While a lot has been said about Wallets & other digital payment modes I would like to try and demystify what is UPI. UPI or Unified Payments Interface is a real-time payment system developed by National Payments Corporation of India to make inter-bank payments. With the Reserve Bank of India regulating the service UPI is on track to become the most commonly used Digital Payment mode for Indians specially given these difficult times with Covid-19.
Overall Benefits that UPI offers include
- Privacy of Bank Account
- Ease of sending / receiving money
- Instant Transfer
- Secure payment facility
- Ability to verify recipient details
How do you use UPI
- Primary requirement for using UPI is to have a UPI App such as a Bank App or Finserv Direct Mobile App which allows you to link your bank account to a UPI Handle or as specified by NPCI a VPA (Virtual Payment Address)
- Users can link UPI handles only with their bank’s registered mobile number
- With this you can select a four-digit login Pin # which will be critical for making any payments in the future
- Once you initiate the VPA creation process you need to select a VPA after confirming debit card details
- To transfer funds to another UPI account you can either enter the recipients VPA, Account number with IFSC Code or by scanning QR code
- Once you have a VPA linked on the mobile app you can send money with an upper limit of Rs. 1 Lakh per day
We now have a huge variety of apps offering UPI services with innovative options that are helping new users transition gradually. I have tried the Finserv MARKETS UPI app since its launch around November’19 and the app is extremely convenient to use with a smooth user interface, convenient payment options and a wide array if promotional benefits & incentives offered. The fact that their mobile app also offered options such as Loans, Investments, Insurance & their extremely popular Bajaj Finserv EMI Card service was quite beneficial. While a lot of organizations are pushing the envelope on innovative products, Finserv MARKETS comes out top on being able to create simple interfaces with a wide array of features that are clearly overlooked by most payment apps. Looking forward to new additions that would make my life easier.