How to Download UPI App and Send Payments to any Bank Account

Contents

1 What does UPI Stand for?
- 1.1 How to Download UPI App?
  - 1.1.1 UPI App Download Links
2 How to send payments via UPI Apps? First, go through the registrations.
- 2.1 To Send Payments using UPI App
- 2.2 How to Collect Money / Request Money via UPI App Process
3 Benefits of UPI App download over traditional / older methods

What does UPI Stand for?

UPI is a short form of Unified Payment Interface. It is a payment system like you have mobile wallets, debit/credit cards or a cheque. In this payment system, you have to use a mobile phone to send or receive money and the process is quick and easy to learn and it’s just like sending an SMS message.

How to Download UPI App?

UPI App can be downloaded from Google Play Store for Android Phones and App Store for Apple devices. Users can follow the instruction below for UPI App Download.

Must Read- Register on PhonePe UPI App and get Rs. 150 cashback

How to send payments via UPI Apps? First, go through the registrations.

Step 1: Download UPI App from above links or the App Store.

Step 2: Create your profile
 Profile details you will be asked are – name, password, virtual id (address for payment)

Step 3: Add your Bank Account with “Add/Link/Manage Bank Account“. Here your virtual ID created in step 2 will be linked to your account number.

Step 4: M-Pin can be generated by selecting bank account from where you want to initiate the process of the transaction.

To Send Payments using UPI App

Step 1: Log in to UPI Application

Step 2: Select option Send Money / Payment.

Step 3: Enter payee virtual ID, the amount to be transferred and then select the account that will be debited.

Step 4: Now you will review the screen for confirmation of payment details.

Step 5: MPIN is now required to be entered.

Step 6: You will get a message for success or failure.

How to Collect Money / Request Money via UPI App Process

Step 1: Log in to your UPI App

Step 2: Select Collect money, after login.

Step 3: Enter virtual id of payer and amount to be credited to your account.

Step 4: Review each detail and click on confirm.

Step 5: Payer will now receive a notification on his mobile phone for money request.

Step 6: Click on notification to open downloaded UPI App to review request for payment.

Step 7: Accept or decline the request for payment.

Step 8: If accepted, MPIN will be asked to authorize this transaction.

Step 9: Transaction is now complete and you will get a notification in successful or failed transaction.

Step 10: Requester will get a notification plus SMS from his bank about the credit of the amount transferred.

Benefits of UPI App download over traditional / older methods

You get send / receive money instantly with 24*7 availability throughout the year.
You can download one UPI App for multiple bank accounts
Virtual ID is a better and secure way to send/receive money.
Sharing of bills with friends can also be done easily.
Cash on delivery and ATM is not required and COD can be eliminated.
You can pay bills for various utilities and you also get Barcodes to scan and pay exact amount without getting worried about lose money.
All kind of collections, disbursements and donations can be highly scalable.
You can complain about any issue directly from the App.

Do I need to download the app of my Bank?

There is no need to download the app from your Bank. For example, if you have an existing account in SBI and you want to download UPI app of ICICI bank then you can do it and add your bank account to your UPI App.

Any UPI App of any bank or third-party can be downloaded to your phone via download links above and you can use that UPI app to send/receive money.

I have multiple accounts, so do I need to download UPI App multiple times?

NO, you can add more than one existing banking account in UPI App of any bank. From your multiple accounts, you can select one to make it a Default account.

UPI transaction

This transaction can only be successful if sender/receiver also has UPI App with virtual ID, other than you.

Is there any limit of sending money to one’s account?

Per transaction, you can send up to Rs 100000

Are there other Apps that are not made by Banks (Third party UPI Apps)?

Yes, following are few popular apps that are 3rd party and made with the help of Yes Bank or powered by Yes Bank.

PhonePe – Android
Mypoolin – Android
Splitkart: Pay, Split and Earn – Android

Is UPI Better than IMPS in any way?

IMPS is as fast as UPI, but you need to know the bank details of the recipients in IMPS transfers, whereas in UPI method you don’t require any bank details.

With UPI you can also pay your shopping bills, but IMPS can’t pay for it. Its a one-touch method and your payment can be transferred immediately, plus the success rate will always be higher.

What is VPA?

VPA is a short form of Virtual Payment Address which will be the only necessary detail you need for transferring money to someone else. This identification is in the form of mail ID, for example, rahul@sharma, mukesh@icici, vivek@xyz etc. It will be easy to remember and once you send payment to someone the VPA will be saved in your app.

The next time you want to send money to the same person again, you don’t have to ask him/her about it, you can easily browse through your contacts and send the money.

UPI Transfer is it cheaper than NEFT and IMPS?

UPI is the cheapest way to send money and it will only cost about 50 paise per transaction. NEFT and IMPS both are much costly.

NEFT charges about Rs2.5 while IMPS charges a minimum of 5 Rupees per transaction.

Tutorial on UPI payments and App Download

Conclusion

Its one of the safest and easy money transfer system and NPCI will be upgrading/adding new features to it. This is the best way to go ahead with a cashless economy and thus reduce black money and hawala schemes. I hope you got all the necessary informations on UPI app download process. Incase if you are facing any problem then leave your issues in the comment box below and don’t forget to like and share this article.