Demonetization of old Rs 1000 and Rs 500 notes has been facing the cash crunch soon after PM Narendra Modi announced the ban recently. Millions of people are facing some problems in the banks and ATMs, but nevertheless the gap met by circulation of new currency notes, mobile wallets and Unified Payments Interface (UPI) based apps are becoming vital and going cashless. Today we are going to get started using UPI apps to send and receive money. Here’s everything you need to know how to start with.
What are UPI apps?
National Payments Corporation of India (NPCI) has given the final nod to banks to release their UPI-enabled apps on Google Play Store. The wto banks SBI and HDFC were missing that, have recently released their respective apps to the store.
Actually, UPI is built over IMPS (Immediate Payment Service) to eventually make fund transfers very easier. With the payment interface, you no longer require or need to add payee details like a bank name, branch, IFSC code and full name, rather, you will need the Virtual Payment Address (VPA) in order to send and receive payments. Currently, the UPI is only enabled on Android-based apps, should iOS apps go live very soon. You can search for your bank’s app by typing ‘UPI’ in the search, which will show you all UPI related apps. ICICI Bank app is called Pockets, Canera Bank is called ‘epower’ app, while the HDFC has included UPI in its app itself.
Not only banks, but the e-commerce websites such as Flipkart has also launched its own UPI-based app called PhonePe in partnership with Yes Bank. Other third-party services like Trupay, UPI Social Payment & Split, and TarangUPI among the rest.
Recommended to go sticking with bank’s UPI apps instead than opting for third-party apps. You can download UPI app of your respective bank by hitting the links provided below.
Download UPI Apps For Required Banks
Punjab National Bank, Union Bank of India, Canara Bank, Bank of Maharashtra, South Indian Bank, Andhra Bank, State Bank of India (SBI), Axis Bank, Vijaya Bank, UCO Bank, Karnataka Bank, Oriental Bank of Commerce, ICICI Bank (Pockets), HDFC Bank, Allahabad Bank, Federal Bank, DCB Bank and The Catholic Syrian Bank.
Uses of UPI Apps
With UPI apps, you can make payments to services like mobile recharge, DTH refill, utility bill payments and much more. Cashless fund transfers to receipents, such as your family or friends. For example, you can even use a UPI-based app to transfer money from your bank account to someone else’s bank accounts., which is a bit similar to IMPS, UPI-based payments happen in 24 hours, 7 days a week and 265 days a year. No worry about a bank holiday.
UPI transactions limit ranges from Rs 1, and goes all the way up to Rs 1 lakh. To do so, you will need to first of all register and know about how to send and receive funds with UPI apps.
All done using your Android smartphone with internet access (2G/3G/4G or WiFi). First and foremost, a bank account where your mobile number is registered for telephone banking, OTP and other transaction related messages. That’s because UPI app will fetch your bank account details from your registered mobile number. Otherwise, you don’t link the bank account, you could only be able to transfer money from wallet to wallet, but not to your bank account.
Register for UPI
The registration process is very simple. Head over to the Google Play Store -> Download UPI of your Bank. For example, if you have an account in ICICI Bank, you can get ‘Pockets’ from the Play Store.
Step 1: Once the installation is completed. Open the app, you will have to enter your mobile number and create a four-digit secured PIN number. This secured Pin will only be required when you open the app you downloaded and installed.
Step 2: Now, you’ll see an option called UPI. Tap on it. You will then be asked to create a virtual payment address (VPA).
Step 3: The VPA could be as simple as your name or mobile number followed by the address. Yes Bank has ‘ybl’, while ICICI Bank has ‘pockets.’ If your mobile number is 8978985555, your VPA could be as “8978985555@ybl” (for Yes Bank account) or 8978985555@pockets (for ICICI Bank account). If its a name, it will like this “deepak@pockets” or “deepak@ybl”.
In this step of 4. There’s another interesting part of UPI based apps present, that is you don’t necessarily ned to download the app of your bank. If you have account vin ICICI Bank, you can download the Canara Bank or Yes Bank’s UPI app and link your ICICI account. With that said, your account number details are linked with your phone number.
For instance, if you have two different accounts in ICICI Bank – a personal savings account and a salary account from my company. Try linking accounts, use Pockets app to create an account and link your personal savings account, and then use PhonePe app to link your salary account.
Send Money Using UPI
The process for transferring funds is simple enough. To make UPI based transfers, the recipent also needs to be on the same service and have a VPA. Transactions limit you as you can transfer as low as Rs 50, to a lot much as Rs 1 lakh.
Step 1: Open the UPI and tap on UPI icon. Those who already created a VPA can directly be taken to manage screen. Here where you will see a option to send money, collect money, respond to collect request and scan QR code.
Step 2: Tap on send money. The next screen will ask your for VPA of the recipient, amount and transaction remark. Enter all the required details and tap on Next. Confirm the requested info and tap on confirm. The money will then be sent (transferred) to the recipient’s VPA.
Receiving Money using UPI
If anyone in your family want to transfer money back to you, sent earlier, then when collect money option comes into scene. You can request money from the recipient like this.
Step 1: Tap on collect money and enter the requested details – recipient’s VPA, the amount and remark. You can even schedule a transaction to collect later, may be set for 10 days or so. Once all details are entered, tap on next.
How exactly to get started with UPI
1. Download the app from Play Store and install in phone;
2. Set app login;
3. Create virtual address;
4. Add your bank account;
5. Set M-Pin;
6. Start transacting using UPI
In this step, you will be asked to confirm details, just cross check and tap on confirm. This will also send a notification to that recipient on this smartphone along with an SMS text requesting for the funds. Recipient then has to open the app and tap on collect request. This option may also be called something else, like PhonePe app, it will appear in pending transactions. Upon tapping on this, user can either tap on Pay to send the funds, or even decline to cancel.
Step 3: Just after tapping on Pay, the user will be asked to enter the four digit secured PIN and tap on submit. Done, the funds will be instantly sent and you will get a notification on same after you receive it.
The main key feature or option you get in UPI app is scan QR code. For instance, if you are shopping grocery, a mall or a Food Court and the establishment accepts UPI payments. You can open the app, scan the QR code at the payment counter and the money will be transferred from your bank account to the merchant instantly, thus allowing for cashless transaction.
Share your thoughts about UPI app, that e3liminate the need of carrying cash and credit / debit cars around. UPI also does away with the OTP, making the payments process much simpler. No net banking, online banking or corporate banking. Using UPI, this next-generation payments solution does look promising and with more people starting to use it, making a move to a completely cashless economy.
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