Prior to the demonetization last year, most of the major banks in India underwent a crucial change. They introduced a new and convenient form of payment known as the UPI or the Unified Payments Interface. As with any new scheme or policy, most people in India are still unaware of what the UPI does.
So, here is a look at some of the things one should to know regarding UPI and how you can take advantage of the process-
What is UPI?
UPI is essentially an easier mode of transaction between two individuals or account holders. Through it, people no longer need to remember bank details of the person they want to transfer money to. Instead, the payment is made through a mobile application. Most banks in India have developed such an app and made it available through the Google Play Store and App Store.
You can download the UPI app of your bank and register yourself in it. After the registration is complete, you need to only enter the UPI username of the individual you want to transfer money to along with the bank that he/she is affiliated with. The fund transfer process is now that simple thanks to this procedure.
How to get started?
The first step to using UPI is to download the UPI app for the bank in which you have an account. These apps are available for free in the Google Play and App Stores. Next, sign up for the UPI process. To do this, you will need to create a UPI username, which will be known to others and used to make payments to you.
You will also have to enter a 6-digit
pin. This pin will be used to authenticate any transaction that you initiate through your mobile. After you select the pin and the username, the app will send an OTP to your phone number, the same number which is linked to your bank account. You need to re-enter the OTP on your phone to complete the registration process.
Once all of these steps are complete, you can begin transaction freely. This method of payment is completely secure and safe. So, you need not worry about getting scammed out of your savings. However, remember to keep the UPI pin secret, so that no one else apart from you can execute a UPI payment.
With UPI payments, banks will once again be able to establish their footing in the market which they had lost since the arrival of various mobile wallet applications. UPI essentially allows one to do the same transfers that PayTM or MobiKwik does, making those apps redundant over time.
So, here is a look at some of the things one should to know regarding UPI and how you can take advantage of the process-
What is UPI?
UPI is essentially an easier mode of transaction between two individuals or account holders. Through it, people no longer need to remember bank details of the person they want to transfer money to. Instead, the payment is made through a mobile application. Most banks in India have developed such an app and made it available through the Google Play Store and App Store.
You can download the UPI app of your bank and register yourself in it. After the registration is complete, you need to only enter the UPI username of the individual you want to transfer money to along with the bank that he/she is affiliated with. The fund transfer process is now that simple thanks to this procedure.
How to get started?
The first step to using UPI is to download the UPI app for the bank in which you have an account. These apps are available for free in the Google Play and App Stores. Next, sign up for the UPI process. To do this, you will need to create a UPI username, which will be known to others and used to make payments to you.
You will also have to enter a 6-digit
| https://www.hdfcbank.com/personal/making-payments/fund-transfer/upi |
Once all of these steps are complete, you can begin transaction freely. This method of payment is completely secure and safe. So, you need not worry about getting scammed out of your savings. However, remember to keep the UPI pin secret, so that no one else apart from you can execute a UPI payment.
With UPI payments, banks will once again be able to establish their footing in the market which they had lost since the arrival of various mobile wallet applications. UPI essentially allows one to do the same transfers that PayTM or MobiKwik does, making those apps redundant over time.
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