UPI is an abbreviation for Unified Payments Interface. It is a mobile platform that allows users to instantly transfer money from one bank account to another. Almost every bank has adopted this platform thus converging various banking features, seamless fund transfers and merchant payments into a single platform. The app also allows its users to collect money through ‘P2P (Peer to Peer)’ collection request, which can be scheduled and paid as per requirement and suitability.
Launched by NPCI (National Payments Corporation of India), the app’s benefits include all time availability, single platform to access different bank accounts, use of virtual ID, single click authentication and secure and quick transactions. Banks can offer the benefits of this payment system to its customers by:
- Integrating the UPI platform into the existing apps
- Developing a new UPI app
- Linking their bank with other UPI-based app
Corporation Bank UPI App
Corporation Bank has its own mobile application for banking related services but for UPI platform, the bank’s customers will have to download BHIM (Bharat Interface for Money) mobile application. It is a digital payment solutions app that was also developed by NPCI and launched by Prime Minister Narendra Modi. The app is based on UPI and thus inter-operable with other UPI applications and bank accounts. Currently BHIM is supporting over 30 Indian banks and Corporation Bank is also one of the names in the list.