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Unified Payments Interface: The Time Is Ripe For A Switchover

Make instant and secure payments from any of your linked accounts with VPA process using Axis UPI app. No need to remember your bank account number & IFSC.

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Unified Payments Interface: The Time Is Ripe For A Switchover

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  1. Unified Payments Interface: The Time Is Ripe For A Switchover

  2. What Is UPI? • UPI is a simple and effective way to transfer money between two bank accounts in India by using a smartphone. It is built on Immediate Payment Service (IMPS) and allows you to transfer money between two bank accounts by using a unique identifier like an email address – usually known as VPA (Virtual Payment Address) without the need to know the account number and IFSC (Indian Financial System Code) details of beneficiary. Why UPI? Why Now? • While there are various ways to perform digital money transfer including but not limited to NEFT, RTGS, Wallets, NFCs, UPI is built on top of IMPS (which operates 24x7) and has been adopted by majority of banks in India.

  3. UPI simplifies money transfer by masking the need to know the destination bank account details such as account number and IFSC details. • The payments can be both sender (payer) and receiver (payee) initiated, and are carried out in a secure, convenient and integrated fashion. • You do not have to remember bank account details or keep your wallets topped up. The money that remains in your account earns interest and on need basis you may transfer funds in a simply manner and securely. • With Prime Minister NarendraModi taking the right steps to reduce the use of unaccounted money kept as cash by demonetising, honest citizens may start to use UPI now to avoid the need to use cash. Further, unlike other solutions, the money resides in the bank account and continues to earn interest.

  4. What Is VPA? • VPA uniquely links the identity of the account holder with his/her bank account. • Typically, VPA has a format like <chosenname>@<BankName>. For example, the author’s UPI VPA ID is digital@cnrb – digital is the chosen name and cnrb is the Canara Bank UPI VPA suffix. • With VPA, there is no need for you to share private and confidential information like mobile phone number, bank account number and IFSC details.

  5. What Are The Prerequisites For Having Upi App Download? • You need to have a smartphone with data connectivity. You must also have your mobile number registered with your bank and should be able to receive SMS from your bank on this number. Your account needs to be enabled for mobile banking/SMS alerts to use UPI. • Which App Should I Download? • The good thing about UPI is that you do not have to download the app developed by your bank only. You may download any of the apps listed in the play store and see which one suits you the best. • Step by Step instructions to download UPI App from Google Play Store • 1. Go to Google Play Store on your mobile • 2. Choose any one of the UPI App listed. The easiest way is to search for UPI in the Google Play Store and you are likely to see a list of apps that you can download.

  6. Register Your Bank Account • 1. Login to the app and select ‘Add a Bank Account’ • 2. You may find your bank listed in a drop-down menu of banks that are certified by NPCI to be part of UPI. • 3. Select the bank where you have your account • Generate PIN • If you have not set up PIN already, the app now may ask you to select the PIN to authorise transaction. The customer may be asked to enter details from the debit card, expiry date etc. • What Are The Possible Limitations Of Upi App Download? • (At the time of writing this article - 14 November 2016) • 1. At present UPI is only to be used for account based transactions – it is not meant for credit card transactions.

  7. How UPI Benefits Merchants/Retailers? • 1. UPI allows for a mobile phone to be transformed into a POS (point of sale) device for merchants. This will democratise payment collection systems for even the smallest of merchants. • 2. Can service customers not having cards • 3. Small value transactions can be initiated as a PULL • 4. Ideal for mobile and e-commerce • How UPI Benefits Banks? • 1. Universal app for payments • 2. Simplified (single click two factor authentication) • 3. Leveraging existing infrastructure

  8. 4. Single and unique identifier • 5. Opportunity to service better end customers and business customers • 6. Co-exists with other modes of payments • How does UPI benefit me (end user)? • 1. Privacy: Transfer or collect payment just using the VPA. • 2. Both PUSH and PULL possible – both payment and collection transaction possible • 3. Choice of single interface with multiple bank accounts • 4. No need to remember or set up fund transfer using account number and IFSC details • 5. Safe and convenient. No pre-approval of beneficiary required. • 6. Collect funds – initiate a fund request – e.g. rent collection • What are the implications of UPI? • 1. Transactions structure will change

  9. Follow Us On https://www.facebook.com/axisbank https://plus.google.com/+axisbank http://twitter.com/axisbank https://www.youtube.com/axisbank https://www.instagram.com/axis_bank/ https://www.linkedin.com/company-beta/162609?pathWildcard=162609

  10. Click to know more onUpi App Download https://play.google.com/store/apps/details?id=com.upi.axispay

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