UPI Mobile Apps in India

UPI Mobile Apps in India

UPI or Unified Payments Interface is an immediate real-time payment system that helps in instantly transferring the funds between the two bank accounts through a mobile platform.Hence, UPI is a concept that allows multiple bank accounts to get into a single mobile application. This idea was developed by the National Payments Corporation of India and is controlled by the RBI and IBA (Indian Bank Association).

Features of a UPI Apps :-

1.  Instant transfer of fund through Immediate Payment Service (IMPS) which is faster than NEFT.
2.  Since it is completely digital, one can use UPI 24 hours and on all public holidays.
3.  Single mobile application for accessing various bank accounts.
4.  Uses Virtual Payment Address which is a unique ID as given by the bank
5.  Uses Account Number with IFS Code and Mobile Number with MMID or Mobile Money Identifier.
6.  Also available on USSD service where users can use the service just by dialing *99# and choose the services like fund transfer, send money, request money, non-financial services, balance Enquiry, change MPIN etc. (Service charge of ?0.50 is applicable)
7.  MPIN or Mobile Banking Personal Identification number is required to confirm each payment.
8.  Every bank provides its own UPI for different platforms of Android, Windows, and IOS. The banks may or may not charge for the UPI service.
9.  Bill Sharing facility.
10. Best for doing merchant payment, utility bill payments, in-app payments, OTC payments, Barcode based payments.
11. One can file a complaint from Mobile App directly.