Unified Payment Interface has been launched by the National Payment Corporation of India (NPCI) along with RBI in keeping with the vision of making India a cashless economy. NPCI is a not for profit umbrella organization for all e payment systems in India. It recently developed a domestic card payment network called RuPay and has now launched the UPI app that is aimed at making cashless transactions easy and convenient for everyone.
UPI is built on the Immediate Payment platform and supports most common banking tasks. Immediate Payment Service also known as IMPS is an electronic funds transfer system in India that allows for instant real time inter bank transfer of funds. IMPS has been available in India since 2010 and is supported by almost every recognised bank in the country.
UPI is designed to allow transfer of funds between any two bank accounts using the smartphone. You can pay directly form your bank account to merchants offline or online. You do not have to enter any credit card details, IFSc code or netbanking / wallet password.
UPI is a payment system and you have to download the UPI app onto your smartphone in order to use it. Any Android smartphone user who has an account in UPI-partnered bank can download the UPI app. The money will be debited from your bank account and transferred to the recipient's account instantly and securely. The app is available 24x7. It is easy to use. All you have to do is go to the UPI app, enter the payee ID, the amount you wish to transfer and click transfer.
To get started you have to download any of the UPI apps from Google Play store that support UPI. Once you have downloaded the app you have to verify your phone number and link your bank account to the app. Once you verify your bank details you can start using the app to transfer money. The iPhone version is not yet available.
UPI is interoperable between accounts so you do not need a different UPI app for every account you use. If you are already using the iMobile app and want to use UPI on that you can go ahead and do it. For example if you have Axis Pay UPI app you can link your ICICI account to it and transfer money from that account. Overall the app is very convenient for money transfers between accounts and also for paying bills and where you need to pay high value for items as it allows you to do payment via bank transfer.
Overall the app looks very promising and is the right step in India's path to becoming a cashless economy.
UPI is built on the Immediate Payment platform and supports most common banking tasks. Immediate Payment Service also known as IMPS is an electronic funds transfer system in India that allows for instant real time inter bank transfer of funds. IMPS has been available in India since 2010 and is supported by almost every recognised bank in the country.
UPI is designed to allow transfer of funds between any two bank accounts using the smartphone. You can pay directly form your bank account to merchants offline or online. You do not have to enter any credit card details, IFSc code or netbanking / wallet password.
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| Image Courtesy: The Finapolis |
Ease Of Use
UPI is a payment system and you have to download the UPI app onto your smartphone in order to use it. Any Android smartphone user who has an account in UPI-partnered bank can download the UPI app. The money will be debited from your bank account and transferred to the recipient's account instantly and securely. The app is available 24x7. It is easy to use. All you have to do is go to the UPI app, enter the payee ID, the amount you wish to transfer and click transfer.
Downloading The App
To get started you have to download any of the UPI apps from Google Play store that support UPI. Once you have downloaded the app you have to verify your phone number and link your bank account to the app. Once you verify your bank details you can start using the app to transfer money. The iPhone version is not yet available.
Convenience On Your Fingertips
UPI is interoperable between accounts so you do not need a different UPI app for every account you use. If you are already using the iMobile app and want to use UPI on that you can go ahead and do it. For example if you have Axis Pay UPI app you can link your ICICI account to it and transfer money from that account. Overall the app is very convenient for money transfers between accounts and also for paying bills and where you need to pay high value for items as it allows you to do payment via bank transfer.
Overall the app looks very promising and is the right step in India's path to becoming a cashless economy.
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