Right time to switch to Unified Payments Interface (UPI)


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Make instant and secure payments from any of your linked accounts with VPA process using Axis UPI app. No need to remember your bank account number & IFSC.


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Right time to switch to Unified Payments Interface (UPI)


What is UPI? Unified Payments Interface (UPI) is a simple and effective way to transfer money between two bank accounts in India by using a smartphone. UPI is built on IMPS and allows you to transfer money between two bank accounts by using a unique identifier like an email address – usually known as VPA – Virtual Payment Address without the need to know the account number and IFSC details of beneficiary.


Why UPI? Why Now? While there are various ways to perform digital money-transfer including but not limited to NEFT, RTGS, Wallets, NFCs - UPI is built on top of IMPS (which operates 24x7) and has been adopted by majority of Banks in India. UPI simplifies money transfer by masking the need to know the destination bank account details such as account number and IFSC details. The payments can be both sender (payer) and receiver (payee) initiated and are carried out in a secure, convenient, and integrated fashion


You do not have to remember bank account details or to keep your wallets topped up. The money that remains in your account earns interest and on need basis you may transfer funds simply and securely. With the Hon. Prime Minister of India taking the right steps to reduce the use of unaccounted money kept as cash by demonetising , honest citizens may start to use Download Upi App NOW to avoid the need to use cash. Further, unlike other solutions, the money resides in the bank account and continues to earn interest.


What is Virtual Payment Address or VPA? VPA or Virtual Payment Address uniquely links the identity of account holder with his / her bank account. Typically, VPA has a format like < chosenname >@< BankName >. For example, the authors’ UPI VPA ID is digital@cnrb – digital is the chosen name and cnrb is the Canara Bank UPI VPA suffix. With VPA, there is no need for you to share private and confidential information like mobile number, bank account number and IFSC details.


What are the pre-requisite for having UPI? You need to have Smartphone with data connectivity. You must also have your mobile number registered with your bank and should be able to receive SMS from your bank on this number. Your account need to be enabled for mobile banking / SMS alerts to use UPI. How do I adopt UPI? You may Download Upi App from the play store:


Which App should I download? The beauty of UPI is that you do not have to download the app developed by your bank only. You may download any of the apps listed in the play store and see which one suits you the best. Step by Step instructions to download UPI App from Google Play Store: 1. Go to Google Play store on your mobile 2. Choose any one of the UPI App listed. Easiest way is to search for UPI in Google Play store and you are likely to see a list of app that you can download Source: http://tinyurl.com/hyfymbk

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