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Leading Cashless life using UPI

Axis pay helps you make secure & easy fund transfer and payment. This UPI app helps you link bank accounts with VPA. Do fund transfer for 24X7 for 365 days.

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Leading Cashless life using UPI

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  1. Leading Cashless life using UPI

  2. Since the Demonetisation move made by the government of India(GOI), there has been a huge surge for new currency, be it at the queues in front of ATMs or Banks. But not been so successful in getting the new notes for daily exchanges for the local needs and started asking every vendor if they can accept payment by card. This resulted in the increased traffic and often causing service disruption in POS terminals and payment channels. • Imagine if we are leading a cashless life, then no ban can make changes in our routine life. Most of us are already leading a cashless life except for certain cases like grocery, vegetables where the small vendors can't afford to setup POS terminal. Here i can suggest some more tips/ways how can we lead 100% cashless life. RBI has already made a step towards leading a cashless life with the introduction of UPI(Unified Payment Interface) app. This move makes things easier for small business, street vendors by having an UPI enabled app on their smart phone/device, finally benefiting the consumers greatly.

  3. UPI: • UPI is a Payment Interface through which we can make any payments, transfers, collections and Balance enquiry. However we should get a doubt that we can do all these with Internet banking or other payment channels, then why should we use this app. The difference between these net banking and UPI is the transaction speed and Account to Account transfer. • If we want to transfer through Internet banking we need to add the transferee and it will take 24 hours time to get activated and only then we can make transfer.  • But this is not the case in UPI, by using the UPI Virtual Payment Address(VPA) we can make an easy, quick and safe transfer.  • UPI platform can be used for immediate money transfer, sharing bills with friends, merchant payment with single application, scheduling PULL and PUSH payments and we can also raise a dispute through the same application.

  4. We can get more info about UPI from NCPI portal. I want to share my experience using SBI Pay App, other banks as well implemented UPI as part of their apps. • Downloaded the SBI Upi Payment app from Play Store. • When i opened it said that my device is not registered with PSP , so for that one message has been sent from my mobile by the app after my confirmation.

  5. After that when I opened and selected my bank as SBI it automatically fetched my account number and account name. • At this part it was both surprising and worrisome because it simply identified my account, so i am sure this might have happened because my mobile is common for App and Account. • So after filling all the necessary formalities like setting up my own Virtual Payment Address(VPA), setting password and MPIN. My registration was successful and I am now all set to use the new mode of payment.

  6. Pay: Clicked on Pay->UPI, I then entered virtual payee address(VPA) of the person to whom I want to transfer the amount. For processing this it asks MPIN to validate the transaction. So immediately after i entered my MPIN, the amount was deducted from my account and credited to transferee within a fraction of seconds. • Collect: Raise collect when you need to collect money from another. After entering the VPA of the transferee, we can set the time in minutes or hours for validation. After the set time elapsed, the collect request what we had send will automatically dismiss, then we need to make another collect request. • Balance Enquiry: Simple balance information, No statements or transactions info. You can still find all of your UPI transactions here. • Raising Dispute: Raise dispute on your Upi Payment transactions if any discrepancies.

  7. In this UPI what i noticed is that transferor and transferee should have setup their VPA. It was easy to install app one time and easier to access and use it. • Most importantly we don't have to carry those big fat wallets with us, simply make a payment using your mobile. However there are several digital wallet apps(Non-UPI) are in market, I will give a try with UPI and see how is it to live in cashless economy... Source: https://goo.gl/j4J85t

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