DIGITAL PAYMENT METHODS UPI

UNIFIED PAYMENTS INTERFACE (UPI)
UPI
Unified Payments Interface (UPI) is a system that powers multiple bank accounts into a single mobile application (of any participating bank), merging several banking features, seamless fund routing & merchant payments into one hood. It also caters to the “Peer to Peer” collect request which can be scheduled and paid as per requirement and convenience. Each Bank provides its own UPI App for Android, Windows and iOS mobile platform(s).

How to get it:

Bank a/c
Mobile number should be linked with bank a/c
Smart Phone with internet facility
Debit Card for re-setting MPIN.
Service Activation:

Download the App for UPI
Do registration online on the App with a/c details
Create a virtual ID
Set MPIN
5-7 minutes
What is required for Transaction:

Smartphone with internet facility
Registered device only
Use registered MPIN
Self Service Mode
Transaction Cost:

NIL to customer by most Banks
Customer pays for data charges
Disclaimer: The transaction costs are based on available information and may vary based on banks.

Services Offered:

Balance Enquiry
Transaction History
Send / Pay Money
Virtual Address
A/c no. & IFSC code
Mobile no. and MMID
Aadhaar (to be made functional)
 Collect Money
Virtual Address
 Add bank account
 Change / Set MPIN
 Notifications
A/c Management

Funds Transfer limit:

1 lakh / transaction
Disclaimer: The funds transfer limits are based on available information and may vary based on banks.

Service Available from no. of operators:

30 banks List of Banks providing UPI Services as on 30.11.2016
Interoperable

Source:http://cashlessindia.gov.in