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Still Not Familiar With UPI? Here Are Few Things You Should Know

Posted on the 18 January 2018 by Shubham Ahuja @MeShubhamAhuja
The whole country wants to go into a cashless for the convenience it offers and the Government of India has initiated different steps to make digital transactions easier than ever. The purpose of using a UPI app is to seamlessly transfer money to a retailer or wholesaler business or to your friends and family. The biggest advantage is that you no longer have to carry your debit cards or cash because your smartphone will double up as your wallet.
Still Not Familiar With UPI? Here are Few Things You Should Know

What is a UPI Payments App?


For those still struggling with UPI, it stands for unified payment interface where cash is transferred using IMPS through your preferred bank. Compared to the conventional NEFT payment system which requires lots of information, IMPS is much faster, reliable and gets the job done with the least number of steps. A UPI identifies a user’s payment system by using a phone number or an email id. The payment system works 24/7, giving you the freedom to do away with the use of credit and debit cards in public places, or feeling helpless if you run out of cash.
 

How Can You Make Use of a UPI Bank App?


Android is one of the most popular operating systems used in most smartphones in India. For each bank, be it SBI, ICICI or HDFC among many others there is a specific UPI bank app that you could download from the Google Play Store to initiate a transaction. These apps are also available in the app store for Apple iPhone users.
Compared to traditional debit cards and the new age of digital wallets, UPI is much faster and requires minimal steps to send money. Popular services like My Airtel App already make use of this transaction method where you have to enter your login details or the last three digits of your card. An OTP is sent to your phone number which is automatically registered to immediately complete the IMPS transaction.
 

How Different is UPI App from Payment Gateways and Mobile Wallets?


Mobile wallets are expected to stay in the current market despite UPI app services becoming relevant. Experts opine that because of the sheer popularity of payments apps, people will continue to transact using them as they expand with new offers from time to time along with a range of features. Payment gateways are a completely different platform where a merchant provides security for the money being transacted and safeguards the sender.
At the moment, only a limited apps which use UPI are available because of which the services are much faster and seamless. You can instantly pay vendors to get services or products without disclosing your debit card details or having to enter your secret PIN in a public location.
 

Safe and Reliable


The reason why it became instantly popular is because of the two-factor authentication used by the services. It ensures no transaction will be complete without your approval and instead of OTP, MPIN is being used for the highest level of security.
One of the best and most trusted UPI app is the My Airtel App which you can use to recharge your smartphone, pay your DTH bill and purchase items. The speedy service of a UPI app will save you time and most of them are fully-authenticated by all recognized Indian banks.
Also Read :- Payments App - The Winner of Online Transactions

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