Current accounts have a higher number of transaction caps for monthly cash deposits and withdrawals relative to savings accounts. NPCI owns and operates the Unified Payments Interface (UPI) platform. Businesspersons can accept UPI payments without any difficulties managing SMS updates or remembering your Virtual Payment Address (VPA).
The UPI for the current account operates the same as the Savings Account. It is better to use the UPI app of the bank in which the Current Account is opened to prevent difficulties. This way, handling UPI transfers is much simpler than any other function.
The payment interface of UPI is not popular with small businesses and locals. If this information is disseminated, it will be very easy to use UPI to make business payments, particularly for small and medium-sized companies that are owned by one person.
Receiving payments was never this easy with UPI. A current account with a participating bank and any UPI app with its own active VPA is all that a merchant needs to start taking UPI payments.
List of Popular UPI Merchants APP
- Google Pay Business
- PhonePe for Business
- Freecharge Business
- Paytm for Business
- Benow Merchant App
- Ftcash - Payments by Card, UPI QR & Business Loans
- BharatPe for Merchants
- Seller X by ToneTag
Basic requirements for registration for UPI
- An Android Smartphone internet-enabled
- Current account with Sole proprietorship only
- The mobile number is registered with UPI, which must be linked to the bank account.
- Active debit card relating to this account
- PIN for transactions.
How To Generate UPI ID for Current Account?
Follow the simple steps to generate a UPI ID:
Step 1: Download the UPI App
Step 2: Click on "New User Registration" to verify the Mobile Number
Step 3: An OTP (One Time Password) will be sent
Once your mobile number is verified.
Step 4: Fill in the required details.
Step 5: Create a six-digit numeric password for login.
Once you are able to Login
Step 1: Click on the "Add Bank Account" link.
Step 2: Choose your Bank from the menu
Step 3: Set UPI PIN and Creation of Virtual Address
The customer needs to enter the virtual address of the beneficiary.
Step 4: Click on Set PIN for setting a PIN for transactions.
Step 5: An OTP would be delivered on the registered mobile number.
Step 6: The customer also needs to enter the last 6 digits of the debit card, along with the expiry date.
Now you are ready for a transaction.
Why should Businesses, Locals, Merchants accept UPI payments?
UPI Payments are way better when compared to other modes of payment. As the transactions happen in real-time. There will be instant notification of company app purchases. It has no Cap on monthly acceptance and the option of combined bank settlement for all forms of payment. Also, for all payments approved in a day, single entry.
Bharat QR Based Scanning
Bharat QR is a QR-based payment solution that provides a new way for buyers and sellers to initiate and accept payments using their mobile phones. These QR Codes are used at retailer locations for customer-initiated retail transactions, enabling the customer to monitor the process of authorizing and authenticating the payment to the merchant without having to send the merchant any personal information.
As long as the merchant's company or bank account is working, the QR codes allowed for merchants can be used.
To accept payments, a merchant can have several QR codes from different solution providers. The decision is solely based on the desires of the merchants and their agreements with the solution providers.