Unified Payment Interface commonly known as UPI is the next big thing coming in financial world. After the recent demonetization process in India, almost all the banks, startups, established companies have started looking for developing the alternates that can help people making use of cashless economy in a better and secure way. Among all the options that we have seen so far, UPI appears to be on the top. With unique approach and reliable design, UPI makes it way easy to use cashless economy wherever applicable. Here we will check out some of the common facts of UPI and what all is required to be done in order to activate UPI in bank accounts (be it existing or new bank accounts). Recently India’s largest bank SBI has adopted for UPI based services with SBI Pay UPI App. You can now yourself judge how good UPI is in terms of performance and scalability.
What is UPI and how to register?
I believe we have already discussed enough about basic meaning of UPI. It is a tool that will help people with the cashless economy. It can help customers handling their multiple bank accounts with one single app control. Besides managing bank accounts, it can also be used for fund transfer, fund receive, merchant payments etc cases. It works on the principle of IMPS (Immediate Payment Service) with a variation in the very fundamental. With usual IMPS transfer you need to fill in complete bank details of the payee (account number, IFSC code etc, there are ways to eliminate it but it is a tedious process). However with UPI you don’t need to worry about having bank details of the person on the other side, you can manage transactions through his/her mobile number even. You can use UPI for below tasks:
- Asking for money from other accounts (need to have on UPI platform)
- Send money through UPI scheme (need to have UPI option available at both side)
- 24×7 operation
- No affect from bank holidays and strikes
- Bill sharing with friends
- Easy to use platform where complains and suggestions can be put directly
- Support from most of the Indian banks
These are some of the features that will compel anyone to come ahead and try UPI Apps at least once.
What all is needed to be done for activating UPI Payment/Services on new and existing Bank Accounts
You can register on official UPI network of any bank through their application for the UPI. Simply login using your online banking credentials and setup the virtual network/address which is required at later cases where you need to send and receive money through UPI.
Do try yourself and let us know your feeback. Cheers! 😀