The UPI App (Unified Payment Interface) developed by 'National Payment Corporation of India' has been launched for 21 banks in India. At the start of the launch it has become immensely popular at all levels. With this app one can transfer money to another person's account without any need of the account number.
With its launch on 25th Aug 2016(Thursday) more than 10,000 downloads have taken place and more than 4000 transactions carried out. The App was designed by 'National Payments Corpn of India' under the supervision of Reserve Bank of India(RBI).
21 national and private banks have made ready their app under the guidance of RBI. Banks have started to upload their individual unique app to 'Google Play Store' from the evening of 25th Aug. Till now, 15 banks have already uploaded their app. The remaining will do so within a day or two.
Banks have informed that 4552 transactions have taken place with its launch and the average amount of each transaction is Rs.580/. UPI provides a single interface for payment transaction across all systems unlike NEFT or IMPS where knowing account number of the payee is a must. One must register his/her mobile number to his/her account to avail of benefit of this app.
How to do it
#1) Firstly you need to download the app to your smartphone. Now, you need to register your mobile number to your account number, to get a unique 'virtual address' which is actually a payment identifier. The UPI app is powered to identify or locate a customer with this virtual address.
#2) Once the unique virtual address has been generated, you can pay your bills, transfer funds, recharge or receive payments any amount between Rs.50/ to Rs.100,000/ quickly, conveniently and most securely. The app lets you to have multiple virtual addresses for multiple bank accounts in various banks.
The transaction is completed once the customer authenticates the transaction through this app most securely.
Download The UPI App To Your Android For Various Banks :
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