What is UPI payment method: Know features, benefits and how to register

What is UPI payment method: Digital modes of transactions are now becoming popular because of their ease-of-use and ability to carry out transactions fast. One such mode is the Unified Payments Interface (UPI). If you are still unsure about it or do not know its benefits, then read on. UPI is a system that powers multiple bank accounts into a single mobile application of any participating bank. This application merges several banking features to facilitate seamless routing of funds and merchant payments into one hood.  

UPI also enables ‘Peer to Peer’ collect request which can be scheduled and paid as per requirement and convenience. 

Know its benefits and features here? 

1. UPI allows immediate money transfer through mobile device round the clock every single day in a year. 
2. It facilitates accessing different bank accounts in one single mobile application. 
3. It provides single click 2 Factor Authentication – Aligned with the Regulatory guidelines, yet provides for a very strong feature of seamless single click payment. 
4. Virtual address of the customer for Pull & Push provides for incremental security with the customer not required to enter the details such as Card no, Account number or IFSC code etc. 
5. You can share bills with your friends through this application. 
6. It is a very good alternative to Cash on Delivery hassles or running to an ATM paying an exact amount. 
7. Merchant Payment with Single Application or In-App Payments. 
8. It can be used to pay utility bills, over the counter payments, barcode (Scan and Pay) based payments. 
9. It can be used for making donations, collections. 
10. It allows raising complaints from Mobile App directly.
     

How to register?

1. User downloads the UPI application from the App Store/Banks website 
2. User creates his/her profile by entering details like name, virtual id (payment address), password etc. 
3. User goes to “Add/Link/Manage Bank Account” option and links the bank and account number with the virtual id. 

Generating UPI – PIN: 
User selects the bank account from which he/she wants to initiate the transaction 
User clicks one of the option.