Saturday 25 February 2017

Unified Payment Interface (UPI) – India side story. Arguably a Unique Payment System ever attempted anywhere in the world.

What is UPI
It is an interbank payment system in India where money can be transferred from a bank account to any other account held with any bank in the network instantaneously. Round the clock every day of the year.  upi app download facilitates both Credit Push as well as Debit Pull transactions. Never mind the Bankers’ gobbledygook.  It only means one can initiate a payment transaction and even receive a payment request on one’s mobile phone. Over 100 banks in India are expected to participate in UPI bringing in hundreds of millions of customers seamlessly into a common nationwide payment system.

How it Works
Banks can play three distinct roles in this payment system. At the heart is a role where a bank, acting as a Payment System Provider (PSP), offers a mobile application which can be downloaded and used by customers of any other participating banks. The basic but the most crucial is a role where every bank in the network has to allow its customers to link their accounts with any of the PSP banks’ mobile applications. This is called an Issuer role. Issuing bank will receive encrypted MPIN and accept debit request in the linked accounts. The third role is of a market maker where a bank acting as an Acquiring bank facilitates merchants to collect payments. A bank has to join the network as an Issuer. Roles of a bank as a PSP or an Acquirer are optional.   

Let’s assume a customer named Suresh who has an account with “MyBank”. But MyBank is only an Issuer. So Suresh downloads a mobile application provided by an ”OtherBank”. Once Suresh links his MyBank account on the OtherBank mobile app, he creates a handle for himself. If Suresh is lucky he can call his handle Suresh@OtherBank. Now using this handle Suresh@MyBank can send, receive and even collect money to & from AnyCustomer@AnyBank. Voila. Now you have hundreds of millions of customers making payments to each other. They can be customers sending money orders to other customers or making payments to merchants. They can even be merchants making or receiving payments to other merchants.

Pardon the Spiel
If you are not a banker and have still survived the first three paras then let me not further test  your patience.  I hope you will pardon the spiel. But I had to narrate the plot before I could begin to tell the story.

But we have Cards
A lot of people have brushed off UPI saying, there are already cards! Why on Earth do you need a UPI or whatever”?.  One needs to scratch the surface just a bit to look for an answer. It is easy but not obvious. Take a look at the cards in India.  The latest data from RBI shows that there are 24 million Credit Cards and 660 million Debit Cards for a population of 1.3 billion in India.  Of these, Credit Cards clock in 2.7 merchant payments per credit card per month and Debit Cards chip in with 1.8 merchant payments per debit card per year. This is not a proof reading error. But this data means a) there aren’t enough Credit Cards and b) not enough customers are making payments to the merchants using their Debit Cards. Contrast this with almost a billion mobile phones.
I have seen in almost all developed countries Mobile Payments equal payments made by the linked cards. So you have mobile phones where credit card information is stored to make payments using Near Frequency Communication (NFC) or a Quick Response (QR) code. But when you don’t have enough cards or enough people who use cards to pay, this ain’t no good in India.  

And we have Mobile Wallets too
Now I am going to stick my neck out and say Wallets is a different story altogether. They are hep, they are trendy, they are cool too. They are also a great way to promote brand for a Merchant. But there are too many of them. Spare a thought for the customer. What does she do if every high street store and every e commerce merchant offers a mobile Wallet each?  And Wallets tend to work in silos. Rare are the chances that a customer can use balance in the wallet issued by Merchant A to shop at the Merchant B.  Wallets don’t earn you interest on the balances either.

What guarantee, UPI will work?
Nope. I can’t offer one. But as they say, the proof of the pudding is in eating. The banks and their customers are about to start eating theirs, here in India. For starters it is safe. The unique ID or finger print of the mobile handset and the handle chosen by a customer together form a strong factor of authentication.  Besides, every transaction is authorised by the customer using an MPIN. This eliminates the apprehension of the customers in India of card data getting stolen or the card getting cloned. Second, customers can pay in real time with just a click and an MPIN whether they are paying to a friend a thousand miles away or shopping at a high street store. This is because upi app download will allow them to make payments remotely from anywhere or even over the counter. Third, customers won’t need to take money out from their bank accounts to keep lying idle in multiple wallets. Fourth, all they need is a smart phone and a bank account. In a nutshell the ingredients are right and the recipe is perfect. Chances are so will be the Pudding.

Source:[https://goo.gl/G05iBV]

Friday 17 February 2017

Unified Payments Interface app download

United Payment Interface app:-
Payments in cash is now difficult due to the effect of demonization,hence is is better to go for other means of payments especially like digital payments.Same as  internet banking  and mobile banking ,UPI I.e. united Payment Interface can be used to make instant payments to others.UPI is considered to be the further step for digitalization in India ,It is expected to incease the amount of electronic payments in India.

UPI digital app India :-
Almost all the popular banks in India  designed United Payments Interface app I.e UPI for their customers. Download Upi App is very simple to use,Just download the app,register your details and get virtual ID.The obtained virtual ID can be used for making payments.UPI app in India can also be used for sending or receiving money.Foormer RBI governor Raghuram Rajan announced this special app in April 2016 ,but due to present consequences regarding cash this app is gaining more pololarity because by using this app transfers and payments can be made without cash.

Unified Payments Interface App download :-
Customers can download United Payments Interface app of their respective banks from Google play or from the bank website itself. Download Upi App is free to download,No charges will be levied upon using the services of this app.

Download Upi App Android:-

No need to provide account number,ifsc code for others while transfers or payments when you use UPI app,all you need to do is to furnsih your virtual ID that can be generated with UPI app.To create virtual ID on your name ,you need to download the respective bank app from play store  ,install it on phone and set app login.After this generate virtual ID and enter your bank account details. Set M PIN after adding your account details.Now your UPI app account will be activated and you are good to go for Payments or transfers.1 lakh is the limit of transaction with this UPI app.


Source: http://bit.ly/2kqvGA4

Monday 6 February 2017

Best UPI Apps in India for Digital Payments

UPI apps have changed the way of making payments. Though slowly but they are replacing all other payment options including cash. Google play store is flooded with a lot of UPI apps. Some of them are good and some are bad. In this post, I have included the top 7 best UPI apps among all UPI apps. I have personally used and tested all these apps to make the list worthwhile. Keep in mind that you can use any of the UPI apps available in the play store. For example, if you have a bank account in Axis, you add this account to Axis Pay or any other UPI app. UPI apps are bank independent so you don’t need to worry about it.

Axis Pay:-
Axis Bank’s Axis Pay is a great UPI app. It has the cleanest interface among all the UPI apps. Developers have placed only two options on its home screen. One for sending money and another for requesting money. All other options are placed in the side panel which can be accessed by swiping from the left. It made the app slightly tougher to use than other UPI apps. You have to swipe the side panel every time you want to use a service other than send and request.

Axis Pay app is secured by an app 6 digit app password. The user experience is good as the app is fast enough to provide you seamless transaction experience. However, the app has more steps than most of the other UPI apps while sending money. You must need to add an account as a contact within the app before sending money.

Moreover, Axis Pay app does not give you the option to generate a QR code. It also does not have the option to pay using QR code.

These were the best UPI apps for digital payments. These best UPI apps can help you to contribute to the government’s Digital India campaign. Install one of these best UPI apps and forget about cash payments. All these UPI apps are great in terms of features and security. You can choose one that suits your needs most.

Source:[https://goo.gl/n8tIF2]

Thursday 2 February 2017

A tool for seamless, instant payment

UPI helps users transfer money securely & safely. Axis Pay is a Unified Payment Interface (UPI) which helps users transfer money via VPA.

Friday 27 January 2017

A simple guide to start with UPI App


UPI APP helps users transfer money securely & safely. Axis Pay is a Unified Payment Interface (UPI) which helps users transfer money via VPA.

Monday 23 January 2017

What is Upi (Unified Payment Interface)

What is UPI

Unified payment Interface Banking i.e. UPI Banking. UPI is Unique new and advance way of Payments services that has been developed by NPCI and RBI on IMPS platform. it simplify the process of online transaction and powers multiple bank accounts into a single mobile application. it will make peer to peer transactions super easy. Consumers can transfer  money instantly as it is based on IMPS platform having upper limit fixed on Rs. 1.00 lac. Transaction through UPI doesn’t require bank account number, IFSC Code of beneficiary it just require MMID which is unique for each account means suppose any customer is having several bank account in various banks then there will be different MMID for each bank account or either you have to create virtual payment address through which you can either send or receive payments instantly.


What is UPI.
UPI is actually a revolutionary movement towards making our country completely cashless and it also supports USSD means it can also work on GSM network. Anyone having a basic phone with NO Internet connections can also use UPI platform with help of USSD and can also perform Immediate money transfer through mobile device round the clock 24*7 and 365 days.
With help of USSD one can check account balance,mini transactions and can also perform transactions as stated above.

Below are the direct codes for banks:
* 99* 41#-State Bank of India
* 99* 42#- Punjab National Bank
* 99* 43#-HDFC Bank
* 99* 44#-ICICI Bank
* 99* 45#-AXIS Bank
* 99* 46#-Canara Bank
* 99* 47#- Bank Of India
* 99* 48#-Bank of Baroda
* 99* 49#-IDBI Bank
* 99* 50#-Union Bank of India
* 99* 51#-Central Bank of India
* 99* 52#-India Overseas Bank
* 99* 53#-Oriental Bank of Commerce
* 99* 54#-Allahabad Bank
* 99* 55#-Syndicate Bank
* 99* 56#-UCO Bank
* 99* 57#-Corporation Bank
* 99* 58#- Indian Bank
* 99* 59#-Andhra Bank
* 99* 60#- State Bank Of Hyderabad
* 99* 61#- Bank of Maharashtra
* 99* 62#- State Bank of Patiala
* 99* 63#- United Bank of India
* 99* 64#-Vijaya Bank
* 99* 65#-Dena Bank
* 99* 66#-Yes Bank
* 99* 67#-State Bank of Travancore
* 99* 68#-Kotak Mahindra Bank
* 99* 69#-IndusInd Bank
* 99* 70#- State Bank of Bikaner and Jaipur
* 99* 71#- Punjab and Sind Bank
* 99* 72#-Federal Bank
* 99* 73#-State Bank of Mysore
* 99* 74#-South Indian Bank
* 99* 75#-Karur Vysya Bank
* 99* 76#-Karnataka Bank
* 99* 77#-Tamilnad Mercantile Bank
* 99* 78#-DCB Bank
* 99* 79#- Ratnakar Bank
* 99* 80#-Nainital Bank
* 99* 81#-Janata Sahakari Bank
* 99* 82#-Mehsana Urban Co-Operative Bank
* 99* 83#-NKGSB Bank
* 99* 84#-Saraswat Bank
* 99* 85#-Apna Sahakari Bank
* 99* 86#-Bhartiya Mahila Bank
* 99* 87#- Abhyudaya Co-Operative Bank
* 99* 88#-Punjab & Maharashtra Co-operative Bank
* 99* 89#-Hasti Co-Operative Bank
* 99* 90#- Gujarat State Co-Operative Bank
* 99* 91#- Kalupur Commercial Co-Operative Bank.
Also, u can dial * 99* 99# to know your Aadhaar linking and Over Draft Status.

Source: [https://goo.gl/A3IV0s]