Unified Payments Interface (UPI) has changed the way we bank and make payments.The National Payments Corporation of India (NPCI), which is governed by the Reserve Bank of India, established the Unified Payments Interface (UPI). UPI is based on the IMPS infrastructure and allows you to send money between any two bank accounts in real-time. Many Indian banks collaborated with the BHIM-UPI platform and introduced their payment apps after the release of NCPI's UPI. Various third-party companies that collaborated with Indian banks did the same thing. These applications are available in the Google Play Store and the Apple App Store. Approximately 141 banks currently accept UPI payments.
What is an UPI-PIN?
The PI-PIN (UPI Personal Identification Number) is a 4-6 digit passcode that you create/set when you first register for this App. To approve all bank transactions, you must enter this UPI-PIN. If you have a UPI-PIN set up for other UPI apps, you can use it on BHIM as well. (Note: The MPIN issued by the bank is not the same as the UPI UPI-PIN; please create a new UPI-PIN in the BHIM app.) Please don't give out your UPI-PIN to anyone. Your UPI-PIN information is never stored or read by BHIM, and your bank's customer service would never ask for it. The transaction tend to fail if you enter the wrong UPI PIN. If you repeatedly enter the wrong UPI PIN, your bank can temporarily prevent you from sending money via UPI from my account.
Best UPI Apps in India- Google Pay
Google Pay is a digital wallet platform and online payment system created by Google to power in-app, online, and in-person contactless transactions on mobile devices, allowing users to use their Android phones, tablets, or watches to make payments. Near-field communication (NFC) is used by Google Pay to relay card information and facilitate funds transfer to the retailer. It allows users to upload credit or debit card chip and PIN or magnetic stripe transactions to their Google Pay wallet, which replaces the credit or debit card chip and PIN at point-of-sale terminals. Google Pay demands that the phone's screen be locked and also it does not have a card cap. In April, the platform processed 905.96 million customer transactions worth Rs.190,106.71 crores, according to NPCI's latest estimates. You can use Google Pay to send and receive money from friends and family, recharge your phone, pay your bills, and more.
Best UPI Apps in India- PhonePe
PhonePe is available in more than 11 Indian languages. Users can use PhonePe to send and receive money, recharge cell phones, pay bills, invest in tax-saving funds, liquid funds, buy insurance, mutual funds, and gold. Users can also use PhonePe's Switch platform to book Ola rides, pay for Redbus fares, and book flights and hotels on Goibibo. According to NPCI's latest figures, the platform handled 1.18 billion UPI transactions worth Rs.2,34,023 crores in April. Merchants can accept payments through all UPI-based applications, debit and credit cards, and wallets (including third-party wallets) on the PhonePe app.
On PhonePe, you can also invest in mutual funds and purchase insurance. Check your account balances, save beneficiaries, and handle various bank accounts from SBI, ICICI, HDFC, and more than 140 other banks. With PhonePe's International Travel Insurance, you'll be safe when travelling abroad.
Best UPI Apps in India- Paytm
Paytm is a financial technology and e-commerce payment system company headquartered in Noida, Uttar Pradesh, India. Paytm's QR code can be used to make in-store payments at grocery stores, fruits and vegetable shops, restaurants, parking, tolls, pharmacies, and educational institutions, as well as online recharges, utility bill payments, travel, movies, and events bookings Paytm Gold Savings Plan and Gold Gifting, two new wealth management products, were introduced for long-term savings.
Best UPI Apps in India- Amazon Pay
Amazon Pay is a payment processing facility that Amazon owns. Amazon Pay, which was launched in 2007, makes use of Amazon.com's customer base and focuses on allowing customers to pay using their Amazon accounts on external merchant websites. With Amazon Pay UPI, you can easily send money to friends and family through your phone contacts, or invite them to send money and win rewards. At your doorstep, load cash into your Amazon Pay wallet and enjoy the ease of one-click purchases, faster returns, and no need to hunt for exact change. With Amazon Pay UPI, you can pay for online shopping, recharges, and bill payments directly from your bank account, including cell phone, gas & energy, flight bookings, and more.
Best UPI Apps in India- BHIM
The National Payments Corporation of India (NPCI) developed the BHIM (Bharat Interface for Money) mobile payment app, which is based on the Unified Payments Interface (UPI). It was introduced on December 30, 2016, and is named after B. R. Ambedkar. Its aim is to promote e-payments directly through banks and enable cashless transactions. All Indian banks that use UPI, which is based on the Immediate Payment Service (IMPS) infrastructure and allows users to move money between bank accounts of any two parties, are supported by the app. It is compatible with all mobile devices. Users can send and receive money to and from UPI payment addresses, as well as non-UPI accounts (by scanning a QR code with the account number and IFSC code or MMID) (Mobile Money Identifier).
Unlike mobile wallets, which store money, the BHIM app only serves as a means of transferring funds between bank accounts. BHIM transactions are almost seamless and can be completed at any time, including weekends and holidays.
Best UPI Apps in India- Airtel Payments Bank Apps
To facilitate safe digital payments, Airtel Payments Bank launched UPI-enabled digital payments. Before making UPI payments, customers must first connect their bank accounts to BHIM. Customers are not allowed to include their bank details in order to make UPI-based payments and transfers.
Other Notable UPI Apps in India:
BHIM SBI Pay
Since UPI transfers do not require any details, they are safer and more secure. Your bank account is not revealed by the virtual payment address. Furthermore, the authentication takes place on your smartphone and necessitates the use of two distinct PINs. The UPI transaction cap is currently set at Rs. 1 lakh per transaction.