UPI from the NPCI is the new way of money transfer. It is going to change we transact currently. Don’t hesitate. The RBI backs this initiative of National Payment corporation. You should start using UPI as soon as possible. You would enjoy it. Do you have some apprehension or questions? Please read this FAQ.
What is this UPI from NPCI?
UPI stands for Unified Payment Interface. It is payment system made by the NPCI and backed by the RBI. The UPI is used in a mobile app. This payment system sends and receives money without disclosing the bank account number. You can also use the UPI to pay merchants. UPI is an easy, secure and cost-effective alternative of all the card transactions.
Recommended: What is UPI Payment System
What is the Benefit of UPI over Other Payment Methods
- UPI is an immediate fund transfer service. It is always available, 24 hours in a day and 365 days in a year. UPI works on IMPS platform.
- The payment through the UPI is simplest.
- You can pay the money with virtual payment address. You don’t need the bank account number of the beneficiary.
- No Pre-registration is required for the beneficiary.
How can I Avail the facility of UPI App
Any bank account holder can use the UPI app given his mobile number is linked to the bank account. There are many UPI app available, you can download any of them to use the facilities of UPI.
ICICI Bank has integrated the UPI into its existing app iMobile and Pockets.
How Can I download the UPI App
You can download the UPI app through the Google Playstore. Till date, only android phone users can use the UPI app. In future, you can also download the UPI app for the iOs and windows.
Requirements To Use the UPI App (Backed By RBI)
You must fulfill these condition to use the UPI app
- You should have a bank account.
- A mobile number should be registered with the bank account.
- You should have the mobile number. The app can work only on the registered mobile number.
- Smart Phone with active internet connection.
What is Virtual Payment Address (VPA)?
The VPA is a substitute of the bank account details. Because of the VPA, you are not required to tell the bank account and IFSC code to get money from anyone. You can choose your own VPA like a username for the Email.
How VPA work in place of bank account details?
Every VPA is mapped to the bank account at the time of creation. So, we can say that VPA is linked to the bank accounts. This mapping is done by the NPCI (National Payment Corporation of India). When the money is sent to a VPA it actually goes to the mapped bank account.
Can I use more than one VPA?
Yes you can have as much VPA as much you want, provided you can remember them. You can also change the VPA or delete it.
Can I use one VPA for multiple bank account?
Yes, you can link many bank accounts to one VPA. However, you must select a default account so that whenever someone transfers funds to your VPA, the money goes to the correct account.
Also, only those bank account can be linked to the same VPA which has the same registered mobile number.
Can I transfer without adding any beneficiary?
Yes, you can transfer money using Virtual Payment Address or Account number and IFSC without adding the beneficiary.
Can I use UPI App outside India?
The UPI app is only available in India, for Indian mobile numbers at this time. The RBI has not give permission for foreign countries.
How can I transfer money using a VPA?
Transferring money using VPA is very easy. You have to follow these steps
- Login into the UPI app
- Go to fund transfer
- Choose the UPI method for the transfer
- Give the VPA of beneficiary
- Enter the amount, and remarks
- Confirm the details and send the money
Also Read : How to send money using UPI app iMobile of ICICI Bank
Do I need UPI app to get money through UPI App
No, you don’t need UPI app to receive money through the UPI app. While transferring money through the UPI app you would have the option to send money to a bank account instead of VPA. Give the details of bank account and IFSC to receive money without the UPI app.
Is debit card mandatory to Use the UPI app?
Yes, it is mandatory for the authentication. At the time of app registration, you are authenticated through Debit card details and ATM PIN.
Is there any limit on Transaction?
Yes, you can’t transfer more than Rs 1 lac through the UPI app. This limit is for per transaction. However, there can be a per day limit as well. Till now It is not clearly mentioned.
I have deleted the VPA, can I reuse it?
No, once deleted, you can’t use the same VPA.
What are the charges for using UPI App?
What if I lose my mobile phone / SIM card? Can anyone send money using UPI from my account?
A third person would not be able to send money using your mobile or sim. Because to transact through the UPI app, you have to use the PIN. Only you should know your PIN. It is similar to your debit card.
A third person can’t use your debit card without using the PIN. However, if one get both of these, he/she would be able to send money.
What if a transaction does not complete? When will I get back the money?
If money gets debited from your account and don’t credit to the beneficiary account, you would get it back within few minutes. However, if you still don’t get it, raise a complaint through the UPI app. The system is foolproof and and it has the permission of RBI.
Do you find UPI by NPCI a revolutionary payment system? If not, you must read about the new features of UPI because It is more flexible and has greater reach.