All About Unified Payment Interface (UPI)?
Recently National Payments Corporation of India developed the INSTANT real time interface for facilitating inter-bank transactions. Though it is developed by National Payment Corporation of India (NPCI) this interface is regulated by Regulated by Reserve Bank of India (RBI).It works for transferring funds between two bank accounts on a mobile platform. So it’s very important for us to know the importance, Benefits, uses of UPI.
Here is the complete information about UPI and its App.
Here is the complete information about UPI and its App.
About UPI:
UPI is built over Immediate Payment Service (IMPS) for transferring funds. Being a digital payment system it is available 24*7 and across public holidays. Unlike traditional mobile wallets, which takes a specified amount of money from user and stores it in its own accounts, UPI withdraws and deposits funds directly from the bank account whenever a transaction is requested. It uses Virtual Payment Address (a unique ID provided by the bank), Account Number with IFS Code, Mobile Number with MMID (Mobile Money Identifier), Aadhaar Number, or a one-time use Virtual ID. An MPIN (Mobile banking Personal Identification number) is required to confirm each payment.
Unified Payments Interface (UPI) is a system that powers multiple bank accounts into a single mobile application (of any participating bank), merging several banking features, seamless fund routing & merchant payments into one hood. It also caters to the “Peer to Peer” collect request which can be scheduled and paid as per requirement and convenience. Each Bank provides its own UPI App for Android, Windows and iOS mobile platform(s).
Why UPI?
- Cheapest Way of Money Transfer
- It Makes you Free from Cash
- No Need to Give Details
- More Secure
- Instant Transfer
- One UPI App Many Accounts
- Cheaper Alternative of POS Machine
- Money Collection Facility
- Avail COD Without Paying Cash
- Immediate Registration of Payee
Services Offered:
- Balance Enquiry
- Collect Money
- Virtual Address
- Virtual Address
- A/c no. & IFSC code
- Mobile no. and MMID
- Aadhaar (to be made functional)
- Add bank account
- Change / Set MPIN
- Notifications
- A/c Management
- Transaction History
- Send / Pay Money
Funds Transfer limit:
- 1 lakh / transaction
List Of UPI App With Its Respective Bank:
| UPI App | Partnership Bank Name |
| My Airtel-Recharge, Bill, Bank | Airtel Payments Bank |
| Allahabad Bank UPI | Allahabad Bank |
| Andhra Bank ONE – UPI App | Andhra Bank |
| AxisPay | Axis Bank |
| Samsung Pay | AXIS Bank |
| Baroda MPay | Bank of Baroda |
| Maha UPI | Bank of Maharashtra |
| Canara Bank UPI – empower | Canara Bank |
| CSB-UPI | Catholic Syrian Bank |
| Cent UPI | Central Bank of India |
| digibank by DBS | DBS |
| DCB Bank UPI App | DCB Bank |
| Dena Bank E-UPI | Dena Bank |
| Lotza-UPI | Federal Bank |
| LOTZA Merchant app | Federal Bank |
| Cointab | Federal Bank |
| Chillr | HDFC Bank |
| HDFC Bank MobileBanking | HDFC Bank |
| Payzapp | HDFC Bank |
| HDFC Bank SmartHub App | HDFC Bank |
| HSBC Simply Pay | HSBC Bank |
| Eazypay | ICICI |
| Truecaller | ICICI |
| iMobile | ICICI Bank |
| Mera iMobile | ICICI Bank |
| Pockets | ICICI Pockets |
| Tez | ICICI, Axis, HDFC |
| PayWiz | IDBI Bank |
| Ola | IDBI Bank |
| BHIM UPI POS by IDBI Bank Ltd | IDBI Bank |
| IDFC Bank UPI App | IDFC Bank |
| Indian Bank UPI | Indian Bank |
| IndusPay UPI App | IndusInd Bank |
| IOB UPI | IOB |
| BHIM JK Bank UPI | J&K Bank |
| KBL SMARTz (UPI) | Karnataka Bank |
| KayPay | Kotak Mahindra Bank |
| Kotak – 811 & Mobile Banking | Kotak Mahindra Bank |
| KVB Upay | KVB |
| LVB UPaay | LVB |
| OBCUPI PSP | OBC Bank |
| PSB UPI App | PSB |
| PNB UPI | Punjab National Bank |
| RBL Pay | RBL |
| SBI Pay | SBI |
| UPI | SCB |
| SIB M-Pay | South Indian Bank |
| SIB UPI-POS | South Indian Bank |
| Synd UPI | Syndicate Bank |
| Tranzapp | TJSB Bank |
| Uco UPI | UCO Bank |
| Union Bank UPI App | Union Bank |
| United UPI | United Bank |
| Vijaya UPI | Vijaya Bank |
| NuPay | Yes Bank |
| PaySay | Yes Bank |
| PhonePe | Yes Bank |
| PhonePe iOS | Yes Bank |
| TruPay | Yes Bank |
| UPI Bank Transfer with Friends | Yes Bank |
| APSSDC UPI | Yes Bank |
| Finmo | Yes Bank |
| Citrus: Money Transfer via UPI | Yes Bank |
| BharatPOS (Unreleased) | Yes Bank |
| Ultracash | Yes Bank |
| Jugoo | Yes Bank |
| Hike | Yes Bank |
| BHIM YES PAY – UPI, Wallet, Recharge, Bharat QR | Yes Bank |
| CU – UPI Payment & Chat App | Yes Bank |
| Jugnoo Pay | Yes Bank |
| SplitKart | Yes Bank |
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