Unified Payment Interface (UPI) is a mobile payment system which allows you to do a various financial transaction on your smartphone.
Once the application is downloaded, the customer needs to create a unique ID by adding his bank account details.
The customer can use and install the UPI easily. Just follow the below-mentioned steps.
Bank customers can do a financial and non-financial transaction using UPI app. Financial transactions include transferring funds to the intended beneficiary. Non-financial transactions such as:
What are the different channels for transferring funds using UPI?
Simple steps to download UPI App on your mobile:
Things To Know
Once the application is downloaded, the customer needs to create a unique ID by adding his bank account details.
The customer can use and install the UPI easily. Just follow the below-mentioned steps.
Bank customers can do a financial and non-financial transaction using UPI app. Financial transactions include transferring funds to the intended beneficiary. Non-financial transactions such as:
- Mobile Banking Registration for only registered numbers
- Generate One Time Password ( OTP)
- Set or Change PIN
- Check Transaction Status
- Raise Dispute/ Raise query
What are the different channels for transferring funds using UPI?
- Individuals can use different channels to transfer funds using UPI such as:
- Transfer through Virtual ID
- Account Number + IFSC
- Mobile Number + MMID
- Aadhar Number
- Collect / Pull money basis Virtual ID
- To install the same, customer should have an account with the bank who is registered with UPI for providing payment solutions.
Simple steps to download UPI App on your mobile:
- Download the UPI Apps of your bank from Google Play store.
- Login and create virtual address (say for example Virtual ID can be 12345@ICICI)
- Add your bank account details
- Generate Mobile PIN or mPIN for Mobile Banking
- Individual will also have an option to link the Aadhaar number
Things To Know
- Individuals can link several bank accounts to the same virtual address.
- UPI provides for real time reversals for technical declines and amount would be transferred back to the payer account immediately.
- In any transaction through UPI, PIN would be required which needs to be fed through the mobile at the time of any transaction making it safe and secured.
- A customer cannot link a wallet to UPI, only bank accounts can be added.In UPI, one can do up to 20 transactions for an amount of Rs 1 lakh per day.
- This is to remember that UPI can be worked only on mobile with features of Apps download.
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