app.

 

How to use UPI Payment Apps

According to the list given on NPCI site that 66 banks started using UPI service. You can also click on the given link to see if your bank has a name on the list or not. I have also listed the UPI Banks List at the bottom of the post.

 

Some banks have added the UPI payment system to their old payment app, and some banks have launched their new app for the UPI payment system, such as ICICI bank adding UPI payment system to its old app iMobile And SBI Bank has launched the new app SBI Pay of UPI payment system.

 

When you search the UPI app on the Google Play store, you will find many UPI apps and the most important thing is that you can use any UPI app, yes it is not necessary that you use your own bank UPI app because UPI payment system is not a personal technology of any bank.

 

Just as you can withdraw your ATM card from any bank ATM, you can use UPI payment system by adding your bank account to the bank’s UPI app.

 

To use any bank’s UPI app, you will have to install the bank’s UPI app in your mobile that has a registered mobile number from your bank account, because UPI payment system has detected your bank accounts with a mobile number Takes.

 

When you open any UPI app on your mobile, the UPI app first gives you the option to select the SIM in the mobile, whose number is registered with your bank account.

 

After verifying the mobile number, UPI app shows you the list of all the bank accounts from which the mobile number is registered, then you can add all accounts to the UPI app.

 

If you have not yet linked your mobile number to bank account then you can not use the UPI apps

 

How to setup UPI App Step by Step Guide

S-1: First download and install any UPI app from Play store.

S-2: Now when you open the UPI app, the UPI app will first verify your mobile number and for this, you will receive a message from your mobile number, and then your mobile number will be verified.

S-3: After the mobile number has been verified, you have to set a PIN (password or passcode) for your UPI app, that means you have to enter this number to open this app every time.

S-4: Now you will be shown a list of all those accounts that are linked to your registered mobile number and now you can add any of them or add them to the UPI app.

S-5: When creating a bank account, you have to create a UPI ID (VPA) and MPIN for your account. I have given the information of what is VPA and MPIN in the following details.

S-6: Now you can use UPI app and with the help of this app, you can easily send and receive money from any bank account.

 

What is the UPI ID (VPA) and what are the uses?

As I told you above, to send a payment in the UPI payment app, you do not have to enter bank account details. You can send and receive payments only with the help of UPI ID.

 

When you add your bank account to any UPI payment app, then you have to create a UPI ID for yourself. The UPI ID is like the exact email id like username@bank (wikieedia@sbi) and the username is unique which you can choose for yourself.

 

But as I told you the username is unique, it is not necessary that you get the username you choose, so that you can get the username of your choice UPI ID.

 

You can also change the UPI ID at any time and the most important thing is to call the UPI ID as VPA. Virtual Payment Address and you can not see any of these UPI IDs anywhere or listen to it, so do not be confused.

 

What is MPIN and what is the use of them?

When we make an online payment, after we enter the payment information of the payment receiver, we are sent an OTP (One Time Password) on our mobile to confirm that payment and then the payment confirmation after entering the OTP is.

 

Similarly, in the UPI payment app, the MPIN is used to confirm the payment. The full form of MPIN is “Mobile Banking Personal Identification Number”. This is the number (PIN) of 4 digits (6 digits in some banks).

 

All bank payment methods require 2 Factor authentication (two levels of security) for payment, so the first level security is done in the UPI payment system. Your mobile number i.e. the UPI app has to be installed on your mobile number.

 

There is a second level security in the UPI payment system. Without MPIN, the UPI app cannot be confirmed by the payment. Therefore, in UPI payment you have to set up an MPIN to confirm payment from your bank account.

 

After adding your bank account to UPI app and creating a VPA, you have to set MPIN and you can set or change MPIN with your ATM-cum-Debit Card i.e., if you ever forget your MPIN Go, easily create a new MPIN with the help of a debit card.

 

What are the Advantages of Using the Unified Payment Interface (UPI) App?

 

  • The most important thing about the UPI app is that it does not charge any money to transfer money.
  • You can transfer real-time money from UPI app.
  • pay anytime from the UPI app. It does not have any other payment method like holidays and working hours of restriction.
  • You don’t need a payment receiver’s bank information to pay for the UPI app.
  • do not need to share your bank information with anyone to receive payment from UPI app.
  • send bills to your clients from UPI app and those clients can approve that payment from their UPI app.
  • add different bank accounts in the same UPI app, that means that you do not have to install different apps for every bank on your mobile.

 

Banks List who uses UPI Payment System Technology.

  • Bank of Maharashtra
  • Canara Bank
  • Catholic Syrian Bank
  • Central Bank of India
  • Citi Bank
  • City Union Bank
  • Corporation Bank
  • Airtel Payments Bank
  • Allahabad Bank
  • Andhra Bank
  • Apna Sahakari Bank Ltd
  • Axis Bank
  • Bank of Baroda
  • Bank of India
  • DBS Digibank
  • DCB Bank
  • Dena Bank
  • Equitas small finance bank
  • Federal Bank
  • Fino Payments Bank
  • GP Parsik  Bank
  • Gujarat State Cooperative Bank
  • Hasti Co-Operative Bank
  • HDFC Bank
  • HSBC
  • ICICI Bank
  • IDBI Bank
  • IDFC Bank
  • Indian Bank
  • Indian Overseas Bank
  • IndusInd Bank
  • Jammu & Kashmir Bank
  • Janata Sahakari Bank
  • Kalyan Janata sahakari bank
  • Karnataka Bank
  • Karur Vysya Bank
  • Kotak Mahindra Bank
  • Lakshmi Vilas Bank
  • Maharashtra Gramin Bank
  • Mehsana Urban  Co-operative Bank
  • Oriental Bank of Commerce
  • Paytm Payments Bank
  • Punjab & Maharashtra  co-operative bank
  • Punjab & Sind Bank
  • National Bank Punjab
  • Rajkot Nagarik sahakari bank
  • RBL Bank
  • Saraswat Bank
  • South Indian Bank
  • Standard Chartered Bank
  • State Bank of India (all 5 associates)
  • Syndicate Bank
  • Thane Bharat Sahakari Bank
  • TJSB Bank
  • UCO Bank
  • Union Bank of India
  • United Bank of India
  • Vasai Vikas sahakari bank ltd
  • Vijaya Bank
  • Yes Bank
  • The Mahanagar Co-Op. Bank Ltd
  • Karnataka Vikas Grameena Bank
  • Andhra Pragathi Grameena Bank
  • Prathama Bank
  • Kallappanna Awade Ichalkaranji Janata Sahakari Bank Ltd
  • The Mahanagar Co-Op. Bank Ltd.

 

I hope you like this what is UPI and how to use the UPI Payment App. If you have any questions or suggestions related to this post, then comment below and share this post with your friends.

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