UPI Payment App – What Should You Know About It

There is great buzz about going cashless. After the demonetization, Government of India is encouraging people going cashless. There could be various options to determine when it comes to unveiling the benefits of cashless payment methods, but the most effective and instant one is UPI app. Downloading this app can help people sending/receiving payment, buying products/services online and paying for their utility bills with no cash in hand. Do you want to grab complete information about UPI payment app? If yes, then here you will be given complete information about it. You will learn how you can download a UPI app. How you can use UPI. You will know the benefits of using UPI app. grab a list of top banks with UPI apps.

What Is UPI Payment App?

Before you start using this innovative application for fund transfer, you should first know about it. UPI stands for Unified Payment Interface. This system can be used for unveiling the benefits of multiple bank accounts. You can unveil different types of banking facilities or services such as merchant payments, fund transfer, etc. on a single platform. National Corporation of India has introduced UPI application along with the support of RBI for payment. This application has designed on IMPS (Immediate Payment Service) platform. UPI Payment application is used for various usual banking services.

How Does UPI Payment Application Work?

Presently, if people want to make a bank payment on the internet, they have to enter their bank account type, bank account number, and yes IFSC code. Obviously, typing all these details on a mobile phone can be a hectic task to accomplish. Therefore, there is a need of using something effortless, quick and secure option.

The main objective behind introducing UPI app is to help people getting rid of usual hectic process of making or receiving cashless payment.

This app needs only your Aadhaar number, virtual payment address, or phone number. You don’t need to enter your bank details every time when you do transaction whether for buying products or paying utility bills. Using this app is relatively easy, fast and effortless. You just need to use one of the options i.e. your mobile phone number, virtual address, or Aadhaar identity number to get the transaction done. Since it is an instant service, you don’t need to wait for days to get this service activated. After registering on the app, you can be able to make the payment instantly.

What Are the Charges for Using UPI Payment App?

According to NCPI, they are going to charge INR 0.50 per transaction. You can see the deduction on your bank statement as IMPS transaction charge. However, it is true that users need to pay certain amount for using UPI app, but PhonePe is currently not charging for using their UPI app.

What Are the Benefits of Using UPI Payment App?

The key reason behind the growing demand and incredible popularity of UPI app is that it comes loaded with multiple benefits. Let’s have a detailed look at what types of benefits you will grab using UPI app for cashless transaction.

  • Affordable Option for Money Transfer - If you don’t want to cope with hefty service charges of using traditional cashless payment methods, you are advised to go with UPI app payment option.

  • No Need of Cash – However, there are various ways or options to enjoy cashless transaction such as card and online banking. But most of these options need you to enter your bank account details. This is the point where you find UPI app a right option to go with.

  • Bank Details Not Required - It is often observed that many individuals avoid using cashless payment methods such as card and online banking as these methods need bank details of the customers or users. Thus, if you don’t want to give your bank account information, you need to go with UPI app.

Other Advantages

  • No Compromise with Security – Security is something that can’t be ignored when it comes to making payment online. If you want to enjoy a cashless payment option with adequate security, you need to determine UPI application payment method.

  • Instant Money Transfer – Since UPI system is based on popular IMPS system, users can instantly transfer the fund from one account to another one. Users can avail the service throughout year irrespective of holidays, vacation and other issues.

  • One UPI App Can Be Used for Multiple Accounts – Yes, it is true that you can use UPI app for various bank accounts.

  • Choose UPI App Freely – There are different types of banks and financial institution with different types of UPI payment applications. So, you have great freedom of choosing UPI app keeping your specific needs in mind.

  • Instant Registration of a New Payee – Unlike traditional cashless payment options, UPI payment app takes least time. You can get the service activated instantly.

  • Fund Collection Facility – If you need a system that can help you receiving fund or money for your services or products, you need to look nowhere else but UPI application.

  • Cash on Delivery without Cash – It is a fact that most of the users don’t want to share their bank account details while buying products online. Therefore, they ask for cash on delivery option. If you want to enjoy cash on delivery option even without paying cash, you need to unveil the mesmerizing features of UPI application.

Tips on How to Download UPI Payment Application

If you want to download UPI app for paying bills or buying products then you have two options to go with i.e. bank specific app or UPI bank for all banks. It means that if you have SBI account, you can download SBI UPI app. But if you don’t want to use UPI app issued by specific bank, you can go with RBI UPI app.

How to Register for UPI App Payment?

Registration process for UPI app payment option is certainly easy and fast.

  • First, you need to visit at Google Play Store to download a UPI app of your specific bank or financial institution.

  • Once you complete installation of the app then  you need to provide your mobile number.

  • Now, you need to create a 4-digit PIN number.

  • This PIN is always needed whenever you need to use the app.

  • Now, click on UPI option. Here, you need to generate a VPA (virtual payment address).

  • You can choose VPA as simple as you want keeping your specific requirements in mind.

  • Once you create VPA, you need to link your bank account.

  • Choose your bank from the drop down menu and link it with the app.

List of Banks Providing UPI APP

Presently, there are around 27 banks that offer UPI-based banking services.  We can hope that more banks or financial institution will soon adopt this cashless payment option. So, let’s have a detailed look at the list of top bank offering the UPI payment app.

  • Andhra Bank

  • Allahabad Bank

  • Axis Bank

  • Bank of Maharashtra

  • Bank of Baroda

  • Catholic Syrian Bank

  • Canara Bank

  • Central Bank of India

  • Federal Bank

  • DCB Bank

  • HDFC Bank

  • IDFC Bank

  • ICICI Bank

  • Karnataka Bank

  • IndusInd Bank

  • Kotak Mahindra Bank

  • Punjab National Bank

  • Oriental Bank of Commerce

  • State Bank of India

  • South Indian Bank

  • TJSB Bank

  • Union Bank of India

  • UCO Bank

  • Yes Bank

  • Vijaya Bank

  • United Bank of India

What Are the Various Channels for Transferring Money Using UPI App?

There are various channels for transferring money or funds using existing UPI app. Check out stated below channels for transferring fund.

  • Account number plus IFSC

  • Transfer via virtual ID

  • Aadhaar number

  • Mobile number plus MMID

  • Pull/Collect money basis cloud or virtual ID.

In short, UPI payment app offers unlimited financial freedom to buy products/services, pay bills and transfer fund. Read about BHIM app.