Are you eagerly waiting for SBI UPI Lanch date? Your wait is over. The SBI has partially launched the UPI. Now an SBI customer can use UPI payment system to transfer money to any account. The SBI customer can also receive payment using the virtual payment address of the UPI payment system.
The SBI UPI launch is important because ‘State bank of India’ is the largest bank of India. Most of the people have their saving account in the SBI. Moreover, People trust more to SBI than any other bank. The SBI mobile wallet Buddy is the most popular among wallets of the bank.
The adoption of UPI by the SBI is the greatest landmark for the UPI. The National payment corporation has introduced the UPI in August. Except SBI and HDFC bank, most of the banks have adopted this method of payment. However, It could not get enough pace because these two big banks were out of it. Now, UPI payment can be used by almost every bank account holder. The UPI app by the NPCI – BHIM – has made the UPI most popular. It is launched by the prime minister and it gained immediate traction.
UPI or Unified Payment Interface is a payment mechanism which works on a smartphone. It transfers money immediately to a bank account. This payment system does not require the bank account details of the payee. The virtual payment address or Aadhaar number can be used as the payment address in the UPI. This payment system can be integrated to any payment app however a bank has to support the app.
Wait of SBI UPI App
The SBI has not launched its own UPI-based app yet. I assume that the SBI would integrate the UPI system in its existing SBI Anywhere or SBI buddy app. The function of SBI UPI app would be similar to the ICICI UPI APP or HDFC UPI app.
However, the SBI account holder don’t need to wait for SBI UPI app. They can start using UPI through the UPI-based app of any of the bank. Be it Axis Pay, Pockets, Mobikwik, PNB UPI or Union Bank UPI.
Since SBI has not integrated UPI into its own apps, It has not officially announced about the UPI adoption. Thus, soon you can expect an official launch of UPI-based SBI app. However, SBI has integrated its system with the UPI. The UPI advisor Nandan Nilekani has even congratulated the UPI.
— Nandan Nilekani (@NandanNilekani) November 20, 2016
How Can An SBI Customer Use UPI
You have to follow these steps to link you SBI account with a UPI app. Keep SBI debit card before proceeding.
- Take the smartphone which has the phone number linked to SBI bank account.
- Download the UPI app. There are many. I liked the interface of Axispay.
- Register the UPI app, The app will ask you to set an Access PIN.
- Add your SBI account in the App. You don’t need to give account number for this. Rather, UPI app would send an SMS from your phone to UPI system. Subsequently, the UPI system would know about the mobile number. This number would be used by the UPI system to find out your account number. You would either get a list of all the bank account linked to that number or you can choose the bank from the drop down.
- Choose the SBI among given list of the bank.
- Further, you have to authenticate the SBI Bank account. The authentication process requires your debit card details.
- Once, you authenticate the account, you have to create the virtual payment address. Some UPI apps may ask to create VPA before the authentication. But a VPA would be registered only after you link the bank account.
- The VPA of the app would have the suffix of given App not of the SBI. Don’t worry it doesn’t matter.
Now, you can pay money to anyone using the UPI app. The money would be deducted from the SBI account. You can also get money only by giving the Virtual Payment address. The money would come to your SBI account. You can also use the same UPI app to collect money.
The SBI UPI app or any other UPI app are the game changer of money transfers. These UPI apps have many benefits over NEFT, IMPS and RTGS. It is even better than popular app Paytm. Moreover, the UPI 2.0 has more advanced features than the existing UPI apps.