The hassle of paying or transferring money could leave you all stressed up not too long back. But not anymore. Thanks to modern technology, payments have been made easier. With the aid of the online medium and apps, it is now possible to pay anyone anytime and from anywhere. Payment transactions speed has increased manifold times. As technology evolves, there are reasons to believe that payments that conclude now in minutes can speed up further.
One of the preferred and highly popular online payment methods today is UPI apps. The common man loves these apps because they have made life a lot simpler. Save the number of the receiver or scan the QR code, and you can transfer money anytime.
What is a UPI Payment App?
UPI stands for United Payment Interface. As the name suggests, the app is an interface that facilitates payments in an integrated fashion. It is a payment system that operates in real-time – no waiting, no queuing up. Some of the characteristics of UPI is:
- RBI regulates the system.
- Operates on peer-to-peer technology.
- Transfers funds instantly.
- Uses a mobile interface like an app.
Your bank should be a part of the UPI network in India. Currently, 274 banks are accepting UPI.
UPI payments can happen only when you download an app that facilitates UPI payments. There are three ways that the app transfers money during an online transaction. Money can be transferred to the mobile number of the receiver directly. It can also be transferred by scanning the QR code, using the Virtual Payment Address (VPA), or entering the receiver’s UPI ID.
How to send money via a UPI App?
Step 1 – You need to download an app from the Google or Apple Store. You need to go through the app’s settings to select your preferred language.
Step 2 – This is the most important step. You have to register your mobile number with the app now. Ensure that you use the number linked to your bank account and Aadhar. Finally, you need to set up your four/ six digit UPI Pin.
Step 3 – You need to connect now and link your bank account number with your UPI ID.
Step 4 – When you need to use the app to make payments, you must enter your password to open the app. Next, proceed to the Pay option. You can choose the receiver’s mobile number from your contact list or enter it manually. The other option is to scan the QR code or enter the VPA of the receiver.
The advantages of using a UPI payment app
- Fast transaction.
- Happens in real-time.
- Everything is digital. You do not have to remember any details of the receiver’s account or mobile number.
- Helps transfer funds, pay bills and collect money.
- Linked with your mobile number and Aadhar. Hence, seamless transaction.
- Monitored by RBI. Hence, safe, legal, and authentic.
- The app can be linked with multiple bank accounts.
- The transaction status is right there on the app. You can share the status with the receiver through emails, WhatsApp, messages, etc.
- You receive an instant notification from your bank about the success or failure of the transaction.
Is it possible to make utility bill payments using a UPI app?
As long as the bank account of your utility provider accepts UPI payments, you can pay water and electricity bills with the help of the app. Let’s understand this better with the help of an example.
Suppose you are a subscriber of PSPCL. The Punjab State Power Corporation Limited is a government undertaking supplying electricity in the state of Punjab. The Board started accepting digital payments in 2008, but in 2017, the state electricity company started accepting innovative payment methods online like UPI.
As a result, all users can now use the Pspcl Bill payment online facility. Subscribers can use their digital wallet, debit or credit cards, UPI app, etc., for smooth and uninterrupted bill payment.
Choosing and downloading the right app is crucial. Take care to read the reviews and do a detailed credibility check of the app company before proceeding ahead. For a comfortable and safe payment experience, ensure that you trust only the best UPI payment app!