CreditMantri Finserve Private Limited
Door No.3, Block B, No. 147, Workeasy Space Solutions, RK Swamy Centre, Hansa Building, Pathari Road,Thousand Lights, Chennai, Tamil Nadu600006
Have any queries? Click here for more details
All written queries will be responded within 1 working day.
We'd love to help you through every step along the way.
Is your Credit Score >750?
In 2015, a call was given for a ‘Digital India’, enabling technology to reach millions of lives all over the country. The movement, which transformed the economic landscape of India is attributed with the success of various start-ups and businesses that forayed into the Indian market with a number of innovative products and services.
Digital India movement is also one of the primary boosters for the ‘Digital Payment’ arena that saw the rise of numerous digital payment apps. PayTM is considered the pioneer in digital payments in India. Then came Freecharge, PhonePe and various other apps that allowed consumers to use these apps and make payments at a number of merchant establishments and online shopping sites.
The advantage of using these apps was that it allowed users to link multiple credit and debit cards under a single umbrella. They also gave attractive offers and discounts for using their apps.
Consecutively, the idea of making payments directly from your bank account, without the need to carry debit cards, was seen as a lucrative market. Thus came into existence UPI – Unified Payment Interface.
UPI stands for Unified Payment Interface (UPI). It enables money to be immediately transferred via your smartphone from one bank account to another. Payments can be rendered via supporting mobile phone apps. The cash transactions through UPI are available 24x7. Eventually, to streamline the digital payment market within the country, NPCI (National Payments Corporation of India) was established.
Unified Payments Interface (UPI) is a portal developed by the National Payments Corporation of India (NPCI) to facilitate interoperability between banks. This is a one-stop solution for using separate bank accounts to carry out transfers from a single app. It allows all account holders to send and receive money through their smartphones with a single identifier – the Virtual Payment Address (VPA) commonly known as the UPI ID – without needing any bank account information. Customers often do not need to know the IFSC code of the beneficiary or payer, bank account details, etc., and this allows the transaction to be quicker. So customers will make quicker transactions to their friends and merchants.
In view of all the above, NPCI conducted a pilot launch with 21 member banks. Dr. Raghuram G Rajan, Governor of RBI in Mumbai, launched the pilot on 11 April 2016. Banks began uploading their UPI powered Apps to the Google Play store on August 25, 2016.
UPI currently has around 100 banks and more than 20 third-party payment partners that offer UPI payment facilities to their users.
UPI is a unique payment product that allows real time settlement of funds between two bank accounts. The foremost advantage of using UPI is that it removes the need for remembering your bank account details while doing a fund transfer. All you need is the VPA ID of the sender and the receiver to transfer funds instantly. Here are some of the salient features of UPI;
UPI is constituted of the following players;
What are the benefits for banks?
What are the benefits for customers?
What are the benefits for merchants?
The primary objective of UPIs is facilitating seamless transfer of funds between two bank accounts. Here are the transactions you can perform through your UPI App;
Send Money: This function allows the user to send money using the Virtual Payment Address (VPA) or a combination of Account Number and IFSC, or even by scanning the QR code.
Request Money: This function allows the user to initiate a collection request by entering the Virtual Payment Address (VPA). In addition, using your UPI App, money can also be transferred using Mobile if it is registered with BHIM or *99#. It is also mandatory that the mobile number of the customer be connected to the bank account.
Scan & Pay: Customers can pay by scanning the QR code using 'Scan & Pay' and creating QR codes in the Payment Program.
Transaction Records: This option allows a user to search the history of transactions. It also highlights pending UPI collection requests (if any) so that the user can accept or deny payment requests. There is a report problem tab if the consumer is able to make a query about transactions.
Profile Management: The profile management option in any UPI app lets users display the static QR code and payment addresses generated. The QR code can be downloaded and exchanged via various messaging applications such as WhatsApp, Email, etc.
Check Bank Account Balance: Use this option to check the bank account that is connected to the UPI app along with the status of the PIN. The customer can set/change UPI PIN, a bank account linked to their UPI App, by clicking the 'Change Account' tab given in the menu. This feature also allows a user to review their balance of accounts.
Most banks and third-party UPI service providers have a dedicated UPI App for their service. You can download them from the Google Play Store or iOS App Store. If there is not a dedicated app, some banks have integrated their UPI service with their mobile banking app. You can use it from there too.
The installation and registration process is pretty much the same for most UPI providers. Just have a look at the below steps:
It is very simple to send money to your family and friends using UPI
Yes, you can receive money from someone using your UPI App. Here are the steps for that;
Request collection is a request sent to you to collect money from you as a bill payment or fund transfer. Keep in mind that money is charged / debited from your account if you accept a collect request. Never approve/authorize an unknown person's application for 'collection.'
How do I respond to a Collect Request that has been sent to me?
Yes, you can do that. Choose your current VPA when connecting to your second bank account. If you connect more than 1 account to a VPA, you can set up a default account to send and receive money.
You can add more than one bank account to your UPI Account. Follow these simple steps to do that:
If you forgot your UPI PIN or want to change it at some point, you can do so through your UPI App. Here are the steps to do that:
UPI allows you to make payments for your online purchases. It is very simple and similar to your credit or debit card payments.
UPI Mandate is a feature that allows you to pre-authorize (Mandate) transactions to be debited from your bank account later. The mandate of the UPI is to be used in situations where money is to be transferred later, but the commitment to that is to be made now. It is likely that the sender will forget to send money later in order to establish a mandate or to make a service/merchant payment where this feature may be necessary. The account of the consumer shall be debited when the mandate is fulfilled.
Benefits of UPI Mandate:
How to use UPI mandate on your UPI App?
Are there any transaction charges to use UPI?
There are no transaction charges to use UPI for your fund transfer activities. However, check with your bank or provider on any charges they may levy.
1. What is an UPI-PIN? What happens if I entered the wrong UPI-PIN during a transaction?
UPI-PIN (UPI Personal Identification Number) is a 4-6 digit pass code that you create/set when you first register with this app. You must enter this UPI-PIN to approve all bank transactions. If you have already set up a UPI-PIN with other UPI Applications, you can use the same for BHIM.
2. Do UPI money transfers only happen during banking hours?
All payments are immediate and 24/7, regardless of the operating hours of your bank.
3. How is UPI different from IMPS?
UPI provides features that are better than IMPS in the following ways:
4. Will the consumer need to register the beneficiary before transferring the funds via UPI? What information would be expected of the beneficiary?
No, beneficiary registration is not necessary for the transfer of funds through UPI as the fund would be transferred on the basis of the Virtual ID, Account+IFSC or Aadhaar Number.
5. Will the customer need a bank account or can this be connected to a card or wallet?
No, the customer cannot connect a wallet to their UPI account, only bank accounts can be attached.
6. Can I connect more than one account to a single VPA account?
7. How can I change my default account?
You may switch the default account by selecting the preferred account option on the App. Once you login to the app, go to your profile section and choose your bank accounts. Here, you will find the option to add bank accounts to your UPI.
8. What happens if the transfer transaction fails or is transferred to an incorrect account?
You need to carefully check all the details of the beneficiary before making any transactions. In the event that such an error occurs, you can file a complaint from the application itself via the complaint section. In the event of a failed transaction, the balance will be refunded directly to the account within 7 working days.
9. What are some of the reasons for an UPI transaction to fail?
There are many explanations for a failure of the UPI transaction:
10. What happens if my phone is lost or stolen?
If you lose your phone, the UPI PIN needed to approve all transactions would not be known to a third party and will therefore not be able to use the Bharat Interface for Money. In addition, you have to contact the customer service department at your bank to make sure that your account is not misused.
RBI Launches Offline Payments Via UPI14 Aug 2023
With the aim of increasing the reach of digital payments for users across the country, The RBI has proposed to introduce conversational payments on UPI. This will allow users to make payments by engaging in conversation with AI powered systems, make...
With the aim of increasing the reach of digital payments for users across the country, The RBI has proposed to introduce conversational payments on UPI. This will allow users to make payments by engaging in conversation with AI powered systems, make offline payments on UPI using Near Field Communication (NFC) technology through ‘UPI-Lite’, and increase the transaction limit for offline payments from Rs. 200 to Rs. 500. Conversational UPI will help users to make easy and hassle-free payments using natural language interactions. Offline UPI payments facilitate hassle-free transactions even in places where internet availability is unstable or limited. The offline digital payment strategy enables small merchants in remote places to accept payments via UPI even when there is no internet connection, thus minimizing cash reliance and a cashless economy.
Apple Plans To Launch UPI-Based Apple Pay Service In India 5 Jul 2023
Apple is reportedly planning to launch its digital payment service, Apple Pay, in India. The tech giant is reportedly in talks with the National Payments Corporation of India (NPCI), The Apple Pay service is expected to enable iPhone users to scan QR...
Apple is reportedly planning to launch its digital payment service, Apple Pay, in India. The tech giant is reportedly in talks with the National Payments Corporation of India (NPCI), The Apple Pay service is expected to enable iPhone users to scan QR codes and make unified payments interface (UPI) transactions, similar to other digital payment apps available in the country. Apple’s payment service will enable its users to make safe payments through various Apple devices. For this purpose, Apple has proposed to include the Face ID technology for UPI authentication on iPhones. Using this feature, users can use their faces to confirm their identity when making transactions through Apple Pay. By introducing this advanced facial recognition of Face ID, Apple wants to offer Indian users a secure and hassle-free payment experience, while also ensuring to protect user data and privacy.
Google Pay Launches UPI Payments Using RuPay Credit Cards 26 May 2023
Google has launched the RuPay Credit Card-Based UPI Payments on Google Pay in partnership with the National Payments Corporation of India. Users can now pay online and offline merchants by adding RuPay credit cards on Google Pay. Currently, Google Pa...
Google has launched the RuPay Credit Card-Based UPI Payments on Google Pay in partnership with the National Payments Corporation of India. Users can now pay online and offline merchants by adding RuPay credit cards on Google Pay. Currently, Google Pay supports RuPay credit cards issued by Bank of Baroda, Axis Bank, Canara Bank, HDFC Bank, Indian Bank, Kotak Mahindra Bank, Punjab National Bank and Union Bank of India. The company has confirmed to add more banks in the coming days. Till now, Google Pay, a UPI-based payment app like most payments apps only supports payment using a debit card. With this launch, consumers can now add their RuPay credit card and make payments to merchants across the country. However, currently, there is no option to add Visa and Master issued credit cards to Google Pay or any other UPI payment app in India.
You must first add the RuPay credit card on Google Pay to use it on Google Pay. You can then navigate to the profile settings, select the "RuPay credit card on UPI" option, and choose the bank that issued their RuPay credit card. You will then be required to set a unique UPI PIN by entering the last six digits of the card number, expiry date, and OTP sent for verification.
Bank of Baroda Customers Can Use Their Credit Cards For UPI Payment Services28 Mar 2023
Bank of Baroda customers can now use their credit cards for UPI Payment Services. The Bank of Baroda Rupay Credit Card is accepted by selected UPI platforms like BHIM, Paytm, PayZapp, Freecharge, and Mobikwik. Bank of Baroda customers can link their ...
Bank of Baroda customers can now use their credit cards for UPI Payment Services. The Bank of Baroda Rupay Credit Card is accepted by selected UPI platforms like BHIM, Paytm, PayZapp, Freecharge, and Mobikwik. Bank of Baroda customers can link their cards with these UPI applications for day-to-day transactions. Cardholders can make payments only by scanning the Merchant UPI QR Code and cannot make P2P or Peer To Peer payments. In the Peer to Peer mode of payment, a user can transfer funds from a bank account to another individual’s account through a digital medium like the Internet or a mobile device. Currently, Bank of Baroda, HDFC Bank, Punjab National Bank, Union Bank of India, Indian Bank, and Canara Bank Rupay credit card holders can link their cards to select UPI platforms like BHIM, Paytm, PayZapp, Mobikwik, and Freecharge.
Paytm Introduces UPI Lite Payment Option - You Can Make Payments of Upto Rs. 200 In One Tap 1 Mar 2023
Paytm has introduced a new feature called UPI Lite, which enables super fast real-time payments with a single tap on the Paytm app. Using UPI Lite, customers can make multiple and small-value UPI transactions of upto Rs. 200 without using a PIN. Use...
Paytm has introduced a new feature called UPI Lite, which enables super fast real-time payments with a single tap on the Paytm app. Using UPI Lite, customers can make multiple and small-value UPI transactions of upto Rs. 200 without using a PIN. Users will be left with a hassle-free and convenient payment experience as they don't have to enter their PIN every time they make a transaction. Paytm claims that this feature will never fail even during peak transaction hours. Further, users can transfer their UPI balance back to the same bank account anytime, without any charges. With this, only a single money transfer entry has to be made in the user's bank account. Daily, Customers will receive an SMS from the bank containing a summary of all UPI LITE transactions made during the previous day.
Paytm is offering a cashback of Rs. 100 to first-time users who sign up to and add Rs. 1000 as balance to UPI LITE. Paytm UPI Lite is currently supported by 9 banks including Canara Bank, Kotak Mahindra Bank, HDFC Bank, Central Bank of India, Indian Bank, Punjab National Bank, State Bank of India, Union Bank of India, and Utkarsh Small Finance Bank.
Airtel Bhim UPI
Allahabad Bank UPI
Andhra Bank UPI
Bank Of Baroda UPI
Bank Of India UPI
Canara Bank UPI
City Union Bank UPI
Customer Care Number UPI
Dbs Bank UPI
Federal Bank UPI
HDFC Bank Upi
HSBC Bank Upi
ICICI Bank Upi
IDFC First Bank Net Banking
Indian Bank UPI
IndusInd Bank UPI
Kotak Mahindra Bank UPI
Punjab National Bank UPI
Unified Payments Interface Id UPI
Unified Payments Interface Pin UPI
Unified Payments Interface Transaction Limit UPI
Union Bank Of India UPI
YES Bank Upi
CreditMantri will never ask you to make a payment anywhere outside the secure CreditMantri website. DO NOT make payment to any other bank account or wallet or divulge your bank/card details to fraudsters and imposters claiming to be operating on our behalf. We do not sell any loans on our own and do not charge any fee from our customers/viewers for the purpose of loan application