Over the last decade, the banking industry has shown tremendous growth in terms of technology. As a result of the recent demonetisation and digital India drive, it had also become the need of the hour. The Unified Payment Interface (UPI), developed by NPCI and regulated by the RBI, came to revolutionize the way we transfer funds in India. UPI app download can be done in both android and iOS devices.
One of the major features that make UPI different from other modes of transactions is that it does not require any personal information to be shared with a third party. Transactions can be completed just by entering the beneficiary’s mobile number, Aadhaar Number or Virtual Payment Address (VPA). This feature of UPI is a significant improvement over methods such as NEFT and RTGS, where chances of fraud are higher. Moreover, online payment methods like NEFT and RTGS require an addition of payee before funds can be transferred to their account. However, with UPI App download, one need not worry about adding a payee and waiting for approval of their addition, before transferring funds to their account.
Is UPI a reliable and safe method?
Online and digital media have lent enough instances to the general public to believe that a fraud can be committed quite easily when it comes to online transactions and money. However, this fact has been kept in mind while designing the entire interface of UPI applications. It aims to omit the use of any crucial information entirely, thus reducing the instance of online frauds and thefts. As for the general public, if they really want to keep up with the idea of cashless and digital transactions, then UPI is the safest way to do that. Not only is the application safe and secure to use, but the simple fact that it has various authentication steps also makes the application out of bounds for any prospective fraudster.
Where can you download the UPI App?
UPI has been included as an integral part of most banking applications. Now when you operate your respective bank’s mobile application, you will be able to come across a separate UPI section. Using this feature on your mobile banking application, you can access the unique features of UPI. Banks have also launched separate UPI apps such as BHIM SBI Pay for SBI and BHIM United UPI Pay for United Bank of India. Each bank has its own UPI app download and registration feature.
UPI App Download Complete Process
By following a simple procedure, one can install a mobile application on his smartphone that will make it possible for him to access the unique features of UPI and related activities. Take a comprehensive look at these steps for UPI app download:
- Use the Google Play Store or App Store (for iPhone) on your preferred smartphone to download a banking application. Else, you can also download the dedicated BHIM application to access the features of UPI.
- Once downloaded, install the application and complete the necessary formalities of account setup.
- With this application, not only would you be able to access various features of your bank account but will also be able to make use of UPI feature.
- In order to access UPI feature, you will be asked to provide a mobile number associated with your bank account and create a Virtual Payment Address (VPA).
- Complete the process of linking VPA with your bank account.
- You are all set to make use of the UPI feature on your smartphone after the successful UPI app download.
Key Points Related to UPI
As already discussed, UPI is a simple interface that allows the exchange of funds between two parties, without exchanging any vital information, except their virtual payment address.
Now, many are concerned about the working of a virtual payment address. It is necessary to create one if you wish to make use of UPI feature on your smartphone. It could be any word of your choice but needs to be linked to your respective bank account. The VPA is like the financial address to your bank account and is unique. The main benefit of using a VPA is to use it in place of a list of your bank details so that no one can misuse it. Thus, it gains a lot more security and safety than other modes of online transactions.
Features of UPI Apps
Any new application that comes in the market is rated and further reviewed only if it meets the expectations of the users. Since UPI is a new feature in the market and also very integrated with other banking operations, it has received an overall positive response from users all over the country. Some of the key features of the application that set it apart are as follows:
- Instant Exchange of Funds: Exchanging funds between two parties was never simpler. All you need is a virtual payment address and you are good to go. There is no need for bank details for money transfer as is in the case of NEFT or RTGS. This makes UPI an efficient app for transacting easily and conveniently.
- Make Payments to Merchants: The use of UPI application is not restricted to exchange of funds between two individuals or entities alone. The feature can also be used to make merchant payments all over the country. Examples of such payments include movies, restaurants, parlours, eating joints, cafes and more. One could even shop online with the use of UPI feature on their smart phone. It can be rightly said that UPI makes your smart phone, even more smarter.
- Entirely Safe and Secure: No other mode of payment is designed with so many layers of security as UPI feature. A two-step authentication process takes care of login and use of the application. This means that even if your smart phone is being used by someone else, they cannot gain access to your banking application, unless they know your secure code.
- 24*7 Availability: The feature of UPI is available on a 24*7 basis. Thus, you can transact using your smart phone at any hour of the day and even on a holiday. Now, your scope of transactions is not limited to a bank holiday or a public holiday anymore.
- Can be Downloaded Easily: The best part about UPI feature is that it is easily available with other banking applications, which eases the need for UPI app download of multiple applications. If not, one can also make use of BHIM, the dedicated application for digital transactions in a sweep.
How to make use of UPI functionality on your application?
After you decide to go ahead with UPI App download, you will be able to create a virtual payment address instantly and that is the only thing you need to conduct a transaction. You can start transferring and receiving money instantly as soon as your virtual payment address is set up. It is an advanced form of payment mechanisms that the Indian economy has seen in a long time.
Why should you use UPI based applications?
UPI application is the best digital advancement that the banking industry has been gifted with. There was a time when sending and receiving money used to be a troublesome task. People had to withdraw cash and then transfer by visiting a branch and standing in long queues. Not to mention, the possibility of theft of that money was quite high. Now, with the introduction of paperless and digital modes of transaction, it has become possible for people to send funds across to their near and dear ones, or to someone who is in need.
Also, another factor that adds to the benefits of UPI is that money transfer takes place instantly. There is no need for someone to stand in long queues outside banks or ATMs to withdraw cash or make a deposit in someone’s account. The entire process has been automated and significantly shortened, to ensure that money transfer can happen almost instantly. Also, dedicated help centres and helpline cells have been set up by banks to provide a facility, where people can ask any doubts related to UPI applications or their functioning. If one faces any problem regarding the app or wishes to inquire something related to the app, they can do so at such helpline spots for easy redressal of their issues.
Unlike old times, when you could not hold anyone accountable for theft or loss of money, it is quite possible now to seek confirmations and enquiries from banks, regarding the payment process. At each step, a dedicated help service can be used to know exactly where your money is and how long it would take for it to reach an account. Not only this, the entire confirmation process has been taken up online, meaning that you can solve all your doubts and queries right from the comfort of your home.