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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.
UPI Sees Record-Breaking Transactions in June 2021 26 Jul 2021
The NPCI has stated that UPI transactions increased by a whopping 10.6% in volume and 11.56% in value in June, compared to the previous month. The total number of transactions carried out in June was 280 crores (2.8 billion) with a value of Rs. 5,47,...
The NPCI has stated that UPI transactions increased by a whopping 10.6% in volume and 11.56% in value in June, compared to the previous month. The total number of transactions carried out in June was 280 crores (2.8 billion) with a value of Rs. 5,47,373 crores. PhonePe continues to dominate the UPI market with a share of 45.27% followed by Google Pay (36.47%) and Paytm (11.44%).
BHIM UPI’s Market Share falls below 1%28 Jan 2021
The government-promoted BHIM UPI has seen a dramatic drop in transaction volumes in the last few months. It fell down to just 0.88% of the market share in November 2020. GooglePay and PhonePe have emerged as the top two UPI apps with the majority (ne...
The government-promoted BHIM UPI has seen a dramatic drop in transaction volumes in the last few months. It fell down to just 0.88% of the market share in November 2020. GooglePay and PhonePe have emerged as the top two UPI apps with the majority (nearly 86%) of market share. To reinvent itself and to appeal to customers, the BHIM app has started offering various discounts and rewards on third-party apps like Faasos, Oyo, ShopClues, etc.
UPI Transactions saw a Huge Growth Spike in 202019 Jan 2021
Recent data by the NPCI (National Payments Corporation of India) revealed the stupendous growth and popularity of UPI payments in the last year. The data shows that the number of UPI transactions have increased steadily month on month. In September i...
Recent data by the NPCI (National Payments Corporation of India) revealed the stupendous growth and popularity of UPI payments in the last year. The data shows that the number of UPI transactions have increased steadily month on month. In September it was 1.8 billion, October it reached 2.07 billion and in November the number of transactions using UPI stood at 2.21 which is a 6.7% growth over the previous month. UPI has emerged as the preferred payment mode to carry out various transactions like mobile recharges, bill payments, online shopping, paying at local shops, etc.
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