How to download UPI App on your Mobile?
Unified Payment Interface (UPI) is a mobile
payment system which allows you to do a various financial transaction on your
smartphone.
One
time application is downloaded, the customer needs to create a unique ID by add
his bank account detail.
Then
the customer can use, install the UPI easily. Just follow the below mentioned
steps.
Bank customers can do a financial and
non-financial transaction using UPI app.
Financial transactions include transferring
funds to the intended beneficiary.
Non-financial transactions like this:
1. Mobile Banking Registration for
only registered mobile numbers
2. Generate One Time Password (OTP)
3. Set or Change your PIN
4. Check the Transaction Status
5. Raise Dispute or Raise query
What are
the different methods for transferring funds using UPI?
Individuals
can use different type of methods to transfer funds using UPI such as:
## Transfer through Virtual ID
## Bank account Number + IFSC
## Your Mobile Number + MMID
## Aadhaar card Number
## Collect / Pull money basis Virtual
ID
To
install the same, customer should have an account with the bank that is
registered with UPI for providing payment solutions.
Simple
steps to download UPI App on your mobile
1.
Download the UPI Apps of your bank from Google Play store.
2. Login and create
virtual address
(Say for example
Virtual ID can be 12345@ICICI)
3. Add your banking account detail
4. Generate Mobile PIN or mPIN for Mobile
Banking
5. Individual will also have an option to
link the Aadhaar number
Information like to Know
Individuals can link several bank
accounts to the same virtual address.
UPI provides for real time reversals
for technical declines and amount would be transferred back to the payer account
immediately
In any transaction through UPI, PIN
would be required which needs to be fed through the mobile at the time of any
transaction making it safe and secured.
A customer cannot link a wallet to
UPI, only bank accounts can be added. In UPI, one can do up to 20 transactions
for an amount of Rs.1 lakh per day.
This is to remember that UPI can be
worked only on mobile with features of Apps download.
