Mobile Payment

Forum of India

 

 

 

 

 

 

UPI (Unified Payments Interface) is an instant real-time bank-to-bank payment system.

Check out the video below for an introduction to UPI.

Mobile-based payment systems, like UPI, offer tremendous convenience; they are fast, easy, secure and available 24x7! If that is not enough incentive, you will help reduce cash and paper, and be environmentally friendly.

Unified Payments Interface (UPI) is an instant payment system developed by the National Payments Corporation of India (NPCI), an entity regulated by the Reserve Bank of India (RBI). UPI is built over the IMPS platform, and allows you to instantly transfer money between any two bank accounts.

You have two options

1. Download your Bank's UPI application 
2. Download a multi-bank UPI application offered by 3rd party providers. Examples of such applications are: (a) BHIM, (b) PhonePe, (c) paytm, and (d) Google Pay .

A UPI Personal Identification Number (PIN) is a 4-6 digit pin that you need to create the first time you register. You have to enter this UPI-PIN to authorise all transactions.

UPI enables bank account holders (of banks participating in UPI) to send and receive money using a Virtual Payment Address (VPA) without entering any additional bank information. A VPA is an identifier, which a user creates to identify their bank account in the UPI platform. For example, your VPA can even be: cooldude@sbi.

The Reserve Bank of India (RBI) mandates the use of two factor authentication: so, your mobile SIM is authenticated, and you need to enter your UPI PIN to authorize any transaction.