Digital Wave of UPI Payment | iServeU - UPI Payment
iServeU UPI wave

Digital Wave of UPI Payment

From kids to adults, everybody is using smartphones these days and are familiar with UPI payments. In simple terms, UPI (Unified Payment Interface)  is a payment system through with one can send money from one bank account to another one, through their mobile phone. It allows instant transfer of money on a 24×7 basis. After the demonetization and the outbreak of the Coronavirus, digital banking, online payment methods, and the use of open APIs bringing a digital revolution to the country. This payment system aims to promote a cashless society and decrease the need to visit the banks. Through this payment system, people of all ages can transfer money within a fraction of seconds. To use UPI, you must have a bank account with a member bank, i.e., your bank should allow you to use the UPI facility.

Why UPI systems:

The UPI is something that now everybody is familiar with and using on a regular basis. There are plenty of reasons to adopt the UPI system and make transactions. Here are some of the top reasons why do UPI systems are gaining popularity.

  • Easy to set up
  • Easy to Operate
  • User Friendly
  • No need to carry cash
  • Safe and secure
  • 24×7 availability
  • Instant Settlement
  • The app is enough for money transfer

How to transfer money via UPI

 There are basically three ways to transfer money via UPI –

  • Virtual payment address (VPA) of the receiver,
  • Bank account number and IFSC code
  • QR code.

How to set up UPI

 To use the UPI payment system, you have to download the chosen UPI app, then choose the bank from the given options. Verify your bank account by entering the one-time password (OTP). After your OTP is verified, the virtual payment address (VPA) will be created (username@indus).

You need to follow these steps:

Step 1: Download the BHIM app from the Google Play Store or Apple App Store and install it.

Step 2: Choose your preferred language.

Step 3: Enter the registered mobile number provided for your bank account.

Step 4: Set a four-digit login password. Excess the app with the four-digit password.

Step 5: Choose the bank and link your account. Set the UPI PIN by providing the last six digits and expiry date of your debit card.

Step 6: Your account is now registered

Now, you can enjoy the benefits of the UPI system like sharing the bills among your friends, colleagues, and teammates. Transfer money instantly without waiting for anything. No need to link to any wallets. The best thing is no charges are levied from the customers.

The bottom line:

The UPI payment method is one of the best ways to transfer funds from one bank to another. One can easily scan the QR code printed or pasted on the board or walls and make payments. Unlike, traditional ways of payment, where one person had to wait for his turn to pay and collect the changes, this method allows people to directly send the exact amount to the seller. From paying utility bills to recharges mobile phones, the UPI system is a boon for us and providing an easy way of quick money transfer.