Have You Heard About The Mega Banking App UPI Yet?

The only app you need on your smartphone for monetary transactions

learn more about Tripti Narain

By Tripti Narain

Pixabay

Opinions expressed by Entrepreneur contributors are their own.

You're reading Entrepreneur India, an international franchise of Entrepreneur Media.

If making payments, sending and receiving money hassle you, your prayers just got answered. Reserve Bank of India governor Raghuram Rajan and the National Payments Corporation of India (NPCI) on Monday launched a Unified Payments Interface (UPI) programme to make payments and remittances incredibly simple.

The RBI, has tied up with 10 big banks of the country for UPI. Can you believe how easy life would be if you don't have to add anyone as beneficiary, ask for account number or dig out the IFSC code and other bank/branch details?

The UPI app does away with all this. Yes, it's true!

This is how it works - You need is receiver's unique ID. Open the UPI app, select the amount to be paid, add the unique ID of the beneficiary and select Send. The app will just ask for a mobile pin to authenticate the payment and voila! it's done.

You can use this app to pay for any transaction below Rs 1 lakh. Other unique feature of this app is that it is inter-operable across banks which means you have the freedom or the flexibility to pay from any bank (at present 10 banks have tied up, the number would go up).

How to use API in 4 steps

Download the UPI app (prerequisites are a bank account, Aadhar card and Smart phone)

Connect the bank account

Create a Unique ID

Generate a mobile pin and link Aadhar number

The UPI app will be publicly available in two months. Will you download the app? Tell us in the comments on our Facebook page Entrepreneur India.

Tripti Narain

Managing Editor, Entrepreneur Media (India)

A Digital enthusiast, news specialist, entertainment junkie, unsolicited opinion giver, bona fide foodie and a Delhi lover. Join me @TriptiAbhishek on Twitter

Related Topics

Lifestyle

4 Ways To Negotiate For A Good Salary

Negotiating a salary can be an intimidating task for many, especially for those who are just starting their careers. However, with the right approach and mindset, this can become a smooth and successful process.

Leadership

5 Winning Habits That Will Transform Your Leadership Skills

Ready to take your leadership skills to the next level? Discover the five winning habits that will transform you into an exceptional leader!

Culture

50 Work-From-Home Jobs that Pay As Much or More than Average Salary

If you're tired of driving to an office and would love to work at home, there are plenty of high-quality full-time work-from-home jobs for you.

Productivity

Tim Ferriss's Favorite Productivity Hacks

There are only 24 hours in a day. Here's how the best-selling author and serial entrepreneur uses his.

News and Trends

Why Government May Ban Related Party Sales Of E-commerce, Food Delivery Startups

"E-commerce companies are permitted to merely operate a pure-play marketplace i.e. a bridge between the buyer and seller and not sell any goods, even their own products on their platforms," said Praveen Khandelwal, secretary general, CAlT