UPI (Unified payment interface)-
During demonetization (8 November 2016) in India, The Government of India launched BHIM UPI to promote cashless transactions.
Introduced- 11 April 2016
Monthly volume- 799.54 million transactions
Monthly transaction value- 1.33 trillion rupee or 19 billion dollars
As of March 2019, there are 142 banks live on this platforms
What is UPI-
- Unified payment interface (UPI) is an instant payment system which is regulated by RBI and created by the National payment corporation of India (NPCI).
- Its transaction is an IMPS transaction which means that transfer money from one bank account to another bank account immediately.
- UPI PIN (Personal identification number), Which is 4 to 6 digit passcode, is necessary during the transaction.
- To set UPI Pin, You must have atm card of bank account and register mobile number in the bank account
- We tell you the name of some famous app, Which you can use not only for a money transfer but also in mobile recharge and bill payments.
- Google Pay
- Phonepe UPI + Wallet
- Paytm UPI + wallet
- Amazon Pay UPI + Wallet
- Mobikwik UPI + Wallet
- BHIM UPI
- Freecharge UPI + Wallet
- Axis UPI
- I-mobile UPI
- Samsung Pay mini
How to setup UPI PIN in UPI apps-
The process is always the same in all apps, we take an example of Phonepe
Step1– Download UPI app (Phonepe) by google play store and open it
Step2– Enter your mobile number which is registered in the bank account
Step3–When you logged in on phonepe some such interface is show
Step4– Click on the add bank account.
Step5– Choose your bank account by name.
Step6-Next step setup UPI pin by last 6 digits of ATM card and atm valid date.
- After entering the atm card information bank will end an OTP which will be filled automatically, In case OTP was not filled automatically you can type manually.
- Set UPI PIN (4 to 6 digit) and confirm it.
- Register mobile number is known as Phonepe user-id
- VPA ( Virtual Payment Address) is also Known as Phonepe user-id which is found in my account section
When demonetization took place in India, The government of India launched BHIM UPI to promote cashless transactions. But due to the cashback offering by the UPI app, the Customer used to transact a lot, Which leads to a huge loss of the bank, So the bank puts a limit on the transaction number.
Bank Name, who will charge for UPI transaction-
- Kotak Mahindra Bank
- Axis Bank
- State Bank Pradhan Mantri Jan Dhan Yojana (PMJDY) Account
- United bank of India
- All PMJDY Bank account
Bank Does not Charge for UPI-
- Paytm Payment Bank
- Airtel Payment Bank
- NSDL Payment Bank
- Jio Payment Bank
- Canara Bank general saving Ac.
- Federal Bank
- HDFC Bank
- ICICI Bank
- Indusind Bank
- Yes Bank
Axis Bank and Kotak Mahindra bank charges–
- Up to 20 transactions/months no charge should be taken by the bank
- 21st transaction onwards/month- 2.5**/transaction + 18% GST should be taken for Less than or equal to 1000RS. and 5**/transaction +18% GST should be taken more than 1000RS.
SBI Bank UPI charges-
This charge is applicable only on PMJDY account
In SBI PMJDY account- up to 4 transaction/months no charge should be taken by the bank after this limit 17.70/Transaction should be taken by the bank
We tell you the name of some famous UPI app, Which you can use not only for a money transfer but also in mobile recharge and bill payments.
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