Following the recent demonetisation drive, the entire banking institution and financial economy of India has taken a major round trip around various new changes and alterations in the manner that things were regularly done. Having rendered all currencies in the denomination of 500 and 1000 invalid, the government gave a hard time to the common man, when it came to transacting on a day to day basis. Thus, an urgent need was felt for new technology and infrastructure that could take care of all transaction needs of the common man. While people used to desist from using online modes of payment during few months before demonetisation, there came a situation when even vegetable vendors were being paid through online payments methods such as Paytm and net banking. This situation gave a signal for an urgent need to come up with new payment methods that could simplify the erstwhile method of exchanging hard cash and ease out the formalities involved in an average online mode of payment.
The story of UPI, and upcoming online transaction method
UPI, short for Unified payment interface, was introduced recently as a quick and easy method to culminate a transaction, with least possible formalities and threats involved. UPI is an umbrella app that can be used in collaboration with any banking mobile application. To ease the way one can make use of the service, it has been launched as a mobile application, which is easy to download and install through Google play store and Apple store, for some of the leading mobile phones of the decade. UPI has been designed through every facet, keeping in mind the need of the general public and the best way to offer convenience to them. UPI uses the least possible banking details to enable two entities to make an exchange of funds. This feature of UPI greatly enhances the confidence of the people in the effectiveness of the application and increases their willingness to transact through an online mode. UPI has proved to be a major success in the context of Indian economy as it has removed some of the major hurdles that fall in the path of progress of the economy.
Indian Bank UPI App
Among the major banks to participate along with the nation, in the drive towards digitisation, is Indian bank, which has come out with a dedicated mobile application that provides most of the banking features on a smart phone, along with the service of UPI. Users of Indian Bank mobile application can now register with the bank and create their virtual payment address (VPA). Users can also link their other bank accounts using this feature as well.
How does Indian bank UPI App work?
The functioning of the Indian bank UPI App is quite easy to understand and very seamless. UPI mobile application can be used to create a pay and collect request with another individual or a merchant. The only thing that one needs to exchange, using Indian bank UPI App is their Virtual payment address, which is unique to that individual. This virtual payment address is created at the time of logging in to a bank’s mobile application and is the only thing needed to make a payment or receive funds from another party. The use of a virtual payment address, completely eliminates the need to use specific banking details such as account number, IFSC code and mobile number. During the times before UPI, many people used to refrain from using such online modes of transaction, only because of the fear of online thefts and frauds. In this way however, the details of each account remain confidential and safe with the owner. With this feature, a customer gains access to all features of a bank that he would ideally have to stand in queues for.
The specifics about Indian bank UPI App
Developed by an Indian bank finance, the Indian bank UPI App has received popular support for its application. It can be easily downloaded through Google play store or the apple store for android phones and more. The size of the application varies from one device to another. It supports android devices which run on version 4.1 and higher and has earned a favourable rating from users, ever since its launch date. The application has also received several feedback points through its applications, some of them very encouraging, while others citing tips for improvement of the application.
What are the benefits of Indian bank UPI App?
While the common man struggled for more than four weeks at a stretch, to cope up with the effect of demonetisation, efforts were made to emerge with innovative and seamless ways that could help people out of their woes. One such ray of hope was UPI, which has gained a lot of fame and prominence until now. It was hard to imagine an infrastructure that could withhold such a huge task of managing the online payment scenario in the country. However, UPI has achieved the target and not only is it being downloaded rapidly by the Indian population, it is being effectively deployed and used by the masses for overcoming the shortcomings of the demonetisation drive. UPI is the best mode of payment when it comes to transacting with a stranger. No longer do you need to worry about online fraud or theft of your crucial banking information. Setting up a UPI account is a one time step, where a customer is ideally required the details about his bank, account number, IFSC and more. However, this information is only collected to verify the details of the account holder. The actual exchange takes place with the help of a virtual payment address. No matter what time of the day you need to send or received money, it can be easily achieved with the help of Indian bank UPI App. It is completely safe, reliable, trusted and innovative.
UPI applications are a thing of tomorrow, where it might fall in the hands of the youth, to be exploited further for the best use of the general public.