Unified Payments Interface (UPI) is an instant payment system on the mobile platform that allows people to instantly send or receive money from one bank account to another. It was launched by the National Payments Corporation of India (NPCI) and is regulated by the Reserve Bank of India (RBI). UPI is built on the Immediate Payment Service (IMPS) framework. For transferring the money, the payment system uses one-time virtual ID, Aadhaar number, account number with IFS code, virtual payment address or mobile number with MMID (Mobile Money Identifier). Also, to confirm each payment, an MPIN (Mobile banking Personal Identification Number) is required.
Advantages of Union Bank UPI
UPI offers various benefits to its users. Some of them are listed as follows:
- Real-time Disbursement of Money
People who require instant transfer from one account to another must use UPI as it offers quick disbursement of money.
- Do Not Require Account Details
The UPI users are not required to remember and share the account details every time to make transactions.
- Collect Funds
If you don’t have enough money in any of your bank account, you may request it from your known contacts through UPI.
- Send Money Using Single Detail
The UPI allows users to instantly transfer money even if they know any one of the details (virtual ID, account number or Aadhaar number) of the entity to whom the money is to be transferred.
- Multiple Bank Accounts in Single Application
Another advantage that the UPI users get is that they can add more than one bank account details in a single application, which makes managing multiple bank accounts easy.
Availability of Union Bank UPI
Like most other government-initiated applications, the Union Bank UPI mobile application is also available only for Android devices. The iPhone users cannot download this application on their devices as it is only available at Google Play Store and not at the iPhone’s App Store.
Steps to Register at the Union Bank UPI App
Step 1: Create a Profile
- Open the Google Play Store on your Android devices.
- Search for “Union Bank UPI”.
- Download the application from the first link that appears in the search results.
- Before the download starts, you might be asked to select a sim (if you have a dual-sim phone). In such a case, select the sim whose number is registered with your bank.
- After downloading, you’ll receive a message to verify the number.
- Once the verification is successful, you can create your profile as directed.
Step 2: Add Bank Account Details
- In the app, go to the “Add Account” option.
- From the list of banks, select the bank with which you have an account.
- If the mobile number registered with the UPI mobile app and the selected bank is same, then you will be able to view all your account(s) that are with the bank.
- Select the account, which you want to link with the UPI app.
- Create Virtual ID for the account, which later, you can share with others to get money.
Step 3: Set PIN for the Bank Account(s)
Once your bank account is linked with the mobile application, you also need to set PIN for the selected account. To do so:
- In the app, go to the “Set MPIN” option.
- Select the account for which you want to set the PIN.
- Enter the OTP (one-time password), which you will get on your mobile number.
- Set the PIN and confirm it.
- Enter the expiry date and the last six digits of the debit card linked with the account.
- Once the verification is successful, you will receive a “PIN Created successfully” message on your application and device.
Steps to Send and Collect Money
- To Send Money
- In the app, go to the “Pay” option.
- Select the account from which you want to send money.
- If you have the fund receiver’s virtual ID, select the “Virtual Address” option else select the “Payee address type” option.
- Enter the beneficiary’s virtual address.
- Enter the amount that is needs to be transferred.
- If you want to register the beneficiary, do so by selecting the “participant” option.
- Enter the PIN number and submit and verify the details.
- Check the transaction status from the “Txn Status” menu.
- To Collect Money
- In the app, go to the “Collect” option.
- Select the account in which you want the money to be deposited.
- Enter the virtual address of the person from whom you want to request money.
- Submit and verify the entered details.
- Check the transaction status from the “Txn Status” menu.
- Once your transaction is approved, you’ll receive a notification or SMS from the bank.
Commonly Asked Questions about Union Bank UPI App
- What is UPI?
UPI (Unified Payments Interface) is an instant payment system, which is developed by the National Payments Corporation of India (NPCI). Built over the IMPS framework, the payment system allows its users to quickly transfer money from one bank account to the other.
- Does UPI works like IMPS/NEFT/RTGS?
The UPI app works somewhat like IMPS/NEFT/RTGS. However, as compared to these three platforms, the UPI is more well-defined and consistent across banks, which implies that the UPI users can easily transfer and collect money from one bank account to another from anywhere in just a few clicks.
- How fast can I send or receive money over the UPI App?
The UPI is built on the IMPS platform, which provides the app an instant fund transfer system. Therefore, the users can instantly receive or send money on the Union Bank UPI app.
- Are there charges involved to use the UPI App?
No. There are no charges involved to use the UPI app.
- Can I use UPI app out of India?
Currently, the UPI app is only available in India. Only those people who have Indian mobile numbers can use this application on their mobile devices.
- What do I require to use the UPI app?
To use the UPI app, all you require is a smartphone with internet connection and a bank account linked to a mobile number on which you’ll install the app.
- Which platforms are compatible with UPI app?
The UPI mobile app is compatible with all Android phones that have Android 4.0 or above operating systems. Currently, the app is not available for the iOS and Windows phones users, however, will be available in future.
- What is a Virtual ID?
Virtual ID is a unique ID generated for your account. Virtual ID is important and mandatory to generate as with its use, the users can easily send and receive money from one bank account to another.
- Can I create multiple Virtual IDs for the same account?
Yes, you can create multiple virtual ids for same account.
- I had deleted a Virtual ID. Can I reuse it?
No. The virtual ID once deleted cannot be used again.
- What is a “Time- or Amount-bound limit” in the Virtual Address Creation?
The “Time- or Amount-bound limit” option in the Virtual Address Creation is for the users who wish to use Virtual ID to receive money of a specific limit and for a limited period.
- Can I transfer money without adding the beneficiary?
If you have the beneficiary’s Virtual ID or account number and the IFSC, only then you can transfer money without adding the beneficiary. Otherwise, you will have to add the beneficiary in the beneficiary list.
- To set PIN, is it necessary to have a debit card?
Yes. To set the PIN on your UPI app, it is necessary for the users to have a debit card.
- Can I link other bank accounts with the UPI app?
Yes. In the UPI app, the users can add their other bank accounts and set PIN for them. However, they must have the debit card for each account they want to add in the app.
- For transactions, is it necessary to set PIN for all accounts that are linked with the UPI app?
Yes. Whether you want to send or collect money, you’ll require PIN for every transaction. Therefore, you will be required to set PIN for every account that is linked with the UPI app.