How to use UPI: Unified Payments Interface ?

UPI :Unified Payments Interface

Unified Payments Interface (UPI) is a system that powers multiple bank accounts into a single mobile application (of any participating bank). UPI works by instantly transferring funds between two bank accounts on a mobile platform.

UPI is controlled and regulated by NPCI(National Payment Corporation of India).UPI launched on 11th April 2016 by the Reserve Bank of India Governor Dr.Raghuram G Rajan at Mumbai with the aim of Cashless India.

How to Use UPI service?

Any UPI client app may be used and multiple bank accounts may be linked to single app. Official UPI app launched by NPCI is BHIM or Bharath Interface for Money.Anyone with a bank account + registered mobile number + debit card can use BHIM app.

How to transact using BHIM?

Step1:Download and install the App from Paystore or iOS app store.

Step2:Select the mobile number linked to your bank account, in case you are using a dual SIM phone

Step 3:Enter your bank Account

Up on selecting SIM an SMS will be send to verify your mobile number. After verification you will be asked to enter your bank account number.

Step3:After validating your bank account and mobile number you will be asked to set a four digit Passcode.

Confirm your Passcode and proceed.

Step5:Select bank account enter and enter last six digit of your ATM/Debit card and validity

Step6:After validating ATM/Debit card details and OTP will be received .Enter  OTP and set 4 digit UPI PIN.

Now app is ready to use.

STEPS to use UPI through USSD service *99#

It is not necessary to have an internet enabled smart phone to use avail UPI services. You can transact using UPI through USSD service.

Apart from BHIM UPI app almost all banks operating in India have their own mobile banking application with UPI integration.

Performing a UPI Transaction:Sending money using virtual address

1. User logs in to UPI application
2. After successful login, user selects the option of Send Money/Payment
3. User enters beneficiary’s/Payee virtual id, amount and selects account to be debited
4. User gets confirmation screen to review the payment details and clicks on Confirm
5. User now enters UPI PIN
6. User gets successful or failure message

Requesting money:

1. User logs in to his bank’s UPI application
2. After successful login, user selects the option of collect money (request for payment)
3. User enters remitters/payers virtual id, amount and account to be credited
4. User gets confirmation screen to review the payment details and clicks on confirm
5. The payer will get the notification on his mobile for request money
6. Payer now clicks on the notification and opens his banks UPI app where he reviews payment request
7. Payer then decides to click on accept or decline
8. In case of accept payment, payer will enter UPI PINto authorize the transaction
9. Transaction complete, payer gets successful or decline transaction notification
10. Payee/requester gets notification and SMS from bank for credit of his bank account

Other Popular UPI app

1. Paytm
Paytm was founded in 2010 by Vijay Shekhar as didgital wallet. After the introduction of UPI they have integrated all UPI services in their existing app.

2.Google pay(formerlyTez)

Google pay is a system developed by Google to power in-app and tap-to-pay purchases on mobile devices, enabling users to make payments with Android phones, tablets or watches.You can use Google pay as a digital wallet as well as a UPI app.Google pay is one of the most popular UPI app in India

3.Phonepe

PhonePe is a financial technology company headquartered in Bangalore, India. It was founded in December 2015. It provides an online payment system based on Unified Payments Interface (UPI).Phonepe app is also a popular UPI app after googlepay.

BHIM QR payment system

Almost all UPI apps now support QR code based payments system. in QR code payment you need to scan a QR code instead of entering recipient VPA. 

Once you install the app and register yourselves , you can generate two types of QR Codes:

• A dynamic one-time unique QR Code for a fixed amount
• A static code for any amount

A dynamic one-time unique QR Code for a fixed amount:You can generate a dynamic QR code for receiving a certain amount from a person.You have to opt for request money.

Under request money you will get 'Generate QR code' option as shown below. Payment request can be directly send by entering UPI ID of payer or else you can generate QR code. 

Enter amount and press generate QR code

You can share QR code with the payer or he/she can directly scan the QR code from his/her UPI app and make the payment instantly.

For getting static QR code go to your profile. There you can download/share your QR code. This can be used for receiving any amount.

As government of India is focusing on cashless economy , BHIM and UPI is expected to gain wide popularity among its citizens.

Google Tez UPI app:How you can sign up and transfer money?

Google has launched NPCI UPI based payment app Tez.How you can sign up and transfer money?

Finally global search giant global has entered Indian booming digital payment industry with the launch of Tez on 18th September.Tez has joined UPI club of PayTM, PhonePe, and the official app BHIM.Each bank has launched their own UPI(Unified Payment Interface) app. But private players are making most out of NPCI(National payments Corporation of India) UPI platform.Each UPI app comes with it's own uniqueness. After the introduction of UPI use of digital wallets has decreased considerably.

Google has also incorporated a bit of innovation in its Tez app.One of the unique features included in Google Tez app is “Cash Mode” which helps you send money without needing the recipient's number or QR codes, instead using an audio matching system.

How to sign-up for Google Tez?

Let us see how one an sign up and use Google Tez UPI app.

Tez sign-up process

Step1:Download and Install Google Tez app from Playstore or iTunes
Step2:Open the app and choose the language.
Step3:Enter your phone number (Phone number should be linked with bank A/C)
Step4:Select your email ID
Ste4:Upon verifying mobile number and emaill, you will be asked to select either google PIN or pattern lock for your Tez app
Step5:Set PIN or Pattern lock
Step6:Select your bank
Step7:App will automatically fetch your corresponding bank account linked with your mobile number.
Step8:After fetching bank account you have to set a UPI PIN.If you already have a UPI PIN then enter and proceed. Now you are ready to go.

With Tez on hand what all things you can do?

• Transfer money between your own bank accounts or with others accounts
• Pay bills for taxi,hotel or any shopkeeper
• tansfer money to other user without revealing your bank details or phone number using "Cash
  Mode"
• Shop online with tez 
• Earn Tez Scratch Cards to win up to ₹1,000 with each transaction and be eligible to win ₹1 lakh every week with Lucky Sundays. You don’t need to hunt for coupon codes. Just use Tez and if you win, your rewards go straight into your bank account.
• Tez can do whatever NPCI UPI is capable of

How to use use unique "CashMode" in google Tez app for transferring money?

Step1:After fetching your bank account details ,just launch your app and tap on CashMode button

Step2:If you wish to make payment to nearby user just tap on pay or else if you are receiving payment just tap receive.

Step3:App will automatically other tez users nearby through wifi connectivity.This resembles file establishing connection between two users in file sharing apps like 'shareit' or 'xender'.

Step4:After establishing connection just enter amount you wish to pay and proceed.

How safe Google Tez is ?

• Secure payments with Tez Shield:The Tez Shield works 24/7 to help detect fraud, prevent hacking, and verify your identity. 

• Two layer verification with Google PIN and UPI PIN.Each transaction is secured with your UPI PIN and the app is secured with a Google PIN or your screen lock method such as fingerprint. 
• 24/7 dedicated help center is also for your queries 

Why UPI apps like Google tez,PhonePe etc are preferred over digital wallets.?

 Answer is crystal clear. In digital wallets you need to keep money in your wallet which does not return any interest.But in UPI based app you need not keep money with app. Money will be kept in your bank accounts only, which will be earning regular interest also.UPI application is acting as an agent for transferring money. 

Since India is targeting a digital economy, payments apps like GOOGLE Tez will remain relevant in coming years.
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