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How UPI Works – A Complete Guide
by Shubham Ahuja BloggerUniformed Payments Interface (UPI) is a platform released by Indian banks on the counsel of National Payments Corporation of India, i.e. NPCI. In addition to UPI, another government-led financial transaction platform is USSD, available for telecom operators.
You can send and receive money, make online recharges, pay with your mobile phone for online shopping, et cetera with an opportune UPI app. There are several advantages of using a UPI, ranging from managing all your bank accounts from a single place to making online transactions with ease and convenience.
Before discussing how to send as well as receive money using any UPI bank app, first delve into the meaning of a Unified Payments Interface.
What is UPI?
Uniform Payments Interface (UPI) is based on Immediate Payment Service technology. The biggest advantage is that you need to fill-up a form with your name, address and other bank-related details. You just need to enter details of your bank account(s) one-time to start using the interface.
Being similar to what an email address is, you just need a Virtual Payment Address (VPA) to make fund transfers. Used on iOS and Android platforms, it requires an active Internet connection. With the digital India movement, there is a surge in UPI apps in the past several months. These apps are available for Android, iOS and other small-time Smartphone platforms.
You need to have an active bank account, a Smartphone capable of receiving transaction-related messages and an active Internet connection to use any UPI app. Moreover, you need not link your bank account with your UPI app to send and receive funds from another UPI account.
How to Register for Uniform Payments Interface?
Registering for any UPI app is a simple and straightforward process. You need to:
Step 1 – Visit Play Store or Apple Store and download any opportune Bank UPI app offered by a bank or some other provider, such as the Airtel Bank UPI. Follow the installation steps once the app is downloaded on your device. Most devices automatically download and install the app so don’t worry about downloading.
Step 2 – Open the UPI app and enter your mobile number and create your 4-digit PIN, which is later to be used for making transactions.
Step 3 – Next you need to create a Virtual Private Address alias VPA. There are several options present to make the task easy and quick.
Now, you’re all set to send and receive money as well as make bill payments.
How to Send and Receive Money
Start by tapping on the Send Money option. Enter the amount and the recipient details. Click the Next tab and you’ll be transferred to the review screen. After double-checking the details, press on Confirm button to complete the payment.
Tap on Collect Money. Add VPA of the payer and amount, followed by a tapping on the Confirm button. You can also schedule it to receive the amount at a later time.
UPI apps are promising to revolutionize the way we make digital transactions. The trend is to mark a big boon in India and has already been incorporated by companies with their payments app.
You can send and receive money, make online recharges, pay with your mobile phone for online shopping, et cetera with an opportune UPI app. There are several advantages of using a UPI, ranging from managing all your bank accounts from a single place to making online transactions with ease and convenience.
Before discussing how to send as well as receive money using any UPI bank app, first delve into the meaning of a Unified Payments Interface.
What is UPI?
Uniform Payments Interface (UPI) is based on Immediate Payment Service technology. The biggest advantage is that you need to fill-up a form with your name, address and other bank-related details. You just need to enter details of your bank account(s) one-time to start using the interface.
Being similar to what an email address is, you just need a Virtual Payment Address (VPA) to make fund transfers. Used on iOS and Android platforms, it requires an active Internet connection. With the digital India movement, there is a surge in UPI apps in the past several months. These apps are available for Android, iOS and other small-time Smartphone platforms.
You need to have an active bank account, a Smartphone capable of receiving transaction-related messages and an active Internet connection to use any UPI app. Moreover, you need not link your bank account with your UPI app to send and receive funds from another UPI account.
How to Register for Uniform Payments Interface?
Registering for any UPI app is a simple and straightforward process. You need to:
Step 1 – Visit Play Store or Apple Store and download any opportune Bank UPI app offered by a bank or some other provider, such as the Airtel Bank UPI. Follow the installation steps once the app is downloaded on your device. Most devices automatically download and install the app so don’t worry about downloading.
Step 2 – Open the UPI app and enter your mobile number and create your 4-digit PIN, which is later to be used for making transactions.
Step 3 – Next you need to create a Virtual Private Address alias VPA. There are several options present to make the task easy and quick.
Now, you’re all set to send and receive money as well as make bill payments.
How to Send and Receive Money
- For Sending Money
Start by tapping on the Send Money option. Enter the amount and the recipient details. Click the Next tab and you’ll be transferred to the review screen. After double-checking the details, press on Confirm button to complete the payment.
- For Receiving Money
Tap on Collect Money. Add VPA of the payer and amount, followed by a tapping on the Confirm button. You can also schedule it to receive the amount at a later time.
UPI apps are promising to revolutionize the way we make digital transactions. The trend is to mark a big boon in India and has already been incorporated by companies with their payments app.
Read Also :- Enjoy The Benefits of Airtel Payments Bank
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About Shubham Ahuja 
Blogger
29 connections, 0 recommendations, 97 honor points.Joined APSense since, January 27th, 2017, From New Delhi, India.
Created on Oct 26th 2017 08:14. Viewed 689 times.
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