Most of the banks in India have developed a new UPI app, or it has integrated the UPI in its existing mobile apps. Including SBI, ICICI Bank, HDFC Bank, Axis, PNB has its own UPI app.In our country, almost 29 banks are UPI supported. If you have accounts with any of these banks, then you can send and receive money using the UPI.
VPA stands for Virtual Payment Adress. UPI-enabled apps allow the users to transact money through any smartphone using VPA. The virtual payment address is used instead of the bank account number and IFS code. A UPI app can issue a VPA to any of the account holders of UPI enabled banks.
Unified Payments Interface
UPI helps to complete financial transactions in less time by reducing the number of steps. You can perform the transactions 24/7. It works on a real-time basis. The sender or receiver is no need to share personal details such as bank account or credit/debit card number. UPI-enabled apps allow transfers up to Rs 1 lakh. How To Change Or Reset UPI PIN With Google Tez?
Steps to use UPI
- Download a UPI-enabled bank app or update existing bank app to make it UPI-enabled. For example, if you are an HDFC Bank customer you can download HDFC UPI app.
- Log in to the account using bank details such as your ID and password.
- Go to the UPI option you have to create VPA then. Click on 'create virtual payment address.'
- Enter your bank account number, select 'create new VPA' option and type in the desired virtual id address (e.g., abc@bankname) and click on the 'submit' option.
You have successfully created the VPA.
Sending Money Using UPI
- Login to the UPI-enabled bank app
- Select the UPI option.
- Click on send money and select 'pay to virtual payment address.'
- You need the receiver's VPA for this.
- Enter the receiver's VPA.
- Enter the amount that needs to be sent
- Select your account from where the money is to be sent.
- Click on confirm
- Review the payment details and select 'submit' to make the final payment.
Merits and demerits
No fee is charged for the use of the UPI platform in case a person transfers money to another person. The transaction cap in UPI is Rs. 1,00,000. This is subject to the UPI guidelines. For different banks the charges will be different. What Is The Unified Payments Interface? What Are Its Benefits?