What you need to know about UPI, India's payment channel!www.deekpay.com

What is UPI?

UPIUPI stands for UNIFIED PAYMENTS INTERFACE, a real-time payment system that facilitates instant fund transfers between bank accounts in India. UPI allows users to link multiple bank accounts to a single mobile application, integrating different bank accounts into a single mobile application and enabling a number of banking functions to be carried out within the application. UPI also supports peer-to-peer payment requests, allowing payments to be arranged anytime, anywhere.

UPI was launched on 11 April 2016 in India. It was launched byReserve Bank of India (RBI) and National Payments Corporation of India(NPCI) in partnership with a number of banks and payment service providers.UPI aims to simplify digital payments and promote financial inclusion by enabling easy and convenient remittances.UPI is supported by theNPCIRegulation.

Read more:What is Unified Payment Interface UPI in India?

Functional features of UPI

Available 24*7 and 365 days a year via mobile devices, money transfers and payments can be made in seconds. Users can access different bank accounts through one app. Multiple authentication - meets regulatory requirements for high security and also provides a very powerful and convenient one-click payment feature. Security can be enhanced by pushing and obtaining the customer's virtual address, without the need for the customer to enter card number, account number, IFSC and other details. Billing can be shared with others. Perfect solution for cash on delivery. Merchants can complete receipt and payment in a single app or programme. Supports utility bill payments, over-the-counter payments, and barcode (scanned payment) payments. Donations, receipts, and expenditures can be made with UPI, and the functionality continues to be enriched.

UPI Points of Use

There are two important pieces of information you need to know in order to use UPI:UPI ID respond in singing UPI PINThe UPI ID is a unique virtual payment address created by the user during the registration process. It is similar to an email address, but instead of consisting of letters, it consists of numbers or letters. For example, the UPI ID could be johnsmith@upi or 1234567890@upi.

On the other hand, the UPI PIN is a four- or six-digit numeric password set by the user during the registration process. It acts as a security key to authorise transactions made through UPI. Just like entering the PIN code of an ATM card, the UPI PIN is used when initiating a UPI TradingWhen the user enters the UPI PIN code, he/she is required to authenticate his/her identity and complete the payment.

Recommended Reading:What is a UPI ID?

Banks and applications supported by UPI

According to the latest data on the official website of UPI India, 214 banks are currently connected to UPI and have also connected to more than 20Third party paymentsApplications.

The main banks connected to UPI are State Bank of India, Panjab National Bank, ICICI Bank, Canara Bank, Bank of India, Bank of Baroda, Union Bank of India, Indian Overseas Bank, HDFC Bank and 214 others.

List of major UPI applications and their banks

UPI Application Partner BankGoogle PayAxisICICIHDFCSBIPhonePeYesICICIAxisAmazon PayAxisWhatsApp PaymentsICICICIAirtel Payments BankKotak Maindra BankPaytmICICICIBHIM (Bharat Interface for Money)National Payments Corporation of India (NPCI)

Why should Overseas India access UPI?

Highly secure and regulated by the Central Bank UPI, as a key way to achieve a cashless society in India, has been launched by the National Payments Corporation of India (NPCI), a government-backed organisation, and is under the regulatory control of the Central Bank of India, which makes it highly secure. Wide Product Coverage and ExpandabilityUPI as an open platform can continue to access new banks and third-party payment programmes, which is highly expandable and has a very wide coverage. High Transaction Volume and Wide User CoverageUPI is currently the largest online payment method in India, with more than 100 million active users and more than 2.3 billion transactions per month, and still growing at a high rate. How to access UPI, currently available through a third partyPayment GatewayAccess to UPI, the third-party payment gateway integrates popular local payment methods, solving all payment challenges at once with a convenient and simple payment process.

Atpay - we are a professional provider of payment solutions and have been deeply involved for many years inIndia PaymentsWe have successfully provided payment functions for countless customers at home and abroad. We are fully confident in payment integration and high-risk payment processing, and welcome inquiries and exchanges.