UPI – Unified Payments Interface – How To Make Payments

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Unified Payment Interface, also known as UPI, is an instant interbank electronic fund transfer system developed by National Payments Corporation of India (NPCI) in 2016. It was launched on April 24, 2016 and it uses a single identifier to make payments.

Now, you might be wondering why we need to use a single identifier to make payments. Well, that’s because the UPI has been designed keeping the unique identity in mind — your virtual address. This means that your bank account number is linked directly to your mobile number without any additional authentication process like SMS or OTP. This makes it super easy for you to send or receive money from anyone in India.

UPI has already crossed over 1 billion transactions in November 2019 and plans to expand to global markets by 2020. Let’s take a look at how UPI Payment works:

What is UPI?

UPI is a payment system that was developed by the NPCI (National Payments Corporation of India). It allows instant money transfer between two bank accounts on a mobile phone, with the help of a VPA (virtual payment address).

The UPI is accepted across all banks in India and thus can be used to transfer money to any bank account.
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This makes it easier to transact online without sharing your bank account details.

How does UPI work?

You need to have a bank account with any of the following banks: Axis Bank, HDFC Bank, ICICI Bank, Kotak Mahindra Bank, RBL Bank . Once you’re registered with any of these banks, you can create a virtual address that serves as an identifier for transactions. This address can be created using the ‘Make my Payment’ option in your online banking portal or from the respective apps on your smartphone.

How can I get a VPA?

Download the UPI app from your bank. In fact, you can download any bank’s UPI app, it need not be your own bank. Your bank has to support such payments. Currently, 29 banks are a part of this payment mode.

While registering, you have to set an MPIN which is like a password to authenticate the payment. This adds a 2nd factor of authentication to make the transaction secure. Keep the app installed on your phone. You will need it every time you want to make a UPI transaction.

Make sure that your mobile number is registered with the bank so that they can send you an OTP when you sign up for UPI or when someone wants to transfer money to your account via UPI.

The United Payment Interface (UPI) is an instant real-time interbank electronic funds transfer system based on mobile applications. Developed by the National Payments Corporation of India (NPCI), UPI scan code allows you to make payments or money transfers from one bank account to another using a mobile device.

The banks currently offering UPI are Axis Bank, ICICI Bank, HDFC Bank, Federal Bank and SBI among others.

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