The new UPI (Unified Payment Interface) is live now in India. UPI will allow users to transfer money through a unique virtual address, or mobile number, or Aadhaar number. With UPI, users need not know the payee’s bank account details. UPI is built on the existing Immediate Payment Service (IMPS) that allows real-time transfer of money 24×7 and is also inter operable across banks. The UPI system will be available only for bank customers with Android smartphones initially. Users can download the UPI apps from the Google play. UPI apps are initially only available for android users.
UPI (Unified Payments Interface) application is a payment system that allows you to transfer money between any two parties. UPI Application allows customer to instantly transfer money to someone else using the IMPS payment framework, without having to know their bank account number or IFSC code. All you need is their virtual identity, which could be xxxx@unionbank (just as an example), or xxxx@uboi (just replace 1234567890 with your phone number here).
• Real time settlement of Funds
• No need to remember or share account details.
• Collect Money from others.
• Send Money using Virtual id, Account No.
• Add multiple bank Account in same application.
Steps to register
• Create your profile.
• Add bank account.
• Create Virtual Id for linked account.
• Set PIN for selected account