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:
- 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
1. Download the UPI Apps of your bank from Google Play store.
2. Login and create virtual address
(say for example Virtual ID can be 12345@ICICI)
3. Add your bank account details
4. Generate Mobile PIN or mPIN for Mobile Banking
5. 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.