April 26, 2023

SBI UPI App

  • Do you seek to make cashless payments at a PoS without the need to expose your debit/credit card details?
  • Are you equally reluctant to share your bank details such as account number, IFSC code while making or receiving payment?
  • Do you seek an alternative mode of instant cashless payment without the need to set aside some funds on a mobile wallet?
  • Are you looking for a cashless fund transfer channel that is instant, safe, secure, economical and that can be accessed every time, everywhere?
  • Are you the ' not so tech-savvy' kind in an increasingly digitised world and are seeking a simple, easy-to-understand process to execute cashless transactions?
UPI, unified payments interface is the answer to your unmet needs.
With just a single-step process, by simply using your smartphone to download the mobile payment app, an account with a UPI member bank, and a virtual id of the recipient, you can send funds instantly, free of charge, every time, everywhere within India.
All you need is to just enter the beneficiary's mobile number, Aadhaar number, or Virtual Payment Address (VPA) to transfer funds.
Each single UPI transaction has a maximum threshold limit of ₹1 lac.
Developed by NPCI, National Payments Corporation of India (NPCI), and governed by the RBI, this parent entity is the reckoning force behind accelerating the pace of retail digital payment within India.

Let us understand the nuances of creating a UPI Account.

To begin with, you require:
  • Smartphone
  • Your account with a UPI-member bank. Most banks in India ( ~216 in number) are UPI member banks.
  • Updated registered mobile number with the UPI member bank.
  • Once you have these prerequisites in place, you need to download the UPI app on your smartphone. You can select from a variety of options such as BHIM, Gpay, PhonePe, Paytm, etc.
  • After downloading this app, you then have to create your virtual ID akin to your unique identity which can be used for UPI-based transactions.
  • Now you will receive an OTP on your registered mobile from the bank.
  • Upon validation of your account, you can now create your Virtual Payment Address or VPA which is very similar to an email syntax.
For example: abc@sbibank. You can link different bank accounts to the same VPA. Every member bank has its unique UPI app.
As an empirical example, let us explore the nuances of the BHIM SBI Pay app**.**
  • The app can be easily downloaded from Google Play Store or iOS App Store.
  • It can also be accessed by non-SBI account holders with a precondition that at least one bank account and your mobile number has to be linked to that account. The debit card should also be linked to the bank account.
  • Once you have registered with BHIM, you require MPIN to make a payment which can be generated by furnishing your debit card details.
  • Just simply log in to the app and navigate to the management section.
  • You need to select the account for which you want to set mPIN.
  • Key in the last 6 numbers of your debit card and also its expiry date.
  • An OTP would be sent to your registered mobile number.
  • Lastly, key in the OTP details to create your mPIN**.To transfer funds with BHIM:**
  • Begin with entering your 6-digit login password after logging into the app.
    • Navigate the home page to select the ‘payment’ section.
    • Now click on the account from which you would like to transact from the drop-down menu.
    • Next, type the VPA of the beneficiary, whose name will then show up for validation purposes.
    • You then type the amount and remarks and press 'pay'.
    • A new page opens up, wherein you type your mPIN.
    • Finally, a transaction will occur only if you have typed the correct mPIN.

To receive funds via BHIM:

  • To begin with, login to the app home page and select the 'Collect' tab.
    • Now type the VPA of the sender using the MPIN and enter the amount and remarks.
    • Upon acceptance by the sender, you will receive a notification.

FAQs:

What is the main difference between UPI-based fund transfer and NEFT/RTGS mode?

In the case of the UPI channel, to transfer funds to the beneficiary's account, all you need is their registered mobile number, Aadhaar Number, or VPA.
Whereas other digital channels such as NEFT, and RTGS require beneficiary details such as account number, IFSC, and other details.

Is it possible to connect my mobile wallet to BHIM?

No, with BHIM, only your bank account can be linked to the same.

What is the process to resolve any issue or query that I may face with this interface?

  • In such a scenario, just simply log in to the app and navigate to the ‘My UPI Transactions’ heading.
    • Click on the ‘Raise Query’ tab and then select the type query and then key in the remark.
    • Upon verifying the details press Submit’.

Is it possible to transfer funds abroad through this interface?

No. Currently, this facility is available only for domestic fund transfers.

Never miss a trading opportunity with Margin Trading Facility

Enjoy 2X leverage on over 900+ stocks

Upstox Margin Trading Facility
Apple Logo
Downloadlogo
iOS App
Google Play Logo
Downloadlogo
Android App

RELATED ARTICLES

How to Check Union Bank Mini Statement By Missed Call, Number & Mobile Banking

To put it simply, it is a condensed version of your bank statement that only includes the most recent transactions. You can view the specifics of five current debit/credit cards, NEFT/RTGS/IMPS/UPI/etc. Transactions in this small bank statement. In terms of the Indian public sector banking industry, the Union Bank of India stands out as a frontrunner. Union Bank of India (UBI) provides online banking services that are among the best in the industry. The best banking services are available around the clock at Union Bank. Through Union Bank's online banking services, consumers may quickly and easily access their bank accounts, saving them valuable time. Account users can access various banking services, including checking their balance, getting a brief summary of their account activity, transferring funds, and more. Customers of Union Bank of India can generate bank account statements and Union Bank of India Mini Statements using a variety of handy channels, including SMS Banking, the Missed Call Facility, Union Net Banking, and mobile banking.

ICICI Bank Statement - How to Download, Get, & Check it Online from Net Banking

ICICI Bank Statement ICICI Bank is one of the largest private sector banks in India, offering a wide range of banking and financial services to its customers. One of the important documents provided by the bank to its customers is the ICICI bank statement. A bank statement is a document that shows all the transactions made on a customer's account over a certain period of time. It includes details such as the date of the transaction, the type of transaction, the amount involved, and the balance in the account after the transaction. Customers can assess ICICI Bank statement online through the bank's internet banking portal, or it can be requested in paper form by visiting a branch. It is important for customers to regularly review their bank statements to ensure that all transactions are correct. This can help customers detect any suspicious activity, such as unauthorized transactions or fraud. Additionally, bank statements may be required for certain financial transactions, such as applying for a loan or mortgage. In these cases, the bank statement acts as proof of income and can be used to assess the customer's creditworthiness. The ICICI Bank statement also includes other important information such as account number, account holder's name, and contact details. It also shows the account type and the interest rate applicable on the account. This can help customers understand the details of their account and make informed decisions about how to manage their money. Customers can request for a bank statement in a variety of formats, including paper, electronic or even through email. ICICI Bank statement download can easily be done and saved for future reference. Customers who opt for paper statements will receive them in the mail and can keep them for their records. In case of any discrepancy or error in the statement, customers can contact the bank and request for an investigation. The bank will look into the matter and take appropriate action. It is important for customers to report any errors or discrepancies as soon as possible to prevent any further complications.

What is mPassbook & How to Get Mobile Passbook: Charges, Features, & Benefits

Any person with a bank account has to have used a passbook. A [ savings account](https://upstox.com/savings-account/what-is-savings-account/) or current account's transactions are recorded in this book, which the bank provides. A bank employee or teller is used to manage passbooks and records the transactions in the books. The teller was required to sign in the book to attest to the bank's approval of the transactions. This did, however, provide room for human error and factual deception. Modern passbooks were created to be easily integrated with computers to eliminate these issues. You no longer need to visit a teller to write transactions and sign the book. Banks have automated tellers that are set up to record transactions following your account information. Your account information is stored on a Bar-Code carried by modern passbooks. Place the book into the device, and it will automatically write the transactions. However, this was only the beginning of banking process automation. The mpassbook is another novel idea that has recently gained much popularity.

What is Telegraphic Transfer?

- Working overseas! Do you seek to send money back home to India in Indian currency for your parents? - Studying overseas! Do you seek to receive funds from your parents in India, to meet your tuition fee in foreign currency? - To address these needs, are you seeking a swift, safe, secure , cashless, cardless, economical with minimum currency fluctuation channel to make payments, interbank and cross borders? - You are willing to part with a transaction fee, as long as the fund transfer is safe, secure, swift, simple,seamless and traceable. Welcome to the concept of ' telegraphic transfer', a euphemism for interbank fund transfers that are now carried out electronically, through a variety of channels, netbanking, mobile banking through the SWIFT platform. Way back in the 1990s, the overseas payments were executed between the sender's and recipient bank over the cable wire or telegraph system through the exchange of coded messages. It usually takes anywhere between one to four working days to fulfil the transaction and such payments can be initiated, anytime, anywhere in multiple currencies across multiple geographies. In such overseas payments, the amount is denominated in the currency of the beneficiary bank's country at the prevailing exchange rate. The participating entities usually charge a fee to facilitate such a service.