UPI is an acronym for Unified Payments Interface, a game-changing technology that enables real-time digital payments through a smartphone. This revolutionary technology was developed by NPCI (National Payments Corporation of India) and allows you to send and receive money, make instant bill payments, check your account balance, and pay for online and offline purchases using a single application.
Over the years, UPI apps have gained immense popularity in India, and is now the most widely used digital payment system. Research suggests that in October 2023, 11.41 billion transactions, with a worth of INR 17.16 trillion were done using UPI apps.
Considering the wide usage and acceptance of UPI by Indians, the NPCI has set an ambitious goal of achieving 30 billion monthly transactions by December 2024. As part of this effort, it has been working on making UPI more secure, and adding new functionalities to UPI apps, making it more accessible to the users in India and overseas.
How do UPI apps work?
The UPI apps rely on the PUSH and PULL mechanics for sending and receiving money.
To send money using UPI app, you must select the Pay or Send option on the app. After providing the recipient’s details like UPI ID or mobile number, enter the desired amount you want to send, and select the bank account or wallet from which you want to send money. Finally, enter the UPI pin to confirm the transfer, and you are done! Once the transfer is complete, you get a receipt for the transaction.
To receive money through the UPI app, you must first log into your UPI app and select the request money option. Next, enter the payer’s VPA (virtual payment address), the desired amount, and the bank account in which you want the money to be credited in. The sending will automatically receive a money request message, and once they enter their UPI pin to authorise the transaction request, you get the money in your account instantly.
Features of UPI Applications
- UPI enables seamless money transfers from one bank account to another in real-time and free of charge through a mobile device.
- You can transfer money to anyone you want through different means – with the help of a UPI ID, VPA (virtual payment address), the receiver’s contact information from your phone book, or by entering their phone number.
- All UPI-related transactions are regulated by the RBI (Reserve Bank of India).
- UPI mobile applications function 24×7 and 365 days a year, enabling you to send and receive money anytime within seconds.
- UPI applications are the only online payment system that allows individuals and merchants to request payments by sending a message.
- There is no limit on the minimum amount you can transfer using UPI apps, making it easier for you to make payments for small purchases at brick-and-mortar stores.
Benefits of UPI Payments Apps
As a customer, you can enjoy a wide range of benefits using UPI payment apps, including –
- One of the standout benefits of UPI is that it the apps are user-friendly. The interface is simple, allowing you to use it without any hassles. With VPA, you can link your bank account and start sending and receiving money instantly.
- If you are worried about the security of your money and other important financial details, you can be assured that UPI payment apps are 100% secure. The apps have a robust data security system in place, like biometric verification, UPI PIN, etc.
- UPI apps have redefined financial accessibility; you can access UPI services from anywhere in the world with a smartphone and internet connection.
- You can use UPI apps for payments in different scenarios, whether it is splitting bills, paying utility bills, online shopping, or buying things at a store through QR codes.
- If you find it challenging to keep track of your expenses, UPI apps address this concern, too. You can easily check your transaction history and be in control of your spending.
BHIM AU App – The perfect UPI solution for all
AU Small Finance Bank offers the AU 0101 to all our customers, allowing them to use the UPI facility. The app is a safe and secure way to send and receive money instantly and without any additional charges. To know, more about the BHIM AU app, visit the website.
