UPI – all you need to know; how to set up and transact

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• UPI all you need to know how to set up and
  transact

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• Everyone is talking of UPI payments and how it
  changes everything in the world of digital
  payments. It is being touted as the major driver
  that will take us to being a cashless economy,
  along with mobile wallets.
• For most of us it remains that elusive genie that
  will make all our payment wishes come true IF
  ONLY we knew how to rub the lamp the right way.
  Welcome to OpIndias simple no BS guide to UPI,
  where we tell you how to get started with UPI in
  under 10 minutes.
• Lets go!
• So what is UPI?
• UPI is short for Unified Payment Interface. Its
  the netbanking transfer for the mobile first
  generation. Quick to setup, quick to transfer
  money to another account. No bank account number
  needed, no logging in, no waiting, and no IFSC
  code. All you need to know is a username (called
  VPA or Virtual Private Address) to send money to
  anyone within seconds.

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• Why was UPI needed?
• Netbanking wasnt as efficient and quick.
  Netbanking was made for the internet to make it
  secure, the extra steps required made the whole
  process of transferring money cumbersome, even
  with IMPS. A Mobile first solution like UPI takes
  away a lot of friction as we will see. Its
  available 247, including on holidays.
• Say, you need to buy from your local shop or
  local supermarket. You dont want to take note of
  their bank details, add and confirm them as
  beneficiary, and then log into your netbanking or
  mobile banking app each time you buy something,
  where you would need to wait for OTP and provide
  information like those grid numbers on the back
  of your debit card. Thats just too much of work
  when all you have bought is a box of chips and
  some cold drinks!

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• How its different from mobile wallets?
• Mobile wallets are apps that hold your money.
  With a Wallet you add money from your bank
  account using net banking or bank cards. The UPI
  app transfers money from one bank account
  directly into other just like netbanking IMPS
  transfer, there is no need for 3rd part apps to
  hold the money anymore.
• So will Upi kill mobile wallets?
• Wallets provide an added layer of security and
  also have a lot of 3rd party integrations that
  make it easier to pay your bills and make
  payments at stores or cab services. For example,
  you can add money to PayTM wallet and use it to
  pay bills, recharge phone, shop their own
  marketplace or other online merchants and pay for
  your Uber rides. UPI apps and ecosystem will take
  some time to get there, but once it does the
  charm of wallet apps will certainly go down.

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• Mobile wallets wont just vanish, and they will
  need to innovate and make them more attractive
  than UPI payments, which currently they are due
  to ease of payments and lots of offers that they
  have. Most probably wallets will add UPI as one
  of the options for payment and not rival them.
• What can I do with Upi now?
• For now, you can use UPI to pay for everything
  you have been using netbanking transfers for.
  Youll need the receivers VPA, and if they dont
  have it, youll have to ask them to install a UPI
  app first.
• But since its so easy and useful and removes the
  need for wallet apps for certain transactions,
  you will soon see everyone using it for things
  like paying for cabs, paying at the local store,
  or splitting their expenses.
• How much we can do with it will depend on how
  fast we can all move to UPI payments. For now,
  play with it and tell your friends about this new
  cool way to split your weekend bills.

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• Can I start using UPI immediately?
• If you have a bank account, and if you have
  enabled netbanking and mobile banking i.e. if you
  have generated an MPIN (usually 4 to 6 digit long
  depending on the bank) for your account, you are
  ready to use UPI. Remember that your phone
  number, where you are going to install this app,
  must be linked to at least one such bank account.
• How do I get this UPI app?
• There are about 28 different apps on Google Play
  (Android apps store) alone. You can search for
  Your_Bankname UPI (e.g. ICICI UPI) to find a
  UPI app by your bank.
• But the beauty of UPI is that you dont need to
  use your own banks apps if they have not yet
  come up with one. You can use any of those
  official and trusted apps that show up when you
  search for UPI apps.
• In this post we will focus on UPI app by Flipkart
  called PhonePe, which is in partnership with Yes
  Bank, and Axis Banks UPI Pay app, which I think
  are the easiest to use so far of all apps
  (Pockets by ICICI comes a close third but is
  super feature rich, so try that too).
• Source http//bit.ly/2oAXVPZ

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