Overview
Booking a cab, ordering your favorite food or doing grocery shopping just got easier! With the Finserv MARKETS UPI, say no to the hassle of carrying cash, entering your bank account details, or remembering net banking/ wallet password. The Finserv MARKETS app offers you the value of easy cashless and cardless transactions at your fingertips - just create your Virtual Payment Address (VPA) handle @abfspay and pay your friends, merchants as well as your postpaid phone, electricity bills.
Why Choose Finserv MARKETS for UPI Payments
Features and Benefits of UPI
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Safe Payments
Make safe payments using your mobile anytime, anywhere
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Extensive Access
Access to multiple different bank accounts for payments and checking balance
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Virtual ID
Confidentiality and security with Virtual ID
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Single Click Authentication
Quick mPin-based authentication
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Self-help Servicing Module
Raise transaction-related queries directly with your bank
How to use UPI?
Follow the 5 easy steps given below and begin transacting today!
What are UPI and BBPS and how it benefits you?
Following demonetization in 2016, there was a great push to move India towards a cashless society. After the cash crunch of 2016, digital wallets and payment systems became very popular and it even changed the fortunes of a few companies that were already established.
However, just 7 months before the demonetization drive, the National Payments Corporation of India (NPCI) had carried out the pilot launch of the Unified Payments Interface (UPI) on April 11, 2016. By August 25, 2016, UPI payment apps of banks were available to the public on the Google PlayStore.
Since then, UPI payment apps have totally transformed and amazingly simplified digital payments in India. Today, the NPCI’s Immediate Payment Service (IMPS), BHIM app and the UPI system accounts for around 50% of all digital payments in India.
Encouraged by the success of the UPI system, the RBI launched the Bharat Bill Payment System (BBPS), which was again managed by the NPCI, on August 31, 2016. Now Bharat Bill Pay has also achieved tremendous success as a digital payment system in a few years. In July 2019 alone 67.85 million transactions were carried out through the BBPS system amounting to Rs. 1740 lakh crores.
Though both UPI and Bharat Bill Pay are managed by NPCI, they are two entirely different entities in the way they operate. Let us get a better understanding on them here.
What is the Unified Payments Interface or UPI Payment App?
If you have made bank transfers through internet banking, you must be aware of IMPS or the Immediate Payment System that allows quicker transfer of money compared to NEFT and RTGS. You can consider UPI as an improved version of IMPS. While with IMPS, NEFT and RTGS, you have to enter the payee’s account number, name and IFSC code, a UPI payment app just requires a pre-assigned virtual ID or Virtual Payment Address (VPA) to process the payment.
Thus, it allows quick money transfers to anyone with a VPA. It’s easy, fast and cost-effective. A VPA is similar to your email ID/ phone number and look something like ravi.kumar@abfspay or aayushi@abfspay. If you have a good internet connection on your phone, a UPI transfer shouldn’t take more than 10 seconds.
What is Bharat Bill Pay or the BBPS?
The Bharat Bill Payment System is an integrated and interoperable bill payment system that can be operated online or offline. Interoperable means that it is compatible with various banks and various payment systems.
Using the BBPS, you can make pay recurring bill payments including school fees, electricity bills, municipal taxes, DTH, water bills, insurance premiums and more with the exception of mobile recharges. Thus, instead of logging to different portals and apps to pay your monthly bills, you can do this at one place with the BBPS. Another good thing is that Bharat Bill Pay supports almost all mode of payments including credit card, debit card, net banking, e-wallets, UPIs and even cash when you are making offline payments.
How Bharat Bill Pay benefits you?
Ease of speed of transaction
While UPI introduced VPA to increase ease and speed of financial transactions, BBPS goes a step ahead of UPI where you are not limited to making transactions through your bank account. BBPS allows you to make payments via UPI.
As instant receipts are generated, you save time waiting for confirmation of transactions done through other modes such as NEFT, RTGS and IMPS.
Instant credit and intimation
Many of us have been in a situation where our electricity bill or telephone connection has been disconnected despite payment of bill as the payment was not entered on time by the utility service provider. You don’t have to worry about such gaffes with BBPS since bills are generated instantly.
Uniform handling of grievances
The Bharat Bill Payment System has a standardized system to handle consumer complaints whether it’s online or offline transactions. The BBPS system allows guaranteed settlement of the transaction through multiple clearings thus making it a secure bill payment app.
BBPS and UPI are the ways to go towards a cashless society. Though, we still have quite a long way to go to reach that goal, the success of these digital payment systems show that the Indian population is already primed to accept a cashless society in the near future.
Manage all your UPI queries here
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What is UPI?
Unified Payments Interface (UPI) is a system developed by the National Payments Corporation of India (NPCI), an RBI regulated entity. It powers multiple bank accounts into a single mobile application, integrating several banking features, seamless fund transfers & merchant payments under a single hood.
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What is an UPI ID?
Your UPI ID functions almost in the same way your name does. It offers a Virtual Payments Address (VPA) for senders to enter when transferring money to your account. To create your own VPA or UPI ID, you must begin by downloading Finserv MARKETS App and registering yourself on it.
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How do I pay merchants through UPI?
Offline: Simply scan the QR code at offline stores and complete your transaction Online: Collect Request When shopping online, you can pay through UPI if UPI is one of the available payment options. On clicking that, you will need to enter your Payment Address(VPA). Once entered, you will receive a collect request on your Finserv MARKETS App. Enter your UPI-PIN and your payment will be complete. As simple as that!
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Do I need to have a bank account, or this can be linked to a card or wallet?
No, customer cannot link a wallet to UPI, only bank accounts can be added.
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Can I link more than one bank account to the same virtual address?
Yes, multiple bank accounts can be linked to the same virtual payment address depending on the functionalities made available by the respective Payment System Players (PSPs).
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What happens in case my mobile phone is lost?
In case your mobile phone is lost, you need to block the mobile number, so no transaction can be initiated from the same mobile number which is a part of device tracking. Also, the UPI pin would be required for any transaction which is not to be shared with anyone.
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What are the ways in which one can make a UPI payment and carry out fund transfer?
There are three ways through which one can make payments via UPI: Scan & Pay - Scan the QR code of any UPI application through the Finserv MARKETS App and make payments VPA - Enter any VPA (@abfspay/@ybl/@okicici/@okhdfcback/@paytm/etc.) Account IFSC - Enter the account number and IFSC code of the person you want to send money to and transfer funds
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What are the types of UPI transactions?
There are two types of UPI transactions: P2P - Person to Person money transfer P2M - Person to Merchant money transfer
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What is the transaction limit when making payments through UPI?
One can make 10 transaction in a day with a per day transaction limit being Rs. 1 lakh.
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Can I make bill payments using the Finserv MARKETST App?
Yes, Finserv MARKETS App is not just the best UPI app, but also a bill payment app. You need to simply select your bill category from the App home page and pay using UPI.
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Where do I register a complaint with reference to any UPI transaction?
You can raise your grievance/compliant or check your UPI transaction status through the Finserv MARKETS App.
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