AXIS UPI

Expanded as Unified Payment interface, UPI is the payments platform of the modern day. Have you always been riddled with the way that usual NEFT and RTGS works? Did it seem too cumbersome and difficult to transact using these payment methods? UPI is the perfect answer to your situation and presents a unique solution that requires a very small amount of formalities and takes even lesser time.

Using and transacting through UPI is a child’s play. One of the best features of UPI is that it can be run through any mobile banking application, and is not constrained by a given application or platform. This feature significantly expands the scope of using the feature of UPI. Let us say that you wish to make use of Axis UPI. For this, you would have to follow these steps to make use of the UPI feature:

• Head over to the Google play store or apple store and download Axis Pay UPI app.
• Make a selection of your preferred bank account, which could be an account in which you hold funds.
• Once the application has been installed, you would be asked to create a unique Virtual payment address or a UPI identity. Creation of this ID is absolutely necessary as it works as the door to allow making payments and receive funds.
• After this, you will be asked to verify your account and set a unique PIN, which will act as a two step verification while exchanging funds.
• Once the application is all set, you can make use of your UPI ID and the payee’s ID to enter a valid amount and send money by entering your unique PIN. The same is the procedure for accepting payments from a payer.

Axis UPI is a much convenient method to transact using a virtual payment address and a UPI and exchange funds in one simple click.

As a new technology is brought out, one is always sceptical about the use of that technology and its benefits, for it is not very well known or understood. However, in a very short span of time, Axis UPI has earned a great deal of lauds from users all across India. The ensuing appreciation for UPI feature has been received owing to its ease of use and convenience to the general public, which is nothing like anything we have seen or used until now. UPI introduces a very systematic and secure manner of transacting with another party, even if they are a complete stranger to you. Moreover, UPI can also be used to make payments to merchants, whenever you go out to shop or watch a movie or eat at a restaurant. The feature which makes UPI so secure and reliable is the virtual payment address, which is used to culminate a transaction. This virtual payment address is the identity that only we are aware of, as it uses our bank account number, and other personal details. However, we need not share this entire list of personal details with an outsider. The job of fund exchange can be easily completed, simply by exchanging the virtual payment address, without the need to do anything further. Thus, UPI overcomes one of the largest drawbacks of a general online and digital payment method, which puts a person and his personal details at great risk of theft and fraud.

Although, even digital payment methods like NEFT and RTGS are treated as safe means to exchange funds, we never know when the other party, with whom we are dealing, turns out to be a fraud and dupes us in a way that we might not be even aware of. In any case, leaving personal and banking information with an unknown party, is never considered to be safe in these times when hacking and frauds are at their peak.

Thus, a feature and system like UPI, proves to be a major advantage over such payment methods and allows people to transact without any fear and worry. Another feature that makes UPI very reliable is that it is available through major banking applications, such as in the case of Axis UPI. Since UPI has a collaboration with banks, the general trust and reliance of a transacting party over the system is supported and enhanced. Also, if one encounters any issue with his transaction at any stage or faces any glitch, which is very rare, one can always get in touch with their bank, where they would receive great help and support from the banking officials. The money can be easily traced and tracked from time to time, a payer can receive intimation about the status of his payments.

UPI has greatly enhanced and supported the Indian economy, in a time, when the economy was greatly in need of a system that could handle the pressure of demonetisation and the digital India drive. An economy which would have collapsed entirely without an appropriate system of digital payments, India survived the face of such crucial times, only because of the succeeding system of UPI and other digital payment methods. There is indeed a great potential for the growth and sustenance of such payment methods.