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Unified Payment Interface (UPI) Goes Live: All You Need To Know

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If you are using your smartphone just for making calls, browsing social media accounts and capturing images, then we ought to tell you that you are missing out a lot. If you are a smartphone owner and you indulge in banking transactions every now and then, then this post is really going to help you!

NPCI (National Payment Network Company) has taken smartphone usage and mobile banking to the next level with the launch of Unified Payment Interface (UPI). While the UPI was under pilot run after being launched earlier this year in April 2016, bank applications for the UPI have officially been launched now. The Unified Payment Interface is now live and customers of 21 banks will soon be able to use the service for sending and collecting money using their smartphones. Scroll down to find more details on Unified Payment Interface.

Unified Payments Interface (UPI)

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For all those who are unaware, UPI is an app, using which, users can make payments, send and receive money and more. All it requires you to do is download the app on your smartphone.

 

How Does (Unified Payment Interface) UPI Work?

The UPI portal will simplify the process of making payments. This app can be used to make transactions ranging between Rs. 50 to Rs. 1 lakh. Moreover, this app also makes third party transactions, faster, quicker and simpler. While your current banking app requires you to add the receiver as a beneficiary first, the UPI app keeps the user away from all the cumbersome tasks. It will only need you to add unique ID of the receiver.

Users will need to follow these simple steps to make transactions using the UPI app:

  1. Launch the UPI app
  2. Select the amount which is to be paid
  3. Add unique ID of the beneficiary
  4. Select ‘send’
  5. Enter the mobile pin when asked. What next? Your transaction is done!

A total of 29 banks will be a part of UPI service and  around 21 banks have already joined the UPI as payment service providers.  It will go live for the customers in 21 banks, including Andhra Bank, Axis Bank, Bank of Maharashtra, Bhartiya Mahila Bank, Canara Bank, DCB Bank, Federal Bank, ICICI Bank, IDBI Bank, Karnataka Bank, UCO Bank, Oriental Bank of Commerce, Punjab National Bank and RBL bank .

Sometimes, transferring money becomes so urgent that you don’t even get the time to add beneficiary by entering account details, IFSC code and more. The UPI app bypasses all those tasks and lets users transfer money by following simple steps. The Unified Payment Interface (UPI) has much broader scope than just sending and receiving money. Users can also use the UPI app for paying utility bills, school fees, donations, sending money to friends as well as while paying for deliveries by e-commerce portals.

Also Read: Mobile Banking Tips: 8 Things To Consider While Banking Via Smartphone

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