UPI app, is a banking app which has made transfer of money in the banking system more easy, reliable and safe. It was launched last year in April 2016 by the Reserve Bank of India (RBI) and National Payments Corporation of India (NPCI).
UPI is an electronic fund transfer method which is cheaper and safer than the other fund transfer methods such as NEFT, IMPS, RTGS
Advantages of using UPI based payments:
UPI (Unified Payment Interface) is advantageous because it can be used 24/7 and the cost is Rs 0.50 per transaction as per RBI guidelines. Still few private players such as PhonePe are providing this service free of cost. Now compare it with other electronic payment systems like NEFT and RTGS.
NEFT (National Electronic Fund Transfer) should be done within bank working hours and it will charge Rs 2.50+service tax and this service is not available on public holidays and this service can used only upto Rs. 2 Lakhs
RTGS (Real Time Gross Settlement) should be done within the bank working hours and there will be a charge of Rs 25+service tax. This service is not available on public holidays and this service can use only for transactions above Rs. 2 Lakhs
IMPS (Immediate Payment Service) can be used 24/7 and can be transferred only up to 2 Lakhs. Charges per transaction are upto Rs. 5+Service Tax and from Rs.1 Lakh to 2 Rs Lakh. The charges applicable is Rs 15+service Tax.
At present there are 27 banks which are partnered with UPI and 27 which are issuers. Below are the links based on andriod and IOS app. Download links of top 10 Banks.
|Axis Bank||axis pay UPI App||N/A|
|Kotak Mahindra Bank||Kaypay||N/A|
|HSBC||HSBC Simply pay||N/A|
|State Bank of India||SBI Pay||N/A|
|Yes Bank||YES PAY Wallet||YES PAY Wallet|
|Canara Bank||Canara Bank UPI- eMpower||N/A|
|Vijaya Bank||Vijaya UPI||N/A|
N/A - Not Available
To those banks for which UPI based App is not available but partnered with UPI based payments can use third party apps such as Bhim App.
As BHIM App is not yet available for IOS. Iphone Users can UPI Services by using apps such as PhonePe.