February 20, 2018

All About Unified Payment Interface ( UPI)?

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.

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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