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Unified Payment Interface (UPI) – Complete Analysis

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

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Unified Payment Interface (UPI) – Complete Analysis

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  1. Unified Payment Interface (UPI) – Complete Analysis

  2. UPI is a payment system which is designed to transfer money between any two bank accounts by using a smartphone without the need to enter the bank account information or net banking user-id or password. • National Payment Corporation of India (NPCI) has made bank applications for UPI operational and it can be used for money transfer. • UPI is based on IMPS (Immediate Payment Service) which is used in Net-banking to transfer money 24*7.

  3. Why UPI? • UPI can be used for peer to peer money transfer. It allows user to transfer money directly from a bank account to numerous merchants both online and offline. • The benefit of UPI over IMPS is convenience. When using IMPS we need to access Net banking, add recipient using bank account details , IFS Code of bank, OTP, etc. Once added then you can send money after some time. • Whereas in case of UPI, we only need to open the UPI app and enter payee ID that is simple to use. One step and money is transferred instantly.

  4. What is Virtual Payment Address? • For using Upi Payment App, User is required to create a Virtual Payment Address (VPA) and link it to a bank account. This VPA acts the virtual address of the user to transfer money.

  5. How to start using UPI? • User need to download the app, verify phone number and link his/her bank account to the app. Once bank details are confirmed user can start using the app to transfer funds. One app can be used to transfer funds to any of the bank accounts. There is no need to download separate app for transferring funds to account of other separate banks.

  6. Charge for using -Upi Payment AppCurrently there is no separate charge for using UPI. Charge for using UPI is that of using IMPS. It is Rs. 5 + service tax.Maximum limit of transaction • Current limit of transaction using UPI is Rs. 1 lakh. With time it will be revised based on guidelines from NPCI. • Benefit of UPI 1.    Very fast when compared to NEFT, RTGS. 2.    UPI can be used to transfer money to peer group and merchants instantly. 3.    Simple and safe to use. No sensitive details are shared. 4.    No need to remember details like Bank account number, IFS code of bank, etc. 5.    Payee details are very easy to remember. Source: https://goo.gl/O6ep5G

  7. 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

  8. Click to know more on“Upi app” https://play.google.com/store/apps/details?id=com.upi.axispay

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