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All you need to know about UPI

UPI – Unified Payment Interface, all you need to know

Even though technology has advanced a great deal in various domains, there is large chunk of people who are still skeptical about using it. Few years ago when online payment – Cards, Net Banking etc. – made debut, there were few like me who quickly jumped on the bandwagon while there were others who stuck to dealing in cash. But today, most of them are using the electronic form of payments thanks to its ease and security to an extent. However one of the biggest hassles while making payments online is you need to memorize the Card details like number, validity date, CVV number and sometimes Grid number too ! That is a pain. Even while remitting money to other accounts you need details like account number, IFSC code etc etc. But now you don’t need all this, just a simple address and you can transfer money at ease. Thanks to UPI or Unified Payment Interface. Here’s all you need to know and get started on UPI.

All you need to know about UPI
All you need to know about UPI

What is UPI ?

UPI or Unified Payment Interface is a payment system that allows you to transfer money using only your smart phone. Yes, you need a smart phone and specifically Android for now since its available only for this platform. UPI allows the customer to pay directly from bank account to merchants, without remembering all the details about the account or bank. Payments can be made to online and offline merchants / users as well.

How UPI works ?

You first need to register for this service with your bank. Currently it’s available only to 19 banks including Andhra Bank, Axis Bank, Bank of Maharashtra, Bhartiya Mahila Bank, Canara Bank, Catholic Syrian Bank, DCB Bank, Federal Bank, ICICI Bank, TJSB Sahakari Bank, Oriental Bank of Commerce, Karnataka Bank, UCO Bank, Union Bank of India, United Bank of India, Punjab National Bank, South Indian Bank, Vijaya Bank and YES Bank.

How UPI works ? Image Courtesy: Sify
How UPI works ? Image Courtesy: Sify

During registration you need to create a VPA or Virtual Payment Address. This will look something like [email protected]. So you don’t need to remember all the bank details related to the account. You also get a MPIN instead of a OTP as 2 Factor Authorization is made mandatory by RBI.

Is UPI secured ?

Yes, if this wasn’t secured, it wouldn’t even roll out to public ! Jokes apart, yes even though you aren’t providing all your details every time you pay, all these are saved against your VPA. So in terms of security when someone is transferring money to you, they will simply have to provide your VPA and done. So your bank account details like Account Number, Branch, IFSC code etc. is safe and the person remitting doesn’t need this.

UPI is the latest way of making payments and is surely hassle free. The best part about this is the use of VPA which is nothing but an email id kind-of address. Since VPA is linked to your account, each and every account will have a unique VPA, so it’s just like having multiple email id, just that you send and receive money instead of mails !

I’m excited about trying this out soon and try to update this post with my experience. What about you ? Have you already tried UPI ? Hows your experience about using UPI ? Did you face any problems while using UPI ? Share us in the comments below so that it benefits everyone !

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About Atulmaharaj

Maintaining the blog for the past 3 years, I'm a Foodie, Techie, Cricket Enthu, Traveler, Blogger and a Cook ! You'll find posts within a wide range of topics from food to technology. Favorite Quote: "Traveling is like reading a book, one who hasn't traveled, hasn't turned a page.
  • Dixita Mour

    Quite informative post .
    Yes, remembering all those numbers was such a hectic, will use this UPI method now as it safe and secured too.
    Good luck for #MyFriendAlexa

    • Atulmaharaj

      Thanks a lot Dixita for visiting 🙂 I’m sure UPI will make our lives simple !

  • Kala Ravi

    Very relevant info Atul, thanks for sharing. Most people try and avoid tech, especially in financial transactions but I guess one needs to up the ante and move ahead with times.

    • Atulmaharaj

      Thanks, I hope people get used to this soon 🙂 Thanks for visiting.

  • Deepa

    These days we all are hooked to internet shopping..but don’t think many people know this information..Very informative!

    • Atulmaharaj

      I’m glad you found this informative. Thanks for visiting 🙂

  • Anshul Taran

    Good informative post.
    Yeah I have read about it in newspaper, talked to my bank (axis bank), will starts using after few days 🙂

    • Atulmaharaj

      Cool ! I hope the registration process is swift and easy. Thanks for visiting Dr. 🙂

  • I have a UBS account and they have UPI its a breeze 🙂

    • Atulmaharaj

      Wow ! I’m glad finally we can get away with remembering those numbers every time we had to shop ! Thanks for visiting Shweta 🙂

  • Saumy Nagayach

    I haven’t used it yet, but seems interesting so will check out soon. Thanks for sharing this! 🙂

    • Atulmaharaj

      Thanks for visiting Saumy 🙂

  • I use netbanking for online activities and rarely debit cards.This UPI sounds interesting. The main question is?Is the data safe?What about when the phone gets stolen ?I really don’t want hackers to share my account.Interestingly State Bank of India has not joined.I will wait till you use it and tell us😊

    • Atulmaharaj

      Good point of view indeed. The only safety I see from daily use point is that others need not know your account number or anything other details, just the VPA is good enough. I’m sure the security underneath this is robust. Thanks for visiting.

  • Ramya

    This is a very informative and apt post,Atul. NEFT and IMPS was good, I think this would be better. 🙂

    • Atulmaharaj

      Yes, with just a VPA and nothing else to memorize, I’m sure this will take off ! Thanks for visiting Ramya 🙂

  • Shanx

    Have heard about it. Haven’t used it though 😀 Do write about the experience. Informative.

    • Atulmaharaj

      Thanks for the visit, sure will share once I’m onboard 🙂

  • twinklingtina

    The only way, I know, to transfer money is through NEFT!! But new options are always nice.

    • Atulmaharaj

      This is supposed to be simplifying things, so I guess this will be a hit. Rest time will only tell. Thanks for the visit 🙂

  • Atulmaharaj

    I’m sure it’ll roll out for iOS soon. Thanks for the visit 🙂

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