What Is SBI Pay? How To Send Money Using SBI Pay?

“SBI Pay” (UPI App of SBI) is a payment solution that allows account holders of Banks participating in UPI to send and receive money from their smartphones with a virtual payment address.

Updated: Friday, September 22, 2017, 12:09 [IST]

The country's largest lender SBI has come up with UPI app, namely SBI Pay. SBI Pay is specially designed for the UPI payments system. All account holders of all Banks who are part of UPI can send and receive money using SBI Pay. No additional details are required except VPA to be used to send and receive payments.

Know how can you transfer funds using SBI Pay.

Channels

The different channels for transferring funds using SBI Pay are:

Transfer through Virtual ID
Account Number + IFSC
Collect / Pull money based on Virtual ID

Currently, only Account Number + IFSC and Transfer through Virtual Payment address are enabled in SBI Pay.

Transferring money through the SBI UPI App is as easy as sending an SMS. Follow these steps.

Step 1

Open the UPI-based app SBI Pay by entering 6 digit password. This password should be the same password which you have set at the time of SBI pay registration. Make sure that you enter the correct password. The user can not transfer money abroad using SBI Pay app.

If you forget the MPIN of Account, you need to re-generate new PIN under Account Management. If the user forgets the SBI Pay login PIN, then the user can choose the "Forgot password" option provided in the login screen, enter their email ID and answer the secret question to reset their login password.

Step 2

Click on ‘Pay' section and select an account from the drop-down list. You can add more than one bank account to your SBI Pay app. So there can be many accounts if you have added more than one account. If you have more than one account linked to a Virtual Payment Address, you need to select the account from which you want to send money to a beneficiary by the following procedure

(i) From Account Management, Set Preferred Account for Transactions so that the default account is displayed in the drop-down during every transaction.

(ii) You can also select any debit account during the "Pay" transaction by selecting from the drop-down menu.

Step 3

Select the payee address. The payee address can be a VPA or bank account number. If you choose the bank account, you must have the bank account number and IFSC code to send money. Enter the VPA of a payee, and the app will take the payee name automatically. It verifies the VPA also. Enter the amount to be send and remarks. Then you need to enter the MPIN. Click on submit the MPIN. Your transaction has completed successfully now.