Finance Guru Speaks: This article will provide you details about revolutionary RBI's Banking App, called UPI or Unified Payment Interface. Gone are the days of using your Smartphone just for selfies, browsing, video chatting etc. Now you can use your Smartphones as your Mobile Bank at ease. So you can have Banking system in your Pocket!
RBI (Reserve Bank of India) has launched futuristic online payments solution - Unified Payment Interface. It is the advanced version of IMPS (Immediate Payment Service) funds transfer service.
If you want to buy a product from an online merchant, say Amazon using your smartphone, you will have to give your virtual address like 9876538789@hdfc and money will be requested by the merchant from it. You just need to provide your username and password to complete the transaction.
You can use this app to pay for any transaction below Rs 1 lakh, even as less than 50 or 100 Rs. Other unique feature of this app is that you have the freedom to pay from any bank (at present 1o largest banks are tied up).
UPI identifies a bank customer with an email-like virtual address. It will allow Customers to have multiple virtual addresses for multiple accounts in various banks. This will ensure privacy of customer’s data, there is no need to add any account no.
RBI (Reserve Bank of India) has launched futuristic online payments solution - Unified Payment Interface. It is the advanced version of IMPS (Immediate Payment Service) funds transfer service.
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| RBI UPI - Unified Payment Interface |
No need to download multiple Banks Apps. With UPI, you need to download only one App. This interface will group all the banks together and you can make transactions using this single App.
To download it from Playstore, you need to wait for next couple of months. I will share the download link, once it is available. Watch out this blog for more details!
To download it from Playstore, you need to wait for next couple of months. I will share the download link, once it is available. Watch out this blog for more details!
How does it work?
If you want to buy a product from an online merchant, say Amazon using your smartphone, you will have to give your virtual address like 9876538789@hdfc and money will be requested by the merchant from it. You just need to provide your username and password to complete the transaction.
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| UPI - Make Payments and Send-Receive Money |
You can use this app to pay for any transaction below Rs 1 lakh, even as less than 50 or 100 Rs. Other unique feature of this app is that you have the freedom to pay from any bank (at present 1o largest banks are tied up).
UPI identifies a bank customer with an email-like virtual address. It will allow Customers to have multiple virtual addresses for multiple accounts in various banks. This will ensure privacy of customer’s data, there is no need to add any account no.
How to make payments?
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| UPI -How to make Payments |
To make the payment, you just need the receiver's
unique ID. Open the UPI app, select the amount to be paid, add the
unique ID of the beneficiary and select Send. The app will just ask for a
mobile pin to authenticate the payment and it's done.
You can also use for donations, scheduling Bill Payments, Over the Counter Payments, Cash on Delivery etc.
This App will be very safe as Customers will be given their own virtual IDs and they won’t have to disclose their bank details like Account No., IFSC Code, Branch Name etc. Also, you need to authenticate your ID with a password for making any transactions.
Let us know your views or comments in the below Comments Section. What do you think about this App and how it will be useful in your daily life. Once it is available to download, I will create another article on how to use this App.
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