Finally, SBI has come with its own UPI app. The name of SBI UPI app is the ‘SBI Pay’. Surprisingly, SBI has avoided the word UPI in this app. However, the SBI Pay is specially designed for the UPI payments system. The SBI should have incorporated the word UPI with this app as people were eagerly waiting for SBI UPI app. Even after the launch, it is dificult to find the SBI UPI app because description or title don’t have the term UPI.
UPI is the short form of the Unified payment interface. It is smartphone-based money transfer system which can be integrated on any banking app. Almost every big bank has adopted this payment system. The UPI facilitates instant money transfer through the mobile app without using the bank account details. There are many more advantages of UPI. Because of the UPI, you can link bank account of a bank to the UPI app of another bank.
Recommended : SBI customer Can Use UPI apps of Other Banks
SBI UPI App – SBI Pay
The SBI has been the last bank to adopt the UPI. UPI was launched in August with 23 banks. But SBI, BOB and HDFC bank did not join it at that time. However, now every big bank has adopted the UPI. Some days back HDFC bank has also integrated the UPI in the HDFC mobile banking app.
To get the SBI Pay you can search “SBI pay” in quotes within the google playstore. You can also use direct link of SBI Pay. There would be many apps but head to the exact ‘SBI Pay’. It is a new app, therefore lists somewhere down. Download the ‘SBI Pay’ and install in your smartphone. Note, the non-SBI account holder can also use the SBI UPI app. However, you must have a bank account to use the UPI apps.
Recently UPI has also launched the system for iOS based UPI apps. Soon you would also see upi apps for iPhone.
UPI on Other SBI Apps
The SBI can also integrate the UPI functionality in its other apps. But at the time of writing this post, I could not find UPI system in any other SBI apps. However, soon we can expect UPI in SBI Anywhere and SBI Buddy. SBI buddy is the mobile wallet from the SBI. Account holders of any bank can use the Buddy.
With the launch of SBI UPI app, you would be able to create VPA with the suffix ‘@SBI’.
SBI Pay App Registration
The SBI UPI app needs your mobile number for the registration. To get it and authenticate it would ask the permission for send an SMS from your number. Thus you must have enough balance to send the SMS. Also, you should choose the SIM/number which is register with the bank account. Give permission of sending SMS and making a call.
The SBI pay would capture your number and ask it to verify. Click ‘Yes’.
Now you have to fill details for the VPA registration. It starts with the setting desired virtual payment address. You can choose the VPA of your choice subject to availability. To create a VPA, you have to click on add a bank account. In the next step, you are asked to choose a VPA. The VPA has two parts like an Email ID for example Kishore@SBI, 95678490@SBI. The suffix would be fixed word i. e. @SBI, while you can choose the Prefix. The prefix can be your name, phone number or anything you want. It is similar to the choosing email ID. The early registrant would certainly get good VPA.
Give your name, email address, security question-answer and choose the bank which has your account. Click on the checkbox of terms and condition. Submit the form.
In the next page, you would be shown the last few digits of your account number. Be assured and click on ‘Register’ With this your registration of VPA is successful. Virtual payment address is used in place of bank account and IFSC to get the money.
- To make a payment you require a MPIN. You have to set the MPIN by giving your debit card details.
- Go to the account management page, and select the desired account, if there is many. Click on Set MPIN.
- Give the last 6 digits of your debit card and expiry date.
- You would get an OTP to your registered mobile number. Enter this OTP into the given box.
- Input your desired MPIN. With this, you set the MPIN for an account.
How To Transfer Money Using SBI UPI APP
Transferring money through the SBI UPI App is as easy as sending an SMS. Follow these steps.
- Open the UPI-based app SBI Pay by entering 6 digit password. This is the same password which you have set at the time of SBI pay registration.
- Go to the ‘Pay’ section
- Select an account from the drop-down list. There can be many accounts if you have added more than one account.
- Select the payee address type. It can be a VPA or bank account number. If you choose the bank account, you must have the bank account number and IFSC code
- Input the VPA of a payee. It will take the payee name automatically. This also verifies the VPA.
- Enter remarks and payment amount. Click on the ‘Pay’
- In the next page, you have to enter the MPIN. Submit the MPIN.
- It is over, you have transferred the money.
It is very easy to send money through the UPI-based apps. The process is similar to all the UPI apps.
How To Collect Money using SBI Pay App
You can also ask money from anyone using the UPI app. It is a unique feature among many other benefits of UPI. To ask or collect money through the SBI Pay, you have to follow these steps.
- Login into the SBI UPI app
- Go to the ‘Collect’ section
- Enter the VPA of the person to whom you want money. The system will automatically take the name. Enter the remarks and amount.
- You can also choose the expiry days or expiry minutes if required.
- Click on ‘Initiate request’. You would get a confirmation of the collect request.
How To Pay For Online Shopping
You can also pay for online shopping using the UPI app. At the time of the payment, you would have the option to choose the payment through the UPI. For such a transaction, you have to give only your VPA.
The online shopping site would ask for money through the ‘Receive money’ facility of UPI. You can approve such payment after getting the product. It will also work as the Cash on delivery.
The Flipkart, Myntra and Jabong are working over this. Within a few days you can see this payment option.
So, With the launch of SBI UPI app you can pay money to almost every bank account of India. It has made the money transfer very easy. However, I must say that SBI Pay is not the best UPI app. So, you can use the UPI apps of other banks.
The SBI is heavily promoting its SBI Pay app. Like Tez, Paytm and BHIM, SBI is also giving cashback. These cashbacks are mostly for the first time users. There are many offers for prepaid and postpaid payments along with the Food Delivery and Bill Payments. It would be good to learn about the cashback offers of the SBI Pay.
The SBI Pay app is a simple app, but if you want the simplest app, you can try the BHIM app. It is the simplest UPI app. BHIM has some good qualities, however, SBI pay scores on some fronts. You can also read a comparison between BHIM and SBI Pay. There are other top UPI apps as well. You can also try them.