AXIS Bank UPI App

As the name suggests, AXIS bank UPI App is a Unified Payment Interface, available in the form of a mobile application for Axis Bank customers, with which, they can link any bank account and make payments or receive payments using their name. The scope of this service is not limited in any sense, meaning that whether you need to make a payment to a milk vendor, store owner or even at a mall, you can use your AXIS bank UPI App to do so.

UPI is a sophisticated and replete platform for making online payments, which has been powered by NPCI. This facilitates inter operation functions between various banks. Using a single application on their smart phone, all people who hold a valid bank account, can transact for exchanging money through the app. A single identifier acts as the validating feature to allow such exchange, which is a virtual payments address, also known as a UPI ID. Thus, no information regarding bank account details need to be entered for this purpose. In a major way, AXIS bank UPI App overcomes one of the biggest drawbacks of modern online payment systems, which is the lack of information like IFSC code, address and more of the payee.

In a few simple steps, one can setup their AXIS bank UPI App ID and start transacting:

• Simply start by downloading the AXIS bank UPI App on your smart phone from Google play store or Apple store.
• Select a bank account and create a UPI ID, which shall be used as a unique identifying feature for you alone.
• Simply verify your account and set a unique PIN.
• Whenever you need to transact, ensure that the payee follows the same steps, after which your unique UPI ID can be used to exchange funds.

Needless to say, the concept of UPI is much more convenient than the usual online payment methods such as NEFT, RTGS, IMPS or online wallets such as Paytm, Freecharge, PayU, Citrus and many more. Moreover, in order to make UPI safe and secure for use, it has been programmed with a two way factor authentication. The level of security is such that a debit transaction, in order to be initiated, uses your unique UPI ID that too, installed on your device, which shall be authenticated by a MPIN on the receiver’s phone. The best part about payments through UPI is that it can be made without exchanging sensitive information such as IFSC code or address. Thus, UPI payment method can be used even between two random strangers.

For transacting through AXIS bank UPI App, no charges are levied on the customer. This is largely because UPI service is enabled through a mobile application and involves simple transfer of funds from one bank account to another, without the role of bank at any step. Thus, virtually any fee or charge that could possibly be levied by the bank, makes no sense in this process. Thus, the service can be used by individuals without any worry about extraordinary fees and charges.

A UPI ID is also referred as VPA, a virtual payment address. It is necessary to create a VPA before you can make use of UPI app and transact. It will be used to create a link, which will then be linked to your bank account. It is up to an individual, whether he wishes to keep such VPA a simple one, which would be easy to remember, or create a complex one for enhanced security. Consider a VPA as an alternative to a bank account and IFSC code, in the sense that it can be used individually to transfer funds, without the need of either.

AXIS bank UPI App can also be used to make payments on various online platforms and e commerce merchants, some of them being:

• Uber
• IRCTC
• Free charge
• Life Insurance Corporation
• PVR Cinemas
• Future Group

And many more! Most e commerce pages provide an option to make payment for purchases through UPI service as well. Thus the scope of making payments is quite large, when it comes to UPI. It proves to be very useful for those who do not carry around their bank credentials with them all the time. Suppose, you are in a need to make an immediate payment to someone and somehow, you do not have your credit card details with you or your debit card details. In such a situation, using a UPI is the best way to wiggle out of this situation. Using UPI service is absolutely safe and requires the least possible formalities to be completed before an actual transfer of funds can take place.

Ever since the demonetisation drive went on full swing in India, people have started feeling a sudden need for payment methods that do not involve cash. Gradually, payment methods such as Paytm and net banking gained momentum. However, since the government has come to realise that more convenient ways are needed to enhance digital payment mechanisms in India, the UPI method of payment was launched and has since been adopted by almost every banking institution in the country. With UPI, transacting has become simpler than ever, without the need for any bank account number, IFSC code or bank address, to be passed on between two people.