How to make payments through your smartphones

To move to a cashless era and to maintain liquidity in the current situation, it’s good to make payments through online gateways. The National Payments Corporation of India launched the Unified Payment Interface; through this a user can make fund transfers and receive funds through their smartphones.

In simple words,UPI is basically a payment system which allows money transfer between any two bank accounts using smartphones. Without the hassle of typing IFSC code, credit card details or net banking/wallet passwords, it allows a customer to pay directly from a bank account to different merchants, both offline and online.

How can we download a UPI app?

So far, more than 29 banks have signed up with NPCI to offer UPI to customers. The United Payment Interface is offered as a mobile application usually customized by the participating bank along with their Net banking mobile application. Moreover, there are few private players who offer the application as well. Customers can download the same from the app that too free of charge and can install the software on their phones. For example, by making use of an UPI app,Axis Pay, you can receive or send money instantly or securely with just your name.

How to create UPI payment ID?

Once you have downloaded the application, by adding bank account details customers need to create a unique payment ID. You need to remember that the mobile number on which the app is downloaded must be the one that is registered with the bank. Using the mobile application of a bank, one can also link his/her other bank accounts. A customer can use the mobile number, a bank-provided address, RuPay card number, Aadhaar number or a short name as his virtual address, since the UPI interface connects several payment systems.

Transaction using UPI

The user will be asked for his virtual address on initiating payment. Thereafter, he needs to enter other person’s UPI ID, and if in case that is not available, then you can go for bank account details of other person. These transactions will be authenticated only by using a two-step authentication, via MPIN and mobile. The MPIN is basically a pin that has been set up in the first UPI transaction. The transaction will show up as a credit in the receiver’s account and debit in the payer’s account.

Over and all, keep these above-mentioned points in mind that will help you to transfer money instantly through your smartphone.

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