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sonaldeo

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Uniqueness of UPI app

Unified payment interface free is an effective system for transfer of funds.  By using the UPI app you can carry out the transaction of funds between two bank accounts using a smart phone. It is built on the basis of immediate payment service and this enables to send and receive money between two bank accounts using a unique identity address.  This unique identity address is referred to as virtual payment address. When you download the unified payment interface free you can carry out transaction without disclosing the beneficiary details like the bank account number, the IFSC code, the passwords and all. You can simply exchange the VPA code  to send and receive money through the UPI app. Unlike NEFT and RTGS you can carry fund transfer with UPI even on Sundays , holiday...

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How can you contribute for a cashless Society

Upi App had helped India move towards a cashless economy. Unified payment interface application is developed by the national payment corporation of India (NPCI) which is the umbrella organization for all the retail payment system in India. According to the experts it is said that in the long run the Upi App can replace the NEFT, RTGS and IMPS system because of the high potential of the payment interface app. A unique ID is created which is linked to your bank account , the ID will be just like any other email ID. So while making transaction all the individual has to do is, open the  banking app installed in the smart phone click on send money and carry out the transaction. The money gets transferred quickly to the bank account of the recipient once the transaction is confirmed by...

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How is UPI successful in creating as cashless environment?

Unified payment interface which operates under national payment corporation of India is closely monitored by the reserve bank of India which has severely changed the banking sector. You can imagine how frustrating it is to stand in a long queue for hours just to transact some amount of money. With UPI you can go completely cashless. As the transactions will be virtually through your virtual payment address. In a nutshell Unified payment interface app does the functioning of a debit card also internet banking instantly and in a secured manner UPI is a payment system that allows you to send and receive money instantly by just using your smart phone. Earlier you had to remember the beneficiary details like the bank account number , IFSC code you can simply use the virtual id for the tran...

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Fight demonetisation woes with AxisPay UPI app

These days everyone is going through a tough time receiving money or sending money, thanks to the Vaahiyaat demonetisation rules imposed on us. Why vaahiyaat, is stuff for another post. However, till the time the instant removal of 86% of our cash flow is dealt with slowly and painfully, we can surely ease the pains we go through every day to pay for various services and goods. Going Cashless can be done in many ways. Apart from paying through credit or debit cards and mobile wallets, one such option is UPI apps. UPI stands for Unified Payments Interface , a system that powers multiple bank accounts into a single mobile application (of any participating bank), merging several banking features, seamless fund transfers & merchant payments – all into one. This system was launche...

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An easy way for your banking operation: UPI App

A unified payment interface (UPI) application has revolutionized banking in the recent times. UPI app has made fund transfer easy, instant and hassle free.  You don't have to visit the bank manually, stand in long queues or send cash using unsafe courier methods. You can simply carry out all this functions hassle free on your mobile.  UPI app has made banking and related functions. You can link multiple bank accounts and carry the monetary functions without wasting time.  You don't need to remember beneficiary details like the bank account number, the IFSC code you just need the VPA address. VPA is the virtual payment address send or ask for money using the VPA. It is the unique identity code which you link to your bank account e.g. : yourname@xyzbank.  Because of ...

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United Payment Interface (UPI) How Will it Make Life Simpler for You

India drew a stage nearer towards turning into a cashless economy with the launch of National Payments Corporation of India's (NPCI's) Unified Payment Interface (UPI) on Monday. The NCPI works the Rupay payments infrastructure that – like Visa and MasterCard – permits distinctive banks to interconnect and transfer funds. The UPI can be considered as a digital framework to do likewise – the thought being that every single financial instrument can be given a unique identity on the UPI, which can then be utilized to rapidly and effortlessly complete online payments. With UPI, will we at long last see the tide move in the opposite direction of money towards digital money? There are numerous motivations to seek after this, as digital frameworks can be utilized to decrease the...

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Unified Payment Interface - A Single Digital Wallet for Your Spends

India is inching towards a cashless economy through innovative payment solutions introduced by the RBI and the National Payment Corporation of India (NPCI). Their latest offering is the Unified Payment Interface (UPI), using which your smartphones get transformed into virtual debit cards for money transfer. The Upi Payment Demystified The UPI interface allows customers to make fund transfers between two people, person-to-business and business-to-person. In the current mobile payment system, only the ‘send’ mode is available. The advantage of the UPI is that it enables the person receiving the funds to initiate a transaction. So, in addition to the ability to send funds to a recipient, the Upi Payment empowers the recipient to initiate a cash ‘collection’ from a source. ...

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How has UPI app revolutionized the banking sector

Earlier transactions were done by using debit cards/credit cards or net banking transactions. But after the digital revolution that took place in India it has taken over all the sectors. After the digitalization and revolution in the banking sector  ample of options were created for digital payments.  Visiting the bank , waiting in the queue can be replaced with  a mobile app. A mobile app designed by the NPCI  to provide interoperability in the banking sector. UPI refers too unified payment interface. The unified payment interface is a platform designed in association with banks that allows an individual to make digital payments by just busing the phone, the customer’s linked bank account is used for the transaction. In really simple terms unified payment interfac...

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How does the unified payment interface app work

UPI refers to Unified Payment interface. It is an easy to use app where you can link multiple bank accounts to send and receive payments instantly in a secure manner. It has made fund transfers easy and feasible to every individual now a person need not visit the bank manually he or she can send and receive payments by just one touch. The single identifier virtual payment address is yet another feature of the UPI app now you don’t need to remember your bank account number , your IFSCI code or other details. This makes the banking process more easy , simplified and less time consuming. Now a very obvious question arises in our mind is UPI secured and safe ? the transaction made on UPI are authenticated by two factor authentication. The debit transaction will happen only through your ...

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Unified Payment Interface - An eagerly awaited service

Imagine more than a billion users of a payment service so easy to use, so secure and so simple that even kids would like to use it to pay for their daily dose of kinder joy. This would be the mega mega mega event that finally would drive the last nail in the coffin of cash here in india. The idea or motivation for a Unified Payment Interface App Free arose after significant enrollment of people in the aadhaar project. Payment banks were conceived by RBI as banks which would operate to ease payments using electronic means and would only offer deposits and no lending. Eleven licenses were handed out majority of them to telecom firms and a few industrial houses with deep pockets. Mobile money transactions have lately crossed 10k crore mark in terms of value(monthly). IMPS even th...

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