If you do online shopping or any other type of online transaction then you must have heard about the UPI which stands for ‘Unified Payment Interface.
With the help of UPI, anyone can easily and quickly send money from his/her bank account to any other bank account from their mobile phone. With the help of UPI, a person can link many bank accounts from a single mobile application. Not only you can transfer money from your bank account to any other bank account by using UPI, but you can also do online shopping and make payments using UPI. Apart from doing online shopping and transferring money, you can also do mobile recharges, DTH recharges, buy tickets, pay bills, and do another type of online payment with the help of UPI.
To summarize it briefly we can say that UPI App is an application that helps a user to transfer money between two bank accounts via mobile very rapidly and easily
How UPI App Works
In order to get the benefits of UPI you have to create a VPA i.e Virtual Payment Address and then have to connect that VPA with your bank account. So in order to send money to any other person or to make any other type of transaction, all you have to do is just enter the UPI ID of that person. By doing this the money will be transferred/deducted from your bank account to the other person’s bank account.
UPI App is based on IMPS i.e Immediate Payments Service System. UPI was developed by National Payment Cooperation of India (NPCI) and it is regulated by RBI. UPI was first introduced in India in the year 2015 but it became popular in 2016 after the demonetization.
All major banks in India like SBI Bank, HDFC, ICICI, Axis Bank, etc now support UPI Apps and you can easily find UPI apps for these banks in the Google Play Store. All you have to do is to search with UPI in Google Play Store and you will be able to see a list of UPI apps for all these banks. You can now download UPI App for the bank in which you have an account. UPI was initially started with around 20 banks but now there are hundreds of banks in India that have collaborated with UPI to provide money transfer services.
Many e-wallet platforms like GooglePay, Paytm, PhonePe, etc have also now added the UPI feature in their Apps. So you can create UPI ID with any of the payment platforms and banks that supports UPI.
The format of UPI ID is like this: The UPI ID first includes your mobile number, then it is followed by @ sign, and then the Sign of App from which you are creating your UPI ID. For example, if you are creating a UPI id using SBI bank then the format will be 80851*****@sbi.
Types of UPI Enabled Banks
As mentioned above many banks in India are now providing UPI services. There are basically three types of UPI Enabled Banks in India and these are:
Banks with UPI
As stated above when the UPI was introduced earlier there were only around 20 banks in India that were offering UPI services. But at present, there are Over 100 banks that provide UPI services. Many banks like SBI bank, HDFC bank, ICICI bank, etc have now developed their own UPI Apps. So all these banks which have launched their own UPI Apps come in this category i.e ‘Banks with UPI’. UPI Apps of these banks can be found in the Google Play Store under the name: SBI Pay, HDFC Bank MobileBanking, iMobile respectively.
Banks with Third-party UPI app
The banks which have not created their own UPI Apps but have made a collaboration with third-party Mobile apps like BHIM UPI, Paytm, Google Pay, etc to provide UPI services to their customers, comes in this category of banks i.e Banks with Third-party UPI app. For example, many major banks in India like Axis banks, Bank of Baroda, Punjab National Bank, etc. have made a partnership with BHIM App for offering UPI services.
Banks without UPI The banks which have not created their own UPI apps or have not made any partnership with third-party Apps providing UPI services comes in this category i.e Banks without UPI. Although there are hundreds of banks in India now which have created their own UPI apps, there are a lot of banks that are not providing this service yet.
How to Create UPI ID
The process of creating UPI ID through any of the UPI supporting platforms is almost the same. For creating UPI ID through any of the platforms, you just need your Registered Mobile number with the bank or e-wallet platform and your Debit or Credit Card. For creating the UPI ID you have to follow the below-mentioned steps
- The first step of creating UPI ID is that you must have UPI App in your Mobile Phone. For this, you can download UPI App from the Google Play Store. e.g if are creating UPI ID with SBI UPI App, then you have to download SBI UPI App on your Smartphone.
- After downloading the UPI App, you have to create UPI profile.
- For creating UPI profile you need your registered Mobile number which is linked with the bank.
- The mobile number will be verified with the help of a text message.
- Now you have to Add your Bank Account which can be done by selecting your Bank from the ‘Add Account’ Option.
- You will then be asked to enter some details regarding your Debit or Credit Card.
- Once you add your Bank Account, you will have to create four-digit UPI PIN.
- After creating UPI PIN, your UPI ID will be created and now you can easily send and receive money from any other person.
Requirements for Using UPI Services
A user needs all the below things before he can use the UPI and its services
- Bank Account
- Mobile Phone
- Fast Internet Connection
- Email ID
- Mobile Number Registered with the Bank
- Debit Card
- Any UPI App
Services offered by UPI
There are many services and features offered by UPI App. Here are some of the top features of using UPI .
- You can send and receive money using UPI App at any time.
- There is no need to remember the name of Bank, Bank account number, etc to transfer money.
- It is possible to link many bank accounts from a single UPI App.
- You can send up to Rs. 1 Lakh daily with the help of UPI.
- With the help of UPI, money can be transferred much quicker than Netbanking or any other payment service.
- UPI can also be used for making Bill payments, for purchasing tickets, or for doing online shopping.
UPI Enabled Banks List
|Sr. No.||TPAP||PSP Banks||Handle Name|
|1||Amazon Pay||Axis Bank||@apl|
|2||Bajaj Finserv Direct Ltd||Axis Bank||@abfspay|
|5||Angel Broking||Yes Bank||@yesbank|
|6||Google Pay||Axis Bank||@okaxis|
|State Bank of India||@oksbi|
|8||Khalijeb||Kotak Mahindra Bank||@kmbl|
|9||Make My Trip||ICICI||@icici|
|10||Mi Pay||ICICI Bank||@myicici|
|15||Realme PaySa||HDFC Bank||@rmhdfcbank|
|16||Samsung Pay||Axis Bank||@pingpay|
|Bank of Baroda||@barodapay|
|State Bank of India||@wasbi|