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

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

A bank statement is a document that is issued by a financial institution, typically a bank or credit union, that shows all of the transactions that have taken place on an account during a specific period of time. This period of time can vary depending on the institution, but it is typically monthly or quarterly. The statement will show all deposit and withdrawal transactions, including checks written, automatic payments, and electronic transfers. The statement also includes a running balance, which shows the account holder the current balance of their account, as well as any interest earned during the statement period. Bank statements are important for tracking one's financial activity, reconciling account balances, and identifying any unauthorized transactions. They are usually available online and can be downloaded, printed, or emailed to the account holder. They serve as a record of financial activity and are often required for financial planning, tax preparation, and during audits.

Bank of Baroda Mobile Banking and How to Activate: Login and Registration

Bank of Baroda has launched a mobile banking service that allows customers to access banking services such as balance inquiry, fund transfer, cheque-related services, bill payment, and more from their mobile phones. The service is available 24/7 and is compatible with any type of mobile phone. Customers must register first before they can use the service. The Bank of Baroda's mobile banking service provides customers with a secure, convenient, and easy-to-use service that gives them the freedom to manage their accounts anytime and anywhere. It has helped customers to save time and effort in managing their banking transactions, making banking easier, faster, and more secure.

ICICI NEFT Form

The digital payment wave has swept the Indian banking ecosystem with the sheer rise in the volume of electronic payment transactions across channels such as mobile wallets, PoS terminals, UPI, IMPS!, NEFT, AEPS etc. Just to give you a perspective, the total yearly volume of digital payments across channels has increased from 14.59bn to 71.59bn in 2022, registering a staggering 4.9x rise in volume. Source:www.statista.com Clearly, the value proposition for digital banking customers is too good to ignore , given the speed, safety, seamlessness, of digital banking transaction Against this backdrop, the central regulatory authority, the RBI has outlined the next phase of growth 'Payment Vision 2025' based on the 4Es value proposition of digital banking- E-Payments for Everyone, Everywhere, Everytime. One such digital banking transaction/payment channel is the NEFT, National Electronic Funds Transfer. Introduced in November 2005 by the RBI, NEFT allows retail customers across India to transfer funds electronically from one NEFT bank branch enabled account to either the same or any other bank within India. The NEFT service is available 24x7 ( with effect from Dec 16, 2019 as per RBI guidelines). There is no need to visit the bank branch as NEFT transfers are made through digital channels (net banking and mobile banking) everytime, everywhere, everyone. Besides, the NEFT facility can also be availed for making credit card payments and for payment of loan EMI. For example, let us say you have an active account with ICICI Bank. You can make NEFT payment through the following channels. - Visit ICICI bank branch - Netbanking - iMobile Pay - m.icicibank.com - Pockets app - ICICI bankpay Founded in 1994, the Vadodara headquarters ICICI bank, is one of India's leading private sector player with a strong domestic and international presence through its network of 5,275 branches and 15,589 ATMs across India and footprints across 17 countries worldwide. The bank had consolidated asset base of ₹16.8 lakh crore (as on December 31, 2021). Let us take a deeper look at the nuances of NEFT transaction steps via digital payment channels such as netbanking and mobile banking. For starters, you need to add a beneficiary account details and always ensure that accounts of payee and beneficiary are in active state.

Fly High in Style: India’s Top 10 Credit Cards For Airport Lounge Access

Nowadays most credit cards offer airport lounge access, leaving you with a bit of a challenge to choose the right card that will cater to your requirements. Here, we have listed some of the best credit cards that offer free international lounge access. Who wouldn't desire a comfortable travel experience with access to the finest airport services available today? There's no better way to elevate your journey than by indulging in the comfort and sophistication of an airport lounge. The great news is that many [ credit cards](https://upstox.com/banking/find-the-best-credit-cards-in-india/) now offer complimentary airport lounge access. Yet, with so many cards extending this benefit, selecting the ideal card can be a bit of a puzzle. Take a glance at the following list to determine which one suits you best.