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  • Category: Banking

    Which is the best UPI App and everything about Unified Payment Interface system


    Would you like to have a detailed information about UPI, a word very often used in Desktop and mobile apps? Check this ISC page to learn more from our experts.

    As I was having a normal chat with my colleague about Unified Payment Interface(UPI) system, I came to know that there are many platforms using UPI and now can use any one to send or receive money by scanning QR codes or entering the the UPI ID. When I searched the need for UPI payment system and even read the article available in ISC, What is meant by UPI (Unified Payment Interface) and how to use it, I got many apps like Google Pay, PayTM, FreeCharge, PhonePe, etc. NOw to make it short and clear for normal people, I would like our experts to help me with the following:
    I) What is UPI and how does it work?
    ii) What are the different UPI available in India?
    iii) Which is the best and secured UPI platform from the many listed above and why?
    iv) What details are required to make an UPI a/c or ID?
    v) What precaution should one take before and after using UPI platform?
    vi) Is UPI app secured and easy to use?
    vii) Any other information related to UPI app and its usage?
  • Answers

    6 Answers found.
  • Unified Payments Interface is an inter bank payment system. We can send or receive money. We can link multiple bank accounts to a single app.

    The following transactions can be carried out.

    Virtual Payment Address (VPA) or UPI ID: You can do money transfer in this method. Every client will have a VPA OR UPI ID. Using this we can do all transactions. All transactions can be done using your mobile. You can link your mobile number with this account and after that, we can do all transactions.
    Gpay, Paytm. BHIM, Airtel bank, PayZapp, Phone Pe, are some apps where UPI is used. I am happier in using Gpay or Paytm. Using these two we can do all transactions. You can do payments through UPI using your credit card also. You can connect your credit cards to these apps.
    Just download the app in your smartphone and it will give you all the details regarding opening an account in these apps through UPI. They are safe and you can do all transactions. Every transaction it will ask your ID and PIN. Then only your transaction will take place.

    drrao
    always confident

  • Phone Pe is better for UPI transactions as we can have a track record and can as well check our bank balance to double check with our transactions.
    The history will be available with transaction time and date. If any discrepancies we can also check the refund within a short time after the transaction is complete. The UPI number should not be same if you have connected two bank accounts.

    Lead the leader


  • I) What is UPI and how does it work?
    We are familiar with the real-time transfer of money by RTGS, NEFT, IMPS, etc. UPI is another enabling system of transfer more convenient, easy, and fat than these. However, unlike Internet banking UPI cannot be directly used by us. It is only a platform and for the user, a suitable app is needed to which our bank has connected or has enabled and facilitated.
    Initially, some banks were having their own apps or enabled on third-party apps. Some banks started connecting to the UPI platform by some third-party apps.
    ii) What are the different UPI available in India?
    Popular apps linked to UPI are
    BHIM, PhonePe,
    Paytm, MobiKwik, Airtel Payments Bank, Google Pay, etc and many others like Freecharge directly or indirectly

    iii) Which is the best and secured UPI platform from the many listed above and why?
    BHIM-Bharat Interface for Money- the app is introduced by NPCI(National Payments Corporation of India) who had introduced the UPI also. As almost all banks in India are linked to UPI –BHIM now, it has become a very popular and fast-growing UPI based app.
    I am using BHIM. It is an app introduced by NPCI who has initiated the UPI also. Almost all banks in India are connected to the BHIM UPI ecosystem. That makes it more convenient. And it is usable by a large section of people.
    v) What details are required to make a UPI a/c or ID?
    It requires a very minimum of essential details. Your mobile number (or Unique Adhaar ID) forms the basis. Your UPI Id is automatically generated. By default in BHIM, it is your mobile no@upi. If you want you can generate a Virtual Payment Address(VPA) also..
    Next, you need to feed your bank account details from which you are going to transact using BHIM.
    When sending money you need the a/c. no details of the beneficiary, or just the UPI id or VPA of the beneficiary. Or you have to scan the QR code.
    v) What precaution should one take before and after using the UPI platform?
    You need two passwords or PIN for using BHIM UPI. The first passcode is to log into your BHIM app. The next PIN is needed to transact using BHIM. You will be prompted to generate this when you do the installation .registration and transaction.
    Like in similar cases of mobile banking or net banking, you have to keep these password/PIN secret and secure. Here the relative weakness is passcode and PI are only numerical digits only. It is also suggested that you use a screen lock on your phone to avoid others using your phone and misusing it. You should periodically verify your account balance a statement to check if any unauthorized transaction has happened. It is suggested to use security software also if you do frequent transactions.
    vi) Is UPI app secured and easy to use?
    Yes, I am a person who was using net banking. But after using BHIM I find BHIM very fast easy and convenient. It is instantaneous. The benefit is that we need not know the beneficiary's account number nor we need to tell others our account number details to others for sending money to us.
    BHIM has many features and facilities we usually expect to use.
    vii) Any other information related to UPI app and its usage?
    Once you install and use you will come to know all features easily and will like it. In my case, I am satisfied with it to date. Even today I have made a transaction using BHIM

  • Unified Payments Interface (UPI) was introduced in our country in 2015 but it really picked up after demonetisation in the country as cash transactions decreased significantly and people resorted to online modes for transfer of funds. Online banking is one of the established ways to transfer money but it takes time as one has to make a beneficiary and then give all the details and overall it is a cumbersome process while the UPI works on the applying of a few clicks in your UPI App in your mobile and the transaction is done immediately. The detailed answers to the queries are as below -

    i) What is UPI and how does it work?
    Unified Payments Interface (UPI) is a digital payment facilitating platform developed by the National Payments Corporation of India (NPCI) under the aegis of Reserve Bank of India (RBI) and is supported by Indian Banks Association (IBA). The basic idea is people should have a unique UPI identity through which they can transfer money from one UPI identity to another identity. For example if I am having a UPI identity and someone to whom I want to make payment is also having a UPI identity, I can transfer money to him or he can send me money anytime using this facility. Transactions would be within our respective banks only but through the UPI identity.

    ii) What are the different UPI available in India?
    Different banks have floated their own Apps for UPI transactions but basic architecture is similar as the purpose is to transfer money between the entities having different unique UPI numbers linked to their respective bank accounts.

    iii) Which is the best and secured UPI platform from the many listed above and why?
    This depends on with which one you are much familiar and feel ease of navigation. Apps differ from each other in their screen presentations and other functioning modalities. One has to see the performance of an App to decide whether that is more user friendly or not. I have used Google Pay App and found it much convenient and easy to use.

    iv) What details are required to make an UPI a/c or ID?
    The most important thing in this UPI account creating is that one has to give the registered mobile number here which is registered with one's bank account number. Once this is provided then the App would confirm one's bank account and one would also be asked to setup a 4 digit UPI PIN. Once this is confirmed one would get a unique UPI number and anyone wants to transact would use that number only for sending one the money.

    v) What precaution should one take before and after using UPI platform?
    It is understood that it is a highly safe and encrypted platform and as such there are no precautions to be used but it is always a good practice to close all your open Apps and clear the cache by some cleaning program in your mobile before you end a session.

    vi) Is UPI app secured and easy to use?
    It is easy to use and as on today it is considered as a safe platform. At the same time we have to remember that there are some qualified IT persons who due to some adverse situations in their lives have gone in a negative territory and they are very knowledgeable and understand the intricate things about these digital technologies and once they are their to prowl against these Apps, we do not know what can happen as hackers today are equipped with all those technologies which constructive people are using to create these safe and secure Apps.

    vii) Any other information related to UPI app and its usage?
    It is easy to use as the UPI ID is also linked to the contacts in your phone and you can select the contact also before starting to make the transaction. Almost all the banks are having this App in their own ways to facilitate the customers. UPI transactions are taking place in a large numbers and this mode is going to increase further in volume.

    Knowledge is power.

  • There are many UPI Apps available in the play store and one can download as per ones choice. They all have almost similar structure and process involved where main thing is the UPI unique address is linked to ones bank and then one can transfer or shift money from ones account to the desired beneficiary. The interesting thing in this UPI mode is that there is no need of OTP (one time password) which is otherwise so common in online transactions. This is one thing that is making these UPI Apps very popular as the hassle of receiving the OTP and then verifying it is removed. The transaction is directly between the bank and the payee. I have used these Apps but so far the most convenient and user friendly is Google UPI which has a very impressive interface and clarity of instructions on the screen. The process looks easy on the Google UPI platform.

    Thoughts exchanged is knowledge gained.

  • With the popularity of on line payments such as NEFT, RTGS requiring the details of IFSC, Bank Account details of both senders and receivers had to wait for sometime to finalise the deal. Hence we were in need of some platforms making the payment safe and transferable within a short time interval and at present we have modified the system with the usage of UPI.
    1) What is UPI and how does it work?
    UPI is a system where your Bank - account is linked to instant payment system which enables you for the safe transaction of money between two accounts. In order to make UPI system effective , you should have UPI enabled member Bank and a Mobile Phone and to make the operation effective, you will have to download the the apparatus connected with UPI.
    Mostly UPI ID begins with your Mobile No followed by @ symbol and ends with the apparatus being used.
    As for example, if your Mobile No is 96++++++19@BHIM, such amalgamation, would provide UPI enabled platform.
    2) What is the different UPI available in India?
    Below you can find such apparatus providing you UPI enabled system-
    1) Phone Pe
    2) Paytm
    3) BHIM app
    4) Mobikwik
    5) Air Tel Payment Bank
    6) Uber
    7) Goggle Tez etc
    3) Which is the best and secured UPI platform from the many listed above and Why?
    BHIM is developed by National Corporation of India and is the best in terms of usage and safety. BHIM is also known as Bharat Interface for Money and is run by the government undertaking and hence it is safe and secured. Moreover, it is simple in usage.
    Google Pay may be considered as the second best having large customer support and such a phenomenal growth has reached within a short time interval indicating the huge popularity of this apparatus.
    4) What details are required to make UPI a/c or ID
    First of all, the customer has to create an unique payment ID by including the Bank a/c details after you download the application.
    UPI interface can connect many payment system and with the addition of his Mobile no, Aadhar, residential address and choosing any of the payment system, you can use UPI enabled system.
    5) What precaution should one take before and after using UPI platform?
    The fraudesters may take the advantage of the request money rout on UPI app such as BHIM, Google Pay, Phone Pe, Paytm etc. They would convince the sellers to transfer at least half of the negotiated money using UPI app. They would not respond once they get half of the amount. Hence most of the responsibilities lie with the plateform chosen for money transaction.
    You may rely upon Google Pay because this platform points out the direction of money flow in the user interface making it easy for the user to distinguish between sending and receiving requests.
    6) Is UPI secured and easy to use?
    Yes, BHIM is a safer option than any other mobile wallets but it does not mean others are lagging behind. Phone Pe and Paytm are equally better. All the apparatus have different features to attract the users offering some cash backs. In nut shell we can say all the platforms are secured and easy to use.
    However, Google Pay has some enhanced safety features making it more secured.
    7) Any otter information related to UPI app and its usage?
    BHIM app has more added features making it attractive and the following points go in favour of this app-
    1) This is an Indian app promoted by our PM Modi to strengthen the economy towards cashless.
    2) You need not go for the Mobile Banking to be activated in your account while enjoying BHIM apparatus.
    3) You will get a UPI virtual address in BHIM platform.


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